Automotive Wheel Coating Market Analysis :-
Automotive Wheel Coating Market Size to grow at a CAGR of 3.20%, from 2023 to 2030, reveals the new Market Research Future (MRFR) report. Automotive Wheel Coating Market, simply put, is a form of specialty coating that is manufactured through the composition of chemicals, resins, and pigments. The coating helps in restoring the original appearance of the wheel along with helping to offer protection against chipping, heat, cleaning solvents, chemicals, and brake dust. Besides, it plays an imperative part to improve the exterior look of the car as well as its fuel efficiency. It comes in both liquid & powder coating and finds wide application in commercial and passenger cars.
Various factors are adding to the global automotive wheel coating market share. These factors, as per the new MRFR report, include increased preference of consumers for the improved exterior look of vehicles, burgeoning demand for all-weather automotive coatings owing to bad roads and bad weather, increasing preference for alloy wheels, and growing concern about corrosion of wheels worldwide. Additional factors adding market growth include growing automotive industry and people’s increasing spending capacity that in turn, is likely to benefit the key applications where such coatings and preservatives are utilized, such as titanium, aluminum, among others.
On the contrary, fluctuations in the cost of raw materials may impede the global automotive wheel coating market growth over the forecast period.
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Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global automotive wheel coating market based on application and type.
By type, the automotive wheel coating market is segmented into liquid coating and powder coating. Of these, powder coating will dominate the market over the forecast period for its superior characteristics like low VOC and flexibility of color change.
By application, the automotive wheel coating market is segmented into commercial vehicles and passenger cars. Of these, passenger cars will have a major share in the market over the forecast period.
Regional Analysis
Based on the region, the global automotive wheel coating market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the Asia Pacific region will spearhead the market over the forecast period. Factors propelling market growth in the region include increasing non-residential and residential activities, growing automotive sector, and rising population. China is the chief contributor in the region as it is the largest exporter, manufacturer, and consumer of automotive wheel coating. Burgeoning demand and large production of automobiles and development of auto manufacturing industries, especially in India & China, are also adding market growth. Besides, ongoing industrialization and economic growth are also having a positive impact on the market.
The global automotive wheel coating market in North America is predicted to have healthy growth over the forecast period for high disposable income and a large customer base.
The global automotive wheel coating market in Europe is predicted to have significant growth over the forecast period. Factors boosting the Automotive Wheel Coating Market Growth include new construction activities and growing non-residential renovation & repair.
The global automotive wheel coating market in the RoW is predicted to have steady growth over the forecast period.
Key Players
Key players profiled in the global automotive wheel coating market report include Kansai Paint Co., Ltd (Japan), Nordson Industrial Coating Systems (U.S.), Mile High Powder Coating Inc (U.S.), Performance Paints (U.K.), Eastwood (U.S.), Dupli-Color (U.S.), DuPont (U.S.), Akzo Nobel N.V.( Netherlands), BASF SE (Germany), and PPG Industrial Coatings (U.S.). Industry players have incorporated several strategies to cater to the burgeoning needs of consumers and also create a footprint in the market, like mergers, acquisitions, strategic alliances, geographical expansions, joint ventures, new product launches, collaborations, and others.
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