Market Overview:
Wheel coating in automotive is carried out using various products that provide the wheels with corrosion resistance and other benefits like improved exterior look and protection against brake dust, cleaning solvents, heat, chipping and chemicals. The report published by Market Research Future (MRFR) states that the global Automotive Wheel Coating Market to grow at CAGR of 3.20%, during 2020 to 2030
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Market Drivers and Restraints:
Proliferation of automobiles that are being used for personal as well as commercial purposes all over the world is inducing high demand for high-quality wheel coating solutions, which is resulting in the expansion of the global automotive wheel coating market. Growing preference for alloy wheels in order to improve the external look of the vehicle and increasing availability of multicolor metallic wheel coating sprays are propelling the growth of the global automotive wheel coating market.
Rise in demand for weather coating, water and corrosion resistant coatings along with the increasing sales of alloy wheels are impacting positively on the growth of the global automotive wheel coating market. The necessity of highly effective wheel coatings in harsh environmental conditions is generating demand for advanced wheel coating solutions, leading to the expansion of the global automotive wheel coating market. The multiple benefits of automotive wheel coating such as it enhance the durability of the wheels by protecting them from UV radiations, extreme temperature conditions and foreign particles are creating multiple avenues for the expansion of the global automotive wheel coating market.
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However, harmful environmental impact caused to conventional solvent-based coating and volatile nature of raw material prices are likely to restrain the growth of the global automotive wheel coating market.
Competitive Dashboard:
The product manufacturers and service providers in the global automotive wheel coating market are focusing on business expansion by introducing innovative wheel coating solutions and strategic mergers and acquisitions are aiding the market players to create their dominance in the highly competitive environment of the global automotive wheel coating market.
The leading players profiled by MRFR in the report on the global automotive wheel coating market are PPG Industrial Coatings (U.S.), BASF SE (Germany), Akzo Nobel N.V.( Netherlands), DuPont (U.S.), Dupli-Color (U.S.), Eastwood (U.,S.), Performance Paints (U.K.), Mile High Powder Coating Inc (U.S.) , Nordson Industrial Coating Systems (U.S.) and Kansai Paint Co., Ltd (Japan).
Market Segmentation:
The global automotive wheel coating market has been segmented on the basis of type and application. Based on type, the automotive wheel coating market has been segmented into powder coating and liquid coating. Among these, the powder coating segment is growing at a significant rate owing to the high demand for powder coating due to stringent environmental regulations in various regions. Based on application, the automotive wheel coating market has been segmented into passenger cars and commercial vehicles. The passenger car segment is anticipated to expand at a rapid pace in the global automotive wheel coating market owing to the global increase in the use and sales of passenger cars.
Regional Analysis:
The global automotive wheel coating market is geographically segmented into North America, Europe, Asia-Pacific and the rest of the world. The Asia Pacific region is projecting dominance over the global automotive wheel coating market owing to the proliferating demand for automobiles, rapid development of automotive industry and high production rate of automobiles in this region. The North America region stands second in the global automotive wheel coating market owing to the presence of large customer base, high demand for advanced wheel coating solutions and rise in disposable income in this region.
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