Metal Finishing Chemicals Market Records Impressive Growth as Demand from Automotive Industry Surges: Fact.MR
Published : 02 Dec 2020 Industry: Chemical & Materials
A new study by Fact.MR projects growth at a steady pace for the global metal finishing chemicals market, driven by the surging demand from automotive, construction, and other industries. Between 2020 and 2030, the market is expected to grow at above 2% CAGR.
The demand for metal finishing chemicals such as hydrochloric acid, nitric acid, sulphuric acid, and others is rising at a steady pace. This trend is expected to continue especially as various industries adopt metal finishing to ensure better chemical resistance of machinery parts and offer protection against wear and tear.
Automotive, electrical, aerospace, and defense industries are among the key end users in the market. The rising demand for advanced properties from these sectors has been encouraging market players to focus on new launches. This also presents lucrative prospects for the expansion of the market.
The report offers a holistic overview, covering factors impacting the market’s growth trajectory. Some of the key highlights from the report are discussed below.
Key Takeaways from Metal Finishing Chemicals Market Report
- Plating chemicals are expected to maintain the lead in terms of product type
- Among process used for metal finishing, electroplating will remain highly sought-after
- The demand from automotive sector will continue increasing through the forecast period
- Asia Pacific will emerge as a lucrative market for metal finishing products, yet North America is expected to remain dominant through the forecast period
“The surge in demand for electroplating and polishing processes is driving the global metal finishing chemicals market. As the requirement for wear-resistant, durable, and corrosion-resistant machinery equipment, electrical components, and others is increasing among diverse industries, the key market players are focusing on product launches to cater to their requirement. Also, the rise in demand for bio-based cleaning chemicals will create growth opportunities for the market,” said a Fact.MR analyst.
Expansion of Automotive Industry Supporting Growth
Metal finishing chemicals are used to improve durability and appearance of metal surfaces and are highly sought-after among various industries. In the automotive industry, various components such as interior and exterior of vehicles, internal machinery equipment, and others require protection against wear and corrosion. Metal finishing process not only makes the automotive parts resistant to corrosion, rust, and wear, but provides them with the better appearance.
According to Fact.MR, electroplating is a highly preferred metal finishing process. It will continue witnessing high demand across the globe. As the automotive industry is projected to expand further in the coming years, the metal finishing chemicals market is expected to grow significantly.
Growth recorded by end users of metal finishing chemicals including aerospace, automotive, construction, and others industries has declined due to the outbreak of novel coronavirus. Restrictions imposed on transport and other operations to contain COVID-19 have further hindered operations within industries. Decelerating demand from end users also has resulted in sluggish growth of the market for metal finishing chemicals.
Various metal finishing processes such as chemical & electrochemical conversion, electroplating, and others require special set up, raw materials, and experts’ handling. Hence scarcity of raw materials and other restrictions have negatively impacted the growth of market due to COVID-19.
In order to gain competitive advantage, companies operating in the market are focusing on product launches besides adopting other strategies.
For instance, Chemetall has launched their exclusive range of sustainable and effective metal finishing chemicals such as Gardobond® Conversion Coatings, Gardoclean® Cleaners, Gardostrip® paint strippers, and others in the recent year.
Some of the companies profiled in the report are Advanced Chemical Company, Atotech Deutschland GmbH, Chemetall, Coral Chemical Company, Dow Inc., Elements Plc, Houghton International Inc., MacDermid Performance Solutions, McGean-Rohco Inc., NOF Metal Coatings North America, Platform Specialty Products Corporation, PPG Industries, and Quaker Chemical Corporation.
More Valuable Insights on Metal Finishing Chemicals Market
In its latest report, Fact.MR has provided a detailed analysis on the global metal finishing chemicals market, comprising data on historical statistics (2015-2019) and forecast of demand for the period between 2020 and 2030. The report discusses critical insights on the metal finishing chemicals market in terms of product type (plating chemicals, conversion coatings, cleaning chemicals, other product types), process (electroplating, electroless plating, chemical & electrochemical conversion, other processes), application (automotive, electrical & electronics, aerospace, construction, other applications), across key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
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