PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498744
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498744
Automotive Wheel Coating Market size was valued at USD 5,109.32 Million in 2023, expanding at a CAGR of 3.90% from 2024 to 2032.
A specific kind of coating that is applied to the wheels of automobiles, such as cars, trucks, motorbikes, and other automobiles, is referred to as automotive wheel coating. These coatings accomplish several goals, from improving the wheels' aesthetic appeal to offering defense against different mechanical and environmental elements.
Automotive Wheel Coating Market- Market Dynamics
Increasing demand for customization, enhanced durability & protection are expected to propel market demand
Customers' growing desire for aesthetically pleasing and customized cars is fueling the market for a variety of wheel coatings with a range of textures, colors, and patterns. In the aftermarket sector, this trend is especially robust. The need for automobile wheel coatings is fueled by an increase in vehicle production and sales worldwide, particularly in emerging nations. Wheel coatings are becoming more and more necessary to preserve wheels from deterioration and improve visual appeal as more cars are produced.
The vital defense against corrosion, scuffs, and adverse weather conditions is offered by automotive wheel coatings. High-performance coatings are becoming more popular as a means of preserving the wheel's look and extending its lifespan. The development of improved powder coatings, ceramic coatings, and environmentally friendly water-based coatings are just a few examples of how coating technology has advanced, improving wheel coating application and performance. Coatings are now more economical, environmentally benign, and long-lasting thanks to these developments. These benefits of coatings are expected to boost market growth.
Automotive Wheel Coating Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 3.90% over the forecast period (2024-2032)
Based on Material segmentation, the acrylic segment was predicted to show maximum market share in the year 2023, owing to consumers' high aesthetic appeal.
Based on Vehicle Type segmentation, the passenger cars segment was the leading Vehicle Type in 2023, due to the high demand for automotive wheel coating among small cars, SUVs, and luxury car owners.
Based on Sales Channel segmentation, the OEMs segment was the leading Sales Channel in 2023, owing to the high-quality products offered by OEMs.
On the basis of region, North America was the leading revenue generator in 2023, owing to the presence of top OEMs and top coating product suppliers.
The Global Automotive Wheel Coating Market is segmented on the basis of Material, Vehicle Type, Sales Channel, and Region.
The market is divided into four categories based on Material: acrylic, epoxy, polyester, and polyurethane. The acrylic segment dominates the market. The acrylic coatings are made for high aesthetics and have good product quality.
The market is divided into two categories based on Vehicle Type: passenger cars and commercial vehicles. The passenger cars segment dominates the market. The increasing demand for coatings in SUVs, and small cars for coloring, and protection is boosting the segment growth.
The market is divided into four categories based on Sales Channel: OEMs and aftermarket. The OEMs segment dominates the market and is expected to maintain its high dominance during the forecast period. The small OEMs, dealers, and suppliers in the market make the OEM's business stronger.
Automotive Wheel Coating Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In North America, regulatory standards and environmental regulations can impact the types of coatings used. North American countries have stricter regulations regarding volatile organic compound (VOC) emissions or hazardous substances, influencing the formulation of coatings available in those markets.
The Automotive Wheel Coating market is consolidated in nature. Prominent players like 3M and Continental have a larger market share than other players. These players majorly engage in product development, and innovation and invest in R&D significantly. Companies also focus on expanding their presence in new geographical markets to capitalize on emerging opportunities. With a growing emphasis on sustainability, companies in the automotive wheel coating market are increasingly focusing on developing eco-friendly coatings and adopting sustainable manufacturing practices.
In 2023, Akzo Nobel N.V., a leading player in coatings invests significant revenues in research & development. The company recently invested in it manufacturing plant in Huron, Ohio, U.S.
In 2022, BASF invested over 10 million euro in a new fermentation plant for biological and biotechnology-based crop protection in Germany.