Metal Cleaning Chemicals Market: About the Report
The report on the metal cleaning chemicals market explains why developing regions such as MEA, Asia Pacific, and Latin America will perform better in this space. However, across the world, the heightened need to clean and disinfect metal surfaces to combat the spread of COVID-19 is lending impetus to market growth.
Players in this space will start focusing more on greener alternatives as concerns regarding toxic formulations and environmental effects take center stage in the years to come. The study also elaborates on how inorganic growth strategies by key players are aiding their progress in the market.
Metal Cleaning Chemicals Market Overview
The global metal cleaning chemicals market is set to record a steady CAGR of 3.4% during the forecast period of 2020 to 2030, owing to numerous growth influencers. Increase in industrialization leads to spurt in demand for quality metal cleaning chemicals for regular maintenance of heavy machinery as well as equipment. Industries such as manufacturing, automotive, and aerospace, among others, are crucial end users in the global metal cleaning chemicals market.
On the flip side, stringent environmental norms and regulations regarding the utilization of chemicals with VOC content are expected to deter the otherwise steady uptick in sales of metal cleaning chemicals. Besides having a harmful effect on the environment, metal cleaning chemicals also pose harm to human beings, which has been raised as a concern by numerous central authorities across the world, thereby bringing a slump to the revenue potential of the market.
To offset this challenge, numerous players operating in the metal cleaning chemicals market are switching to the production of bio-based and green alternatives of conventional metal cleaning chemicals to prevent any hazardous effects. Since these products are portrayed in an environmental-benign manner, it is anticipated that, metal cleaning chemicals could revive from a steady stride to an above-average one during the forecast period.
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Metal Cleaning Chemicals Market Insights by Metal
Based on different metals, the global metal cleaning chemicals market has been segregated into steel, aluminum, copper alloys, and other metals. Among the other metals, the popularity of metal cleaning chemicals for steel is highly significant. This is on account of large-scale utilization of steel for the production of heavy machinery and equipment across various end-use industries. During the forecast period, the dominance of steel is likely to remain intact, as the use of the metal is likely to grow for household as well as industrial applications such as utensils, metal tools, metal equipment, reactors, metal chips, tanks, steel sheets, and more.
Metal Cleaning Chemicals Market Insights by Type
On the basis of type, the global metal cleaning chemicals market has been segmented into solvent metal cleaning chemicals and aqueous metal cleaning chemicals. In this category, aqueous metal cleaning chemicals are likely to witness significant growth during the forecast period, owing to sustainable as well as eco-friendliness of these metal cleaning chemical products. In addition, these aqueous metal cleaning chemicals hold high popularity for metal degreasing as well as anti-corrosive agents over solvent metal cleaning chemicals. As a result, demand for aqueous metal cleaning chemicals is expected to grow during the forecast period.
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Regional Outlook of Metal Cleaning Chemicals Market
Among the regions of the world, Asia Pacific is anticipated to lead the global metal cleaning chemicals market share during the forecast period. Growth is likely to be underpinned by demand for metal cleaning chemicals generated from end-use industries such as pharmaceuticals, oil & gas, aerospace, metal & mining, transportation, manufacturing, and others.
Rapid industrialization in countries such as India, China, Japan, and other ASEAN countries is anticipated to lead to significant demand for metal cleaning chemicals during the forecast period. Cheap labor and overhead costs attract new investors from developed regions to Asian countries, which leads to foreign direct investment in the region. As a result, it is likely that, sales in the metal cleaning chemicals market will remain steady through 2030.
Besides Asia Pacific, North America has been witnessing an uptick in sales of metal cleaning chemicals in general, and aqueous-based metal cleaners in particular, owing to demand for environment-friendly chemicals.
In addition, opportunities for the metal cleaning chemicals market remain high in the region, on account of the latest trend of replacing solvent-based metal cleaners with green metal cleaners, as stringent regulatory norms persist in the region.
Metal Cleaning Chemicals Market: Key Players
Chemicals market players have been leveraging both, organic as well as inorganic growth strategies to survive and grow in the industry. Organic strategies adopted by players in the metal cleaning chemicals market include product launches, development of patents, product approvals, and organization of events.
- For instance, Eastman Chemical Company has been operating as a specialist for the production of hard surface cleaners and industrial metal cleaners with its wide range of solvents used for metal cleaning.
Moreover, inorganic means of growth in the metal cleaning chemicals market are in the form of acquisitions, expansion, mergers, and increase in production capacity.
- For instance, Stephan Company has zoomed-in its focus on the acquisition strategy to supply the growing demand for the product. In March 2020, it announced that it had acquired NatSureFact Business from Logos Technologies for its rhamnolipid-based product line of bio-surfactants that are obtained from renewable sources.
- In addition, Evonik Industries, another key player operating in the metal cleaning chemicals market, announced that it had doubled its production capacity of polyamide Trogamid CX at its Marl facility based in Germany, as of April 2020.
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The Analyst’s Opinion
Developing regions are likely to perform better in terms of sales of metal cleaning chemicals as compared to developed regions. Stringent government regulations make it difficult for companies operating in developed regions to receive approvals for their product lines. Also, growing demand and moderate stringency in policies turn developing regions conducive for the metal cleaning chemicals market. As a result, regional markets such as Asia Pacific, Latin America, and the Middle East and Africa are likely to hold high CAGRs than the markets based in Europe and North America during the forecast period.
COVID-19 Impact on Metal Cleaning Chemicals Market
In a way, the impact of the COVID-19 pandemic has been favorable for the metal cleaning chemicals market. Growth influencers include sharp rise in demand for disinfectants from end-use industries to keep the virus at bay. Hygiene has been the buzz word during the pandemic, which has encouraged consumers to opt for quality cleaning products for household as well as industrial cleaning purposes. As a result, even premium brands witnessed a growth in their sales.
On the contrary, several industries such as automotive, aerospace, and manufacturing were temporary shut under the effect of lockdowns, which caused a slump in overall demand for the product. However, the metal cleaning chemicals market is likely to recover from this slump as soon as these industries resume their operations. Overall, the impact of COVID-19 outbreak is likely to be a mixed one on the global metal cleaning chemicals market during the forecast period.
Global Metal Cleaning Chemicals Market: Scope of Report
A detailed report on the global metal cleaning chemicals market has been published by Fact.MR, which provides comprehensive information about all the aspects of the industry. The report offers insights for a period of 10 years, from 2020 to 2030. Numerous drivers, opportunities, threats, and restraints influencing the growth of the metal cleaning chemicals market have been analysed and included in the report.
Analysts of Fact.MR have conducted thorough research on the metal cleaning chemicals market by assessing historical data and drawing a conclusion on the future growth of the market. Detailed assessment has been done of the metal cleaning chemicals market along with business execution, value chain assessment, and supply chain analysis across global and regional markets.
In addition to this, a comprehensive list of all the key players operating in the metal cleaning chemicals market has also been included in this report.
Global Metal Cleaning Chemicals Market: Report Summary
This comprehensive study commences with a detailed analysis regarding the supply as well as demand for metal cleaning chemicals. In addition to this, features of metal cleaning chemicals, sales prospects, revenue generation, and more have been added to this comprehensive report.
A detailed explanation about the optimistic and conservative global metal cleaning chemicals market has been given in the report for the forecast period to provide incisive insights about stakeholders operating in the metal cleaning chemicals market.
Various price points associated with regional markets other than the global average price have also been elucidated in this detailed study.
Key Questions Answered in Fact.MR’s Report on Metal Cleaning Chemicals Market
- Which region will remain at the forefront at the global level in the metal cleaning chemicals market during the forecast period?
- Which metal will remain preferable among others during the forecast period?
- What will be the impact of COVID-19 on the global metal cleaning chemicals market during the forecast period?
- What are the strategies followed by key players operating in the metal cleaning chemicals market to gain a competitive advantage in this space?
- Who are the top players playing a crucial role in the global metal cleaning chemicals market?
- What are the underlying opportunities that are available in the global metal cleaning chemicals market?
- How is the global metal cleaning chemicals market faring at present, and what is the future expected growth trajectory of the market for the next ten years?
- What is the structure of the global metal cleaning chemicals market space?
Metal Cleaning Chemicals Market: Research Methodology
The report published by Fact.MR has undergone several scrutinizations by seasoned analysts and researchers. The research methodology undertaken by analysts includes both, primary as well as secondary methods. Numerous authentic as well as credible sources were consulted and referred to for obtaining information and data about the metal cleaning chemicals market.
Analysts at Fact.MR also interviewed several top executives of companies operating in the metal cleaning chemicals market to get the exact numbers regarding the movement of the market. Top-level executives include CEOs, product managers, marketing managers, VPs, etc. These executives shared their revenue shares in the metal cleaning chemicals market and details about their products and strategies.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
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