Press release
Automotive Wheel Coating Market is projected to grow at a CAGR of 2.9%
Automotive Wheel Coating Market
Market Scenario:
Automotive Wheel Coating is a type of specialty coating manufactured by a composition of pigments, resins and chemicals. Coating helps restore original wheel appearance and also protects against brake dust, chemicals, cleaning solvents, heat, and chipping. Moreover, it plays an important role in improving exterior look as well as fuel efficiency of the car. Increasing applications of automotive wheel coating in various wheel rims and increasing demand for the new type of coating are the main drivers of the market growth. The demand for coatings, such as coating product type and coating form type, which offer better protection of different wheel substrates is increasing significantly.
However, Volatility in raw material prices acts as a major restraint of the growth of the market. Global Automotive Wheel Coating Market is projected to grow at a CAGR of 2.9% during the forecast period.
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Market Highlights:
The Automotive Wheel Coating Market is projected to witness the growth due to shift in preference towards improved exterior look and for protection against brake dust, chemicals. New trends shows that demand for all weather coating is found in industries as diverse as construction and the automotive industry in different countries. Hybrid tyres, also known as tweeners are one of the most prominent trends that can impact the automotive wheel coating market. Designing is more focused on detail and wheel companies are striving to create some of the most innovative products. Automotive wheel coating market is growing in Asia-Pacific region while China and India are expected to be the most promising markets. However, the high cost of components is a major challenge for the market.
Key Players:
Key players of the Global Automotive Wheel Coating Market are Eastman Chemical Company (US), Process Oil Inc.(US), Renkert Oil, LLC (US), LUKOIL Lubricants Company (Russia), Panama Petrochem Ltd. (India), Eastern Petroleum Private Limited (India), HollyFrontier Refining & Marketing LLC (US), Nynas AB (Europe), Taurus Petroleums Pvt. Ltd. (India), Pentagon Lubricants (India), Private Limited. (India), and others.
Market Research Future Analysis:
Market Research Future analysis shows that the global market of automotive wheel coating market is estimated to grow at USD 682 Million by the end of year 2023.
Currently, Asia-Pacific is dominating the market with focus on increasing the vehicle production capacity in countries such as India and China is driving the market for automotive wheel coating. The market in the developing countries is largely driven by economic growth and the ongoing industrialization that are likely to lead to considerable production of motor vehicles and other manufacturing output. There are a number of wheel coating sprays available in the automotive wheel coating market that can be used without any kind of prior guidance. Sales of alloy wheels and rims have been rising exponentially in nations such as India, Brazil, the U.S. and Japan.
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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