The market is expected to generate an incremental $ opportunity of US$ 3.74 Bn between 2022 and 2030
Category: Chemicals & Materials Published Date : July 2022 ID: CVC-00158-CH Format: PDF Pages: 310
Metal Finishing Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Metal Finishing Market was worth US$ 11.8 Bn and is expected to grow at a CAGR of 3.5% over the forecast period. The market is expected to hit US$ 15.5 Bn by 2030 end.
Metal finishing chemicals preserve automobile interior and exterior parts against premature wear and corrosion. These chemicals are also used to improve the look of the parts by giving them a smooth surface.
The automotive industry is one of the most popular industries for metal finishing. This procedure coats numerous vehicle components, including power steering systems, under-the-hood components, engines, and many other parts, to provide scratch resistance and improve their look.
What are the causes driving the rise in demand for Metal Finishing?
The rapid expansion of the vehicle fleet and the increased need for robust and wear-resistant goods are the primary driving forces in the metal finishing chemicals market.
Due to the increased demand for perfectly polished metal in construction machinery, electrical equipment, and components, chemical demand is predicted. Factors such as increased consumption of durable and wear-resistant products, expansion of the printed circuit board industry, increased use of metal finishing chemical compounds in aerospace repair, maintenance, and overhauls, and growth in demand from developing economies are driving the global market.
What are the opportunities in the Metal Finishing Market?
The increasing usage of bio-based finishing chemicals is expected to generate profitable development possibilities for metal finishing chemicals makers in 2022-2030.
Metal finishing chemicals markets will grow due to the increased use of electroplating procedures and polishing, which provide durability, wear resistance, and strong corrosion resistance while improving aesthetics.
The biopharmaceutical industry’s rapid expansion will cause a surge in the metal finishing chemicals market, which will benefit the market during the projected 2022-2030.
What are the major challenges confronting the Metal Finishing Market?
Several constraints are impeding market expansion. Toxic waste disposal, wastewater management regulations, and the substitution of metals with more cost-effective polymers will likely be market limitations for metal finishing chemicals over the projection period.
The metal finishing market was severely impacted by the COVID-19 epidemic, which caused disruptions in the supply chain, raw material procurement, and factory shutdowns. To deal with the exceptional circumstances created by the pandemic, market actors used innovative work strategies.
Which product type holds a dominant market share in Metal Finishing Market?
Plating chemicals lead the market, accounting for 40.0% of the total market share, and are expected to increase at a CAGR of 4.2% over the forecast period. These plating chemicals are both cost-effective and provide superior electrical insulation.
The effectiveness supports additional demand in improving product aesthetics, low friction, corrosion and dust resistance, abrasion resistance, and the strong demand in end-user industrial applications such as construction, automotive, and so on.
Why is the Electroplating segment likely to grow rapidly throughout the forecast period?
Electroplating dominates the market, accounting for 24.6% of the total metal finishing chemicals market, and is expected to grow at a CAGR of 5.0% during the forecast period. It has good corrosion resistance and is utilized as a surface lubricant to minimize friction, resulting in the market’s rise in the upcoming years.
The rise is mostly due to electroplating being the most cost-effective way of producing non-reactive and reactive materials.
Which application segment will likely grow the most rapidly throughout the forecast period?
Automotive is expected to be the fastest-growing application category during the projected period, owing to the rising demand and production of commercial and passenger cars in emerging markets. The expanding automobile sector results from rising disposable income and government initiatives and laws promoting growth.
Why is the North American region cementing its global dominance in the Metal Finishing Market?
North America’s metal finishing chemicals market has the greatest market share of 26.2%. During the forecast years, the area is expected to grow at a CAGR of 3.7%. The increasing need for metal finishing chemicals and their increased use in the electronics and electrical sectors are driving demand in the North American area.
Established market players in the area are expected to promote demand and growth in the metal finishing chemicals market in the coming years.
Why does the Asia-Pacific region have promising opportunities in the Metal Finishing Market?
The Asia-Pacific region is the fastest growing region in the metal finishing chemicals market, owing to rising demand from the automotive industry and the expanding industrial machinery end-use sector.
The abundance of raw materials and workforce, as well as modern manufacturing centers, will facilitate growth in the region in the future.
Because of several local and regional competitors, the global metal finishing chemicals market is highly fragmented and competitive. Key players use various marketing techniques, including mergers & acquisitions, expansions, collaborations, and partnerships.
Leading organizations use new product creation as a strategic way to increase their market presence among customers.
Some of the key developments that have taken place in the Metal Finishing Market include:
A list of some of the critical suppliers present in the market are:
Market Segments Covered in Report
By Region and Country:
Global Metal Finishing Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Billion for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Material, Process, End-Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|