Rising demand for all weather automotive wheel coating
Both automobile manufacturers and individual customers are demanding all weather automotive wheel coating to a greater extent than they did in the past. Wheels take the brunt of the wear and tear caused by bad weather and road conditions. The tyres are the vehicle components subjected to the harshest conditions; which is why it is vital to shield them with the best possible technology to improve their longevity. Proper coating composition prevents salt from corroding the wheel and helps in reducing wear and tear. Demand for all weather coating is found in industries as diverse as construction and the automotive industry in countries near the Atlantic Ocean. The atmosphere in these countries contains high salt and they are well-known for their harsh and snowy winters. This kind of hostile terrain is quite unforgiving on the vehicle tyres and hence benefits the automotive wheel coating market.
Growing preference for alloy wheels to make the vehicle attractive
Younger buyers in the millennial generation have demonstrated an affinity to deck up their 2-wheelers and passenger cars with alloy rims and wheels as they believe that such embellishments enhance their vehicle appearance, match their personality and function as a kind of status symbol. Auto accessory shops in the present day are stocked to the brim with such metallic colour alloys and rims to cater to customer demand. 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. The youth from these countries are heavily involved in the marked increase in regional demand for alloy wheels. The growth of alloy rim sales should definitely help the growth of the overall automotive wheel coating market.
Passenger cars anticipated to exhibit a healthy CAGR over the decade
The Passenger Cars segment is predicted to record a healthy CAGR of 2.5% in terms of volume over the forecast period. In terms of value, the Passenger Cars segment accounted for a market share of more than 35% in the year 2016 and this segment is anticipated to hold the same value share in the year 2026. The Passenger Cars segment is projected to grow at a CAGR of 2.8% in terms of value between 2016 and 2026. The market value of the Passenger Cars segment in the global automotive wheel coating market was just over US$ 196 Mn in the year 2016 and this is anticipated to increase to more than US$ 257 Mn by the end of the forecast period. The Passenger Cars segment is expected to create absolute $ opportunity of almost US$ 60 Mn between 2016 and 2026.
Mid-sized passenger car segment has highest CAGR by volume
In terms of volume, the mid-sized sub segment of the Passenger Cars vehicle type segment was more than 21,000 tonnes in the year 2015. With a volume CAGR of 2.7%, the mid-sized sub segment is anticipated to reach almost 29,000 tonnes by the end of the decadal study. The CAGR of the mid-sized sub segment is the highest when compared to all other types such as the compact, premium, or even luxury passenger car sub segment in the global automotive wheel coating market. In terms of value, the premium sub segment is projected to register a healthy CAGR of 2.5% for the entire forecast period from 2016 -2026 while the compact and mid-sized sub segments are both likely to register 2.9% CAGR in terms of value for the same period.
About the Report
The ‘Automotive Wheel Coating Market: Global Industry Analysis and Opportunity Assessment, 2016–2026’ report by Future Market Insights has extensively studied the global automotive wheel coating market for a 10 year period from the year 2016. We have profiled the global automotive wheel coating market by considering a number of important measures such as Y-o-Y growth rate, CAGR, incremental dollar opportunity and absolute dollar opportunity. Our expert analysts have provided their valued opinion on both the current developments as well as future trends that can be expected in the global automotive wheel coating market.
In the global automotive wheel coating market report Market Analysis scenario, we have conducted an analysis of the parent market, given an overview of the products available in the global automotive wheel coating market and highlighted the various manufacturing processes available such as CED, automatic static spray system and powder coating. A value chain analysis that details the relationship between the chemical manufacturer, coat manufacturer, automobile manufacturer and the workshop is provided. An estimated profit range of each node in the value chain has been mentioned. Some takeaways that can be very helpful for our readers are available in this section. We then move on to the different factors that can impact the global automotive wheel coating market. Pricing is often the make or break factor in many cases. In the pricing analysis section, we have made a few assumptions concerning price. A market analysis of both basic as well as high value coating is highlighted. Pricing projections for each individual region allows a comparative study of regions-wise performance of the automotive wheel coating market.
A vital section of the global automotive wheel coating market has a detailed forecast that includes the market scenario forecast, the market outlook and the absolute dollar opportunity that can be potentially exploited by key players in the global automotive wheel coating market. The market scenario forecast has three projections – an optimistic market scenario for the best case, likely scenario for an average case, and conservative scenario for the worst case.
The global automotive wheel coating market overview section has spoken at length about the value chain, profitability by individual region and the number of active participants in the global automotive wheel coating market. The latter includes raw material producers, manufacturers, distributors, and end users. A mapping of the global automotive wheel coating market by both chemical type and product type concludes this section.
The importance of understanding the market dynamics in the global automotive wheel coating market cannot be overemphasised. Macro-economic factors such as drivers from the supply as well as demand side, restraints and opportunities that can possibly be availed of in the global automotive wheel coating market are profiled. The relevance and impact of certain forecast factors in the global automotive wheel coating market on key stakeholders can be beneficial to our readers.
We have begun the global automotive wheel coating market with an executive summary that is essentially a brief yet comprehensive first glance of the global automotive wheel coating market. We have provided an overview, CAGR of the forecast period, the most important drivers and restraints, along with the major players currently operating in the global automotive wheel coating market. A pie chart representation of the regional adoption by product type, coating chemical type and wheel substrate type makes it easy for our readers to understand more information with a quick glance. The CAGR, value in terms of US dollars and volume in terms of tonnes for each geographic region studied concludes the executive summary.
The market introduction section of the global automotive wheel coating market should ideally be read in tandem with the executive summary. A definition of the global automotive wheel coating market along with its taxonomy has been provided in this all-important section.
By Product Type
By Coating Type
By Substrate Type
By Sales Type
By Coating Chemical Type
By Vehicle Type
We have classified the global automotive wheel coating market into seven regions for the purpose of our study and have mentioned the market attractiveness as well as the prominent trends pertaining to each region. The market value, absolute dollar opportunity, Basis Point Share (BPS), Y-o-Y growth projections and the key regulations for every region have been highlighted.
The competition dashboard of the global automotive wheel coating market report profiles a few of the major players by detailing their key financials, strategies adopted and recent developments. We also give a global perspective along with a regional outlook of company product offerings to enable the reader to thoroughly conduct a competition analysis. A business, sales and marketing strategy study of the competition is one of the easiest ways for new entrants into the market to develop their own USP and compete among the current market leaders.
The research methodology of Future Market Insights is an industry leading approach that provides a number of quantitative and qualitative insights into the global automotive wheel coating market. We begin by conducting extensive primary and secondary research that is subsequently combined with our expert analysis of data that is validated using the triangulation method. The final data is rigorously scrutinised with advanced tools to deliver all the necessary information pertaining to the global automotive wheel coating market.