Metal Finishing Chemicals Market: About the Report
With COVID-19 causing disruptions across industries such as automotive, aerospace, electrical & electronics, and others, the metal finishing chemicals market will register sluggish growth. While recovery is on cards, stringent regulations imposed to curb emission of toxic components from industries will continue posing threat.
Nonetheless, expansion of the automotive sector is likely to offset some challenges witnessed, guaranteeing growth at a steady pace in the coming years. The report uncovers hidden opportunities for the market and examines evolving trends to present exclusive insights for the assessment period between 2020 and 2030.
Metal Finishing Chemicals Market Overview
A new study by Fact.MR states that the global metal finishing chemicals market is anticipated to rise at over 2% CAGR during the forecast period from the year 2020 to 2030. Plating chemicals segment is expected to maintain the lead in terms of product type.
With the steady expansion of automotive industry, the demand for electroplating process is surging. The increase in demand for flawless finished metal in electrical equipment, machinery parts, construction machinery, and others is expected to create growth opportunities for the global market.
As the demand for cleaning chemicals is rising significantly across the world, the key market players are focusing on the launch of a wide range of metal finishing chemicals, including cleaning chemicals effective for removing metal oxides, oils, carbon smut, and others.
Expansion of Automotive Industry Boosting Growth
Metal finishing process, especially electroplating plays a very significant role in automotive industry. It uses electrodeposition, which is a cost effective method of providing a thin wear and corrosion resistant surface coating of metal on automotive parts.
Various automotive parts such as gearbox parts, engine, drive axle, vehicle exterior, and others require corrosion-resistant, wear-resistant, and rust-resistant finishing along with clean appearance. As a result, metal finishing chemicals such as Sodium Hydroxide, Phosphoric Acid, Ammonia, Nitric Acid, and others are in high demand.
As the automotive industry is growing steadily, the metal finishing chemicals market is anticipated to expand further in the coming years.
Expanding Electrical & Electronics Industry Fuelling Growth
Metal finishing chemicals are widely used in electric & electronics industry in order to provide finishing coatings with higher chemical resistance, durability, electrical conductivity, tarnish resistance, electrical resistance, and others.
According to Fact.MR, the steady growth in electrical & electronics industry is projected to create growth opportunities for the market in the coming years.
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Metal Finishing Chemicals Market by Product Type
According to Fact.MR, plating chemicals will lead the market among product types throughout the forecast period. Plating chemicals being highly effective in providing enhanced product aesthetics, rust and corrosion resistance, low friction, and abrasion resistance are in high demand among end users such as automotive, construction, and others.
Plating chemicals are cost-effective and provide good electrical insulation. These properties make plating chemicals highly desirable in electrical & electronics industry. The demand for cleaning chemicals too is expected to rise significantly over the forecast period.
Metal Finishing Chemicals Market by Process
Among processes used, electroplating is expected to maintain the lead in the coming years. Electroplating is a cost-effective method for deriving reactive and non-reactive materials. It also provides high resistance to corrosion and wear. It is used for surface lubrication to decrease friction. Spurred by these factors, growth recorded by the electroplating segment is expected to surge considerably.
Metal Finishing Chemicals Market by Application
In terms of application, automotive segment is set to exhibit increasing demand for metal finishing chemicals. The need for corrosion, rust free, and durable metal finishing for automotive parts is enabling growth in the segment.
Besides this, the market is expected to record demand from industries such as electrical & electronics, aerospace, construction, and others.
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Regional Outlook of Metal Finishing Chemicals Market
The North America metal finishing chemicals market is expected to hold dominance through the forecast period. The presence of highly advanced automotive industry besides well-developed construction, aerospace, and other key end users is spurring the growth of North America market. Countries such as the U.S, Canada, and others are expected to significantly contribute to the rising demand for metal finishing chemicals in the coming years.
Europe has emerged as the second-leading market for metal finishing chemicals. Abundance availability of raw materials and labors, rise in demand from electrical & electronics industry, and others are aiding to the growth of Europe market. Besides this, the presence of advanced manufacturing hubs and higher spending power of consumers in countries such as the U.K, Italy, France, and others are enabling growth in the Europe market.
Asia Pacific metal finishing chemicals market is expected to emerge lucrative in the coming years. Rising demand from automotive, aerospace, construction, and other industries will aid expansion of the market in Asia Pacific. The rising demand for metal finishing chemicals in the countries such as China, Japan, North Korea, and others are boosting the Asia Pacific market.
Metal Finishing Chemicals Market: Competitive Landscape
With competition getting tougher, the key market players are focusing on launching a wide range of advanced products to capitalize on the potential of market.
Elements Plc. has launched their extensive range of metal finishing chemical products for broad categories of applications such as architectural coatings, adhesive & sealants, construction, specialty applications, and others in the recent year.
PPG industries has launched their exclusive range of PPG coil coatings with the properties such as flexibility, ability to withstand harsh weather, colorfastness, and others in the current year. They have also launched extrusion coatings along with their PPG CERTIFIED APPLICATOR PROGRAM® in the current year.
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The Analyst’s Viewpoint
The rise in demand for electroplating in automotive, electronics, construction, and other industries is propelling the growth of metal finishing chemicals market. In the coming years, however, the demand for bio-degradable metal finishing chemical products is expected to get higher, especially as governments tighten their rules for curbing toxic emissions from industries. Driven by these developments, key market players are focusing on launching a wide range of metal finishing chemicals.
COVID-19 Impact on Metal Finishing Chemicals Market
The outbreak of COVID-19 pandemic has negatively affected growth of the market. Factors such as closed manufacturing units during lock down, unavailability of labors, restrictions imposed on transport and logistic sectors among others are resulting in sluggish growth of the market. According to Fact.MR, the market will exhibit slow yet steady recovery by the end of the year 2021 or beginning of 2022.
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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.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.