Increasing demand for automobiles 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.
The global automotive wheel coatings market is expected to increase at a 3.1% CAGR from 2022 to 2032. The global marketplace is estimated to be worth US$ 737.6 billion by the end of 2022, and US$ 1,001.4 billion by the end of 2032.
The growth of the market is attributed to the decorative and performance coatings made through sustainable technology and environmentally friendly materials are further expected to drive the market in the next ten years. The rising demand for protective coatings, decorative coatings, performance coatings, and anti-corrosive coatings for automotive wheels is anticipated to drive the market during the projected period.
The demand for automotive wheel coatings is anticipated to surge at a steady pace with the rapid growth 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.
These wheels are most of the time made of metal and metal alloys, which are most likely prone to corrosion in changing weather conditions. Automotive wheel coatings, therefore, are necessary to protect the surface of these wheels from environmental changes and to keep them safe, durable, and ready to perform in a long run.
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Yet another brilliant aspect of automotive coatings is to offer attractive looks to vehicles. To enhance the look of an automotive vehicle, innovative designs of wheels coated with catchy and bright colors are expected to drive market growth over the projection period.
This combination would help to boost the demand for cars, especially those falling under the luxury and sports segment among the millennials and gen Z. Thus, demand for wheel coatings for luxury and decorative purposes is also propelling the market.
In addition to that, young buyers and owners of two-wheelers and passenger cars are specifically attracted to using allow rims and metallic coated wheels for their vehicles because they believe that the use of such accessories enhances their vehicle’s look. They also associate the same as the user’s outer personality and status symbol.
Key Takeaways
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Competitive Landscape
Prominent players in the market for automotive wheel coatings are concentrating on the acquisition of other market players in order to increase their consumer base. In addition to that, their rapid expansion and strategic steps include capacity expansions and geographical expansions in emerging economies to bolster the stronghold in the market.
Key market players are heavily investing in research and innovations for product development. At the same time, they are introducing sustainable coatings with attractive finishing properties to boost sales.
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.
Automotive Wheel Coatings Market Outlook by Category
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More Insights into the Automotive Wheel Coatings Market
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Apr 02, 2023