Future Market Insights (FMI) delivers key insights on the automotive wheel coating market in its latest report titled, “Automotive wheel coating market: Global Industry Analysis and Opportunity Assessment, 2016–2026”. According to the report, the global automotive wheel coating market is projected to expand at a healthy CAGR of 5.0% during the forecast period in terms of revenue. Automotive wheel coating is a type of specialty coating manufactured by a composition of pigments, resins, chemicals etc. Automotive wheel coating is used in the coating of wheels only. The nature of coating helps in prevention of wheel damage as wheel are made to undergo hostile environment and conditions. Various different type of coating is manufactured as per its application and chemical, resins composition. Automotive companies such as 2-wheler manufacturer, HMV manufacturer, and passenger cars manufacturers are constantly trying to emphasise more on innovation for their product offering in order to enhance the efficiency of automotive. Wheel coating plays an important role in increasing the exterior look of the car as well as the fuel efficiency of the car as with the increase in weight of wheel can negatively impact on the fuel efficiency of the automotive.
Growing demand for coatings, such as coating product type and coating form type, which offer better protection of different wheel substrates is increasing significantly. Coating product types are also gaining popularity in terms of application in the automotive sectors that would again bolster the global automotive wheel coating market. Different coating product is used uniformly in the application of the coating in all type of wheels. Such is the nature of coating that without application of primer another coating cannot be applied to the substrate. Thus the above-aforementioned uses and applications of automotive wheel coating are anticipated to increase the global automotive wheel coating market in the forecast period.
On the basis of regions, North America is estimated to be the largest market for automotive coating accounting for 31.4% value share of the global automotive wheel coating market in 2016. This region continues to dominate the market and is expected to continue to do so over the forecast period. On the basis of applications, the 2-wheeler and passenger cars segments are projected to exhibit CAGRs of 5.4% and 5.1%, respectively, in terms of market value over the forecast period. This is primarily owing to the increasing inclination of consumer and automotive manufacturer towards wheel rims with various cuts and designs.
The other regions anticipated to contribute majorly in the global automotive wheel coating market are Japan, APEJ and Western Europe. Japan accounts for 7.0% of market share in terms of value in the global automotive wheel coating market and is expected to reach a value of US$ 45.5 Mn by 2026 end. The automobile industry of Western Europe is expected to increase the demand of automotive wheel coating in this region and especially in the countries like Germany. Western Europe is projected to expand at a CAGR of 4.4% during the forecast period and accounts for a market value of US$ 92.0 Mn in 2016.
Key driving factors identified in the global automotive wheel coating market include increasing applications of automotive wheel coating in various wheel rims for premium cars and supercars, increasing demand for the new type of coating which can withstand tough environment with better durability is on rise from HMV manufacturers.
The global automotive wheel coating market is segmented on the basis of product type, coating type, coating chemical type, applications type, and sales channel type. The applications segment is further sub-segmented into different types of automotive in which wheel coating is applied on. The Key regions covered in the report are North America, Western Europe, Asia-Pacific excluding Japan, Eastern Europe, Middle East & Africa, Latin America and Japan.
The report analyses the global automotive wheel coating market in terms of volume (Kilo Liters) and value (US$ Mn) by of product type, coating type, coating chemical type, applications type, and sales channel type, and provides insightful information regarding the value chain, market trends, competitive landscape, market dynamics and market estimations and forecast.
Key market participants covered in the report include Arsonsisi s.p.a, Akzo Nobel N.V., Axalta Coating Systems, BASF Coatings GmbH, PPG Industries, Inc., The Sherwin-Williams Co., Nordson Corp., Red Spot Paint & Varnish Co Inc., KCC Corporation
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