Automotive Wheel Coating Market Overview:
The global automotive wheel coating market is projected to expand at a 2.9% CAGR from 2017 to 2023 (forecast period), according to a report by Market Research Future (MRFR). Automotive wheel coatings comprise coatings designed to withstand extreme temperatures. The coating assists in restoring the original appearance of the wheel. In addition, improvements in wheel coating formula have extended its protection power against chemicals, chipping, and brake dust.
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The rise in demand for coatings for wheel rims as well as wheels derived from new substrates is expected to fuel the automotive wheel coating market growth over the forecast period. Concerns regarding corrosion of wheels coupled with the booming automotive sector in Asia Pacific can bolster market demand. Refinishing jobs of old automobiles is also expected to contribute to market demand. Fluctuation in raw material prices can act as a potential deterrent against market growth.
Technological breakthroughs in wheel coatings have improved its features such as hydrophobic nature of coatings to repel water. Lacquer coatings are known to enhance external appearances and provide protection against moisture, ultraviolet (UV) radiation, etc. Environmental concerns have led to demand for eco-friendly coatings which can be energy-efficient. Tax subsidies and sops given by governments are ensured to provide automotive coating manufactures sufficient incentives to invest in green coatings. For instance, Winona PVD Coatings has launched a production facility in Poland to extend its capacity and cater to rising demand from end-users.
Functional coatings are on the rise with the consumer demand for easy-to-clean surfaces. Zinc-rich coatings are gaining traction owing to their superior performance in corrosive environments. Development by manufacturers of modified resins to enhance the performance of coatings can bode well for the market. For instance, Corbion N.V., a Netherlands-based company, has launched PURALACT, a renewable component capable of enhancing the capacity of resins. Tests are being conducted to test durability of coatings in closed and open environments and increase their lifespan.
The automotive wheel coating market is segmented by type, application, and region. By type, the market is segmented into liquid and powder coatings. The powder coatings segment is projected to exhibit a strong growth rate owing to higher efficiency rate and low volatile organic compound emission rate.
Furthermore, increasing usage of powder coatings for enhancing the shine of bumpers, mirror brackets, and steering wheels can fuel its demand. The liquid coatings segment can create global demand owing to its availability of a gamut of colors and solvent-based coatings.
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By application, the market is segmented into passenger cars and commercial vehicles. The passenger segment is deemed to experience a steady growth rate over the forecast period owing to increased purchasing power of consumers and booming aftermarket sector. Sales of premium cars can signal a demand for wheel coatings.
Geographically, the market covers trends in North America, Europe, Asia Pacific, and Rest-of-the-World (RoW). The Asia Pacific market is expected to dominate over the forecast period owing to rise in disposable incomes of consumers and burgeoning demand for cars in the region. Developing economies such as India and China are likely to sustain market demand owing to rapid industrialization and strong economic growth rates. North America is the second-largest market after Asia Pacific owing to its large consumer base and purchasing power of consumers.
The Europe automotive wheel coating market is likely to experience a steady demand owing to sales of light commercial vehicles and regulations regarding use of eco-friendly materials.
Prominent market players include DuPont (U.S.), Dupli-Color (U.S.), Performance Paints (U.K.), BASF SE (Germany), Kansai Paint Co., Ltd (Japan), PPG Industrial Coatings (U.S.), Mile High Powder Coating Inc. (U.S.), Eastwood (U.S.), Akzo Nobel N.V. (Netherlands), and Nordson Industrial Coating Systems (U.S.). The global market is fragmented owing to presence of various players. The increased per capita income of consumers coupled with demand for cars with superior external finishes is likely to fuel a steady demand.
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