Demand for Automotive Wheel Coatings Market to Emerge Upto US $690 Mn by 2026
Economic crisis observed in multiple parts of the world is being cited as a key restraint for sales of automotive wheel coatings. High prices of raw materials in Ukraine, rising occurrence of worker agitations across Chinese wheel coating plants, and an overall decline in global production of cars and other automobiles are observed as inhibitors for growth of global demand for automotive wheel coatings. Future Market Insights delivers such pivotal findings in its latest report on global market for automotive wheel coatings, which indicate how the demand for automotive wheel coatings will lose traction in the years to come.
Apropos the report, titled "Automotive Wheel Coatings Market: Global Industry Analysis and Opportunity Assessment, 2016-2026," the global market for automotive wheel coatings is presently valued at an estimated US$ 524.5 Mn. Apart from economic constraints, the declining sales of cars witnessed across the world is also factoring the dip in demand for automotive wheel coatings. By the end of 2026, the global automotive wheel coating market is anticipated to have soared at just 2.8% CAGR, bringing in a little less than US$ 690 Mn in revenues.
The report cites that in future, automotive wheel coatings might not be economical for car buyers. Rising prices of coating materials will play a decisive role in adoption of automotive wheel coatings among vehicle buyers. Furthermore, regulations that are curbing the import & export of automotive wheel coatings among several nations will impose a negative impact on the market's global expansion. Manufacturers of automotive wheel coatings will also face steep challenges while tackling such restraints, and securing marginal profits. Companies such as Cetelon – 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 are profiled in the report as leading players in global automotive wheel coating market.
Key Highlights of the Report include:
> By the end of 2026, more than 73 thousand tonnes of clear/top coating products are projected to be sold across the globe
> Global demand for primer and base coat products will incur a marginal decline in terms of global value share
> Throughout the forecast period, acrylic enamel will remain a prominent coating chemical, procuring revenues worth over US$ 140 Mn
> While aluminium will be observed as the dominant substrate for automotive wheel coatings, global sales of steel as coating substrate will register growth at 3.2% CAGR
> North America's automotive wheel coating sales will register a relatively speedy growth, exhibiting a value CAGR of 3.3%
> Passenger cars will account for over one-third of global automotive wheel coating revenues throughout the forecast period
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