The automotive wheel coating market is poised for substantial growth, projected to reach a valuation of US$ 759.6 million by 2023, exhibiting a notable compound annual growth rate (CAGR) of 3.10% until 2033. This consistent upward trend suggests that the global market is anticipated to achieve a significant milestone, potentially reaching US$ 1,163.83 million by 2033. Such forecasts underscore the increasing demand for automotive wheel coatings, reflecting the industry’s ongoing evolution and innovation to meet consumer preferences and regulatory standards.
The growth of the market is attributed to the decorative and performance coatings made through sustainable technology and environmentally friendly materials are further expected to drive the market in the next ten years. The rising demand for protective coatings, decorative coatings, performance coatings, and anti-corrosive coatings for automotive wheels is anticipated to drive the market during the projected period.
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The demand for automotive wheel coatings is anticipated to surge at a steady pace with the rapid growth of the automotive industry. Increasing demand for automotive-like passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs) has led to a surging production of vehicles, as well as subsequent accessories such as automotive wheels. These wheels are most of the time made of metal and metal alloys, which are most likely prone to corrosion in changing weather conditions. Automotive wheel coatings, therefore, are necessary to protect the surface of these wheels from environmental changes and to keep them safe, durable, and ready to perform in a long run.
Yet another brilliant aspect of automotive coatings is to offer attractive looks to vehicles. In order to enhance the look of an automotive vehicle, innovative designs of wheels coated with catchy and bright colors are expected to drive market growth over the projection period. This combination would help to boost the demand for cars, especially those falling under the luxury and sports segment among the millennials and gen Z. Thus, demand for wheel coatings for luxury and decorative purposes is also propelling the market. In addition to that, young buyers and owners of two-wheelers and passenger cars are specifically attracted to using allow rims and metallic coated wheels for their vehicles because they believe that the use of such accessories enhances their vehicle’s look. They also associate the same as the user’s outer personality and status symbol.
Key Takeaways From the Automotive Wheel Coating Market Report:
- The frequency of changing environmental conditions all over the world has significantly surged over recent years which has resulted in leaving a negative impact on the wheels and rims. It has resulted in the corrosion and wear-and-tear of the substrate material. Demand for all-weather coatings from industries such as construction and automotive witnessed decent growth from all over the world, but especially in North American and Atlantic countries.
- The atmosphere in various countries situated in such regions has a high salt content and therefore they become very cold & snowy during the winter season. Such a hostile environment affects the wheel substrate and its coating.
- The tire and wheel are known to be those vehicle components that are subjected to the most complex conditions, it is necessary to shield the wheel with the best possible technology to sustain its longevity. A thorough composition prevents salt from corroding the wheels which help in eliminating the probability of high-magnitude wear and tear. Therefore, demand for all-weather automotive wheel coatings from automobile manufacturers and individual consumers is expected to be a rising trend in the industry.
- Auto accessories shops in present times are loaded with such metallic wheel coatings owing to the high customer demand. In order to meet the rising customer demand, automotive wheel coating manufacturers have launched various wheel coating sprays that can be used without any prior guidance.
“The findings reveal a growing demand for these coatings, driven by the automotive industry’s continuous pursuit of innovative solutions that offer both protection and style. As the automotive landscape evolves, the market for wheel coatings is expected to witness substantial growth and innovation in the coming years, catering to the discerning needs of vehicle manufacturers and consumers alike.” –Says an Analyst at Future Market Insights, Inc.
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Competitive Landscape
Prominent players in the market for automotive wheel coatings are concentrating on the acquisition of other market players in order to increase their consumer base. In addition to that, their rapid expansion and strategic steps include capacity expansions and geographical expansions in emerging economies to bolster the stronghold in the market. Key market players are heavily investing in research and innovations for product development. At the same time, they are introducing sustainable coatings with attractive finishing properties to boost sales.
Top Key Players
- Akzo Nobel N.V.
- Kansai Paint Co. Ltd.
- PPG Industries Inc.
- Axalta Coating Systems
- BASF SE
- Emil Frei Gmbh and Co. KG
- Lankwitzer Premium Coatings
- TIGER Coatings GmbH and Co. KG
- Arsonsisi
- Helios Coatings
More Insights into the Automotive Wheel Coatings Market
Over the last few years, China is anticipated to dominate the global chemical manufacturing industry attributing to its low labor costs, rapid investments, flexible government regulations, enormous supply chains, and easy availability of raw materials. Growth in the manufacturing industry has also flourished in end-use industries that cater to the cumulative growth of China as the biggest raw material manufacturer and consumer.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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