The global automotive wheel coatings market is anticipated to reach a valuation of US$ 1,001.4 Mn by the end of 2032. Significant production volume of automotive all over the globe is leading to the high demand for automotive wheels.
It is subsequently pushing the need for automotive wheel coatings to protect and optimize the performance of wheels. The global automotive wheel coatings market is expected to grow at a moderate pace during the forecast period, with a CAGR of 3.1% owing to consistent demand from OEM wheel manufacturers.
Prominent players are investing huge sums in Latin America and South Asia to sign contracts with automotive OEMs for the supply of wheel coatings materials. This is expected to drive the market in the next ten years. Also, due to changing climatic conditions and region-wise weather conditions, wheel coating suppliers deliberately invest in research & development (R&D) activities to develop superior and unique coatings to gain a leading position in the market.
Apart from this, the market for automotive wheel coatings has been significantly influenced by demographic factors, macroeconomic factors, and certain innovation factors. Research & development in the coatings industry, urbanization, high demand for passenger cars, boost in electric vehicle production, and government regulations are also expected to drive the market.
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Based on these above-mentioned factors, a lot of investment has been done in developing automotive coatings from environmentally friendly materials, which is expected to push the demand for automotive wheel coatings in the forecast period.
Key Takeaways: Automotive Wheel Coatings Market
- By material type, the acrylic enamel coatings segment is expected to account for about 40% of the overall market share in the forecast period.
- By vehicle type, passenger vehicles are set to witness a consumption rate of about 1% in the global automotive wheel coatings market in terms of value in the assessment period.
- Based on sales channel, the OEM segment is projected to account for about 89% of the global automotive wheel coatings market in the next ten years.
- China currently accounts for one-third of the global automotive wheel coatings consumption.
- The global automotive wheel coatings market has seen a downfall over the historical period of 2017 to 2021, exhibiting a CAGR of -3.6%.
"Demand for automotive wheel coatings will grow at a steady pace with rapid expansion 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," says a lead analyst at Future Market Insights.
Competitive Landscape: Automotive Wheel Coatings Market
The market for automotive wheel coatings is estimated to be highly consolidated, where key players are expected to account for more than 50% of the market share. Akzo Nobel N.V., Kansai Paint Co. Ltd., PPG Industries Inc., Axalta Coating Systems, BASF SE, Emil Frei Gmbh & Co. KG, Lankwitzer Premium Coatings, TIGER Coatings GmbH & Co. KG, Arsonsisi, and many others are some of the leading manufacturers of automotive wheel coatings.
Key players are primarily focusing on expanding their production capacity to increase their market presence all over the globe. They are also striving to gain maximum traction in the market. Further, top players are investing significantly to expand their existing product portfolios. For instance, in April 2022, PPG completed the acquisition of the powder coatings business of Arsonsisi, a leading industrial coatings company based in Italy.
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Automotive Wheel Coatings Market Outlook by Category
By Material Type:
- Acrylic Enamel
- Acrylic Urethane
- Acrylic Lacquer
- Zinc Phosphate
- Epoxy Polyester
By Product Type:
- Solvent Borne
- Water Borne
- Base Coat
- Solvent Borne
- Water Borne
- Clear Coat/Topcoat
- Solvent Borne
- Water Borne
By Vehicle Type:
- Passenger Cars
By Sales Channel:
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More Insights into the Automotive Wheel Coatings Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the global automotive wheel coatings market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, growth, and scope, the market is segmented based on material type, substrate, product type, vehicle type, sales channel, and region.
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The post Automotive Wheel Coatings Market is Reaching US$ 1,001.4 Mn at a Gracious Rate of 3.1% by the year 2032 appeared first on Future Market Insights.
Original Source of the original story >> Automotive Wheel Coatings Market is Reaching US$ 1,001.4 Mn at a Gracious Rate of 3.1% by the year 2032
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