The latest market report published by Credence Research, Inc. is “Global Automotive Wheel Coatings Market: Growth, Future Prospects, and Competitive Analysis, 2018 – 2030”. The Global Automotive Wheel Coatings Market generated revenue of around USD 715.2 million in 2022 and is projected to grow a CAGR of over 3.4% during the forecast period from 2023 to 2030 to reach around USD 903.79 million in 2030.
Automotive wheel coating specializes in custom coatings incorporating pigments, chemicals, and raisins. This covering protects the tire from heat, wear and tear, breakage, dust, chemicals, and chipping. Also, car tire coating improves the exterior look of the wheel. Many factors, such as millennial demand, better fuel efficiency, and protection, are expected to increase the market’s expected growth. As a result, automotive wheel coating enhances the vehicle’s exterior and the industry’s overall technological progress. Demand for automotive-inspired passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs) has boosted vehicle manufacturing and subsequent accessories such as automotive wheels. These wheels are composed of metal and metal alloys, which rust in changing weather circumstances. As a result, vehicle tire coatings are necessary to protect the surface of these wheels from environmental changes and maintain their long-term dependability, durability, and performance. An increase in the demand for all-weather tire coating and a change in consumer preferences due to altered consumer dynamics are the main factors driving the growth of the automotive wheel coating market. However, high volatility and the closure of some plants due to various factors limit the market’s growth. Besides, advanced materials and novel wheel compositions present lucrative possibilities that are expected to support the growth of the automotive wheel coating market.
The global automotive wheel coatings market is bifurcated into Rim Size, Material, Vehicle Class, Vehicle Type, and Geography. The market is categorized into 13”-15”, 16”-18”, 19”-21”, and above 21” based on rim size. The global market is segmented into steel, alloy, and carbon fibers based on material. The market is divided into the economy, mid-priced, and luxury-priced based on the vehicle class. Based on vehicle type, the market is classified into light commercial vehicles, passenger vehicles, and heavy commercial vehicles. The market is segmented based on geography: Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa.
North America led the global automotive wheel coatings market in 2022. North America is a diverse market with many automotive wheel coating manufacturing firms. These businesses are mainly concerned with new product development to meet the growing demand from end users. Technological advancements and high-quality end products fuel the North American automotive wheel coatings industry. In addition, the increasing focus on lowering vehicle carbon emissions has shifted the attention of different manufacturers towards electric vehicles, boosting the market growth in the region.
Some of the notable players analyzed in this report include Axalta Coating Systems Ltd., BASF SE, Akzo Nobel N.V., PPG Industries Inc., Eastman Chemical Company among others. This market intelligence helps stakeholders to develop effective business strategies for sustainable growth in the highly competitive automotive wheel coatings market space.
The automotive wheel coatings market has been experiencing steady growth in recent years due to several factors:
- One of the main global factors driving growth in the automotive wheel coatings market is the increasing demand for advanced and durable coatings for automotive wheels. The need for coatings that can withstand harsh environmental conditions, resist corrosion, and maintain their appearance for extended periods has become critical for automotive manufacturers and end-users.
- Another factor contributing to the growth of the market is the increasing demand for custom and luxury automotive wheels. Custom wheels have become a popular trend in the automotive industry, and their demand is increasing rapidly, particularly among younger generations. This trend is driving the growth of the wheel coatings market, as consumers are seeking coatings that can provide a unique and personalized look to their vehicles.
- In addition, increasing automotive production and sales, particularly in emerging economies, are driving the demand for automotive wheel coatings. As the automotive industry grows, the demand for coatings that can enhance the performance and appearance of wheels is increasing.
- Regionally, the growth of the automotive wheel coatings market has been driven by factors such as the presence of a strong automotive industry, the availability of raw materials, and government regulations aimed at reducing environmental impacts.
- Overall, the automotive wheel coatings market is expected to continue to grow in the coming years, driven by increasing demand for durable and advanced coatings, the growing popularity of custom and luxury wheels, and the increasing automotive production and sales worldwide.
Why to Buy This Report-
- The study provides a quantitative and qualitative analysis of the global automotive wheel coatings market by segments, drivers, present trends, restraints, challenges, opportunities, and market dynamics from 2018 to 2021, with the base year of 2022 and a forecast period of 2023 to 2030.
- The report gives insights into the competitive landscape, including how key players in the market are operating globally, regionally, and at the country levels.
- The report contains an extensive analysis of the global automotive wheel coatings market segmentation by rim size, material, vehicle class, and vehicle type, which can assist stakeholders in better understanding market dynamics and identifying potential growth opportunities.
- The report offers business insights into technological advancements, research and development activities, and product innovations in the global automotive wheel coatings market.
Browse Full Report: https://www.credenceresearch.com/report/automotive-wheel-coatings-market
Browse Our Blog: https://hackmd.io/@priyanshisingh1707/automotive-wheel-coatings