Automotive Wheel Coating Market Analysis, Future Growth, Major Key Players, Opportunity and Forecast 2030

 

Automotive Wheel Coating is one type of specialty coating that is manufactured with the composition of resins, pigments, and chemicals. Coating allows for the restoration of original wheel appearance as well as protects against brake dust, chipping, chemicals, heat, and cleaning solvents. The automotive specialty coatings are applied on various vehicle systems or components to protect the same from being corroded and to provide a high level of efficiency in high temperature and friction. Some of the common components or systems are exhaust, steering system, exhaust, wheel rims, suspension system, and brake system, among others. In addition to its protection capabilities, these coatings help improve the exterior look of the automobile as well. The global Automotive Wheel Coating Market is projected to grow at a CAGR of 3.20% during the forecast period of 2023-2030.

Market Research Future (MRFR) identifies the increasing number of applications of automotive wheel coating in wheel rims and the rising demand for new coating types are the major drivers of the market. There has been a rising demand for coating, especially the ones which provide better protection of the different wheel substrates. The strict VOC regulations applied in Europe and North America has led to the demand for waterborne technology. This will create a massive opportunity for the manufacturers of specialty coatings. Furthermore, ongoing bio-based product development by some of the leading manufacturers for less VOC emission products are also likely to further expand the market growth of automotive wheel coatings in the future.

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However, the increasing trend of engine downsizing and sales of BEV will constitute to be the major market restraints for automotive specialty coatings. This trend can reduce the overall consumption rate of specialty coatings for vehicles and cause a major halt to the market growth.

Market Segmentation

The global Automotive Wheel Coating market is segmented on the basis of type and application.

Based on type, the market comprises of powder coating and liquid coating. The powder coatings market is slated for a strong growth cycle owing to the higher level of efficiency it provides and the low volatile organic compound it emits.

Based on application, the market of automotive wheel coating is segmented into passenger cars and commercial vehicles. The passenger segment is projected to experience a steady rise in terms of market growth over the forecast period. This is influenced by the increasing purchasing power of consumers and the surging popularity of the aftermarket sector.

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Regional Analysis

The geographical segmentation of the Automotive Wheel Coating market includes regions like Asia-Pacific and North America.

The Asia-Pacific region is the dominant market player of wheel coating of vehicles due to the ameliorating growth rate of the automobile sector therein. The automotive wheel coating market in this region is primarily influenced by the large demand and production of automobiles and the development of various automotive manufacturing industries across developing nations like India and China. In developing countries, the market is driven by the ongoing industrialization and economic growth, which results in the production of motor vehicles and various other manufacturing output.

North America is the second-largest contributor of the market share following Asia-Pacific owing to factors like huge customer base and a high disposable income of end-users.

Competitive Analysis

The key players operating in the global automotive wheel coating market are Akzo Nobel N.V.( Netherlands), Eastwood (U.,S.), Performance Paints (U.K.), Kansai Paint Co., Ltd (Japan), Nordson Industrial Coating Systems (U.S), PPG Industrial Coatings (U.S.), Mile High Powder Coating Inc (U.S.), BASF SE (Germany), DuPont (U.S.), and Dupli-Color (U.S.).

On March 2018, BASF announced its extended production accommodations for its Joncryl water-based emulsions. BASF already boasts a production site at Heerneveen, Netherlands and has now further expanded its production facilities of selected Joncryl emulsions at its Germany site, Ludwigshafen.

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About Market Research Future - 

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Edibles.

 MRFR team has the supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end-users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

 In order to stay updated with the technology and work process of the industry, MRFR often plans conducts meet with the industry experts and industrial visits for its research analyst members.

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