Automotive Wheel Coatings Market By Product Type (Primers, Basecoat), Coating Type (Powder, Liquid), Substrate Type (Aluminium, Steel, Plastic), Vehicle Type (2-Wheeler, Passenger Cars), Sales Type (OEM, Aftermarket), Coating Chemical Type (Acrylic Enamel, Acrylic Urethane, Acrylic Lacqure) & Region - Forecast to 2020-2030

Automotive Wheel Coatings Market - Analysis, Outlook, Growth, Trends, Forecasts

August 2020
REP-GB-3454
400 pages
Automotive

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Automotive Wheel Coating Market Outlook and Key Findings

Acrylic enamel to remain preferable coating chemical of choice through 2030
Preference for steel as coating substrate for automotive wheel coatings to surge in coming years
Under passenger cars, mid-sized and compact sub-segments to register fastest CAGR over following decade
Waterborne technologies to emerge as disruptive force in global market
Market in Asia Pacific excluding Japan (APEJ) to make quantum leaps over decade ahead

Automotive Wheel Coating Market Analysis - Economical and Sustainable Coating Solution

Automotive industry, at present, is the third largest spender on R&D activities, following healthcare, and software and electronics. The industry, including its sub-domains, is focusing on advancements in materials to respond to two strategic priorities – in-vehicle experience and sustainability.

Investments in automotive manufacturing over recent past have superseded previous investment milestones. The need for developing high-end vehicles, characterized by perfect aesthetics and finish, has offered an impetus to the global automotive wheel coating market growth.

Automotive manufacturers have set up dedicated divisions for repairing, overhauling, and fine-tuning of vehicles. As such, global revenues of automotive wheel coatings market are expected to touch new numbers.

Moving ahead, as private vehicle ownership stays at high scale, demand for automotive wheel paints is likely to see staggering growth and thus, offering lucrative market segment for stakeholders.

On the other hand, manufacturers of automotive wheel paints are focusing on discovering more sustainable feedstock, as both titanium ore and petrochemical-derived polymers are proving significantly adverse to global surroundings.

Automotive Wheel Coating Market Trends – Mixed Substrate System to Offer Potential Opportunities

Aluminum wheels, especially in low commercial vehicles (LCV), are is expected to create worthwhile growth opportunities for players in automotive wheel coating market. Aluminum wheels that are largely utilized in light-duty automobiles, have high prevalence rate in developed regions.

Countries such as the US, Japan, and Germany are leading manufacturing and consumption hub for carbon fiber and aluminum wheels as prominent aftermarket component manufacturers and distributors are located in these regions.

That being said, rising trend of mixed substrate systems – more carbon fiber, and aluminum – is compelling market players to rethink their existing business models. With the automotive sector primarily focusing on energy savings, manufacturers are highly focuses on lightweight design of wheels.

Consequently, manufacturers are turning their sights to developing automotive wheel coatings that possess greater corrosion resistance along with curbing overall cost and wastage.

As automobiles are comprising of lesser steel content and more of mixed substrate systems, the need to reduce temperature required to cure coatings system is magnifying, as several new substrates fail to sustain current cure temperatures.

Case in point, BASF SE has formulated coating systems with decreased cure requirements that enable OEMs to leverage single coating system to paint entire mixed-substrate automobiles.

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Automotive Wheel Coating Market Regional Analysis – Recovering Auto Sales to Drive Market in Developed and Developing Regions

The automotive wheel coating market, in both developed and developing regions, is linearly associated with production and sales of on-road vehicles as well as stringent regulations regarding reduction in VOC emissions.

Asia Pacific (APAC) is characterized by cheap labor and cost-effective manufacturing conditions in countries including, China, India, and ASEAN countries. On the other hand, the markets in North America and Europe are receiving impetus from strong foothold of leading manufacturers.

The COVID-19 pandemic has exposed the automotive wheel coating market to economic uncertainties as automotive sales have been significantly hit by pandemic-induced restrictions. That said, the market is set to recover as auto makers strive to reach pre-crisis growth levels with gradual easing of restrictions.

In China, while demand for SUVs and sedans has shown positive signs, commercial automobiles such as vans have so far benefited substantially from the country’s economic rebound.

Customers are in China are steadily resuming purchasing as government relaxes restrictions. In addition, the national government is offering tax incentives to attract vehicle purchasers, while automobile manufacturers that temporarily shut down operations amidst the pandemic are providing attractive discounts.

In India, vehicle sales have recovered strongly on sequential as well as yearly basis in July 2020, recording high double-figure growth as factories have restarted manufacturing. The US motor vehicle industry collapsed amidst COVID-19 pandemic during spring of 2020, yet sales started picking up momentum in May 2020.

Sales of passenger vehicles (PV) slumped Europe in June 2020 compared to previous year, yet showed improvement since May 2020 with easing of lockdown measures across the region. In June 2020, new car registrations declined by 24.1% y-o-y in the European Free Trade Association (EFTA) countries, the European Union (EU), and Britain.

Automotive Wheel Coating Market Players – Product Innovations to Shape Growth Strategies

Innovation and advancements in material engineering will remain key to adaptability and success of players in the competitive and evolving market landscape. Manufacturers are rapidly investing in new product development & offering targeted solutions in an attempt to stay competitive in post COVID economy and strengthen brand equity.

Accuride has developed ProShield-XGT™ with proprietary ‘Extreme Gloss Technology’, which is multi-coat solution for polished aluminum wheels that provides better cleanability, improved gloss, and enhanced corrosion resilience. The innovation exhibits about 83% improvement in protection from filiform corrosion over Accuride’s previous variant of wheel protection coatings.
PPG Industries. Inc. has developed Envirocron HTE powder that is suitable for complicated, hard-to-coat surfaces, given its excellent adhesion and strength. Available in durable and ultra-durable patented solutions, the coating powder helps improve output in tandem with decreasing energy consumption, material usage, and maintenance expenses with first-pass transfer rates of up to 85%.
Axalta Coating Systems has formulated low VOC water-derived stoving systems for steel wheels and water-derived basecoats for alloy wheels to limit its VOC emission.
BASF SE and Sirrus are collaborating to create novel category of automotive coating formulations based on patented methylene malonate technology. The new product assembly is expected to help in fueling the company’s sustainability trend in tandem with improving safety and curbing overall manufacturing expenses.

Automotive Wheel Coating Market Future Outlook - Waterborne Technologies to Hold Great Potential

Waterborne coating technology has been a disruptive force in automotive wheel coating market for over several years, especially in developed regions. The need for waterborne technologies is playing an instrumental role in new product innovations within the global market.

Various regulatory frameworks such as ECHA and REACH have specified norms for scaling down of toxic emissions in surroundings from solvent-borne automotive wheel coatings. In a bid to help end users abide by and stay ahead of VOC-concerned standards, leveraging high solid content and waterborne coatings has become imperative for market players.

While waterborne automotive wheel formulations are beneficial when it comes to curbing VOC emissions, they create unique challenge for coating formulators. Greater solids content, greater flop appearance and more chromatic colors accent for innovative formation method for waterborne coatings versus conventional solvent-borne coatings.

In automotive OEM industry, waterborne paints are harder to apply and cure, and generally require huge investment in booths, spray equipment, and ovens. Further, while solvent-borne coatings are cost-effective and offer robust application, waterborne coatings offer relatively narrower application radar and are susceptible to yearly variations in temperature and humidity.

Responding to the situation, manufacturers are prioritizing development of raw materials and subsequent waterborne coatings that offer robust application aspects - drying behavior and spray quality - and final performance across broad range of surrounding conditions in automotive wheel coatings.

Looking forward to future innovations, market players are turning to additive technologies such as graphene, and nanomaterials to explore in waterborne coating formulations.

Base year considered - 2019
Historical Period- 2015 - 2019
Forecast period - 2020 - 2030
Market Value in 2020 -
Segments covered -Product type coating type, substrate type, vehicle type, sales type, coating chemical type and region
Regions Covered- North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Middle East & Africa (MEA), and Japan
Key Companies - Baerlacher Group, Akzo Nobel N.V., KANSAI PAINT CO., LTD., PPG Industries, Inc., Arsonsisi s.p.a., Axalta Coating Systems, LANKWITZER PREMIUM COATINGS, Emil Frei GmbH & Co. KG, and TIGER Coatings GmbH & Co. KG.

Key Questions Answered in the Report:

Which coating chemical type will capture major share of automotive wheel coating market globally and why?
What are the factors propelling the global automotive wheel coating market?
What will be the revenue size of automotive wheel coating market by 2020?
Who are the leading manufacturers in the automotive wheel coating market?
Which trends and innovations are expected to shape the global automotive wheel coating market in coming years?

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