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.
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.
Key companies of market are-
- Advanced Chemical Company
- Atotech Deutschland GmbH
- 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
- Quaker Chemical Corporation
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.
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 emission 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.
Metal Finishing Chemicals Market - Scope of Report
A recent study by Fact.MR on the metal finishing chemicals market offers a 10-year forecast from 2020 to 2030. The study analyzes crucial trends that are currently determining market growth. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders and emerging players associated with the manufacturing of metal finishing chemicals. The study also provides the dynamics that are responsible for influencing future status of the metal finishing chemicals market over the forecast period.
A detailed assessment of the metal finishing chemicals value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the metal finishing chemicals market, along with their product portfolios, enhances the reliability of this comprehensive research study.
Metal Finishing Chemicals Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales in the metal finishing chemicals market across the globe.
A comprehensive estimate on the metal finishing chemicals market has been provided through an optimistic as well as a conservative scenario, taking into account the sales during the forecast period. Price point comparison by region with global average price is also considered in the study.
Metal Finishing Chemicals Market – Segmentation
Fact.MR’s research study assesses the global metal finishing chemicals market in terms of product type, process, application, and region. This report presents extensive market dynamics and trends associated with different segments of the market and their influence on the growth prospects of the global metal finishing chemicals market.
Key Questions Answered in Fact.MR’s Metal Finishing Chemicals Market Report
- Which are the most lucrative markets for metal finishing chemicals?
- Which factors will impact metal finishing chemicals market growth?
- How will changing trends impact the strategy of market players?
- How can market players capture the low-hanging opportunities?
- Which companies are leading the metal finishing chemicals market?
- What are the winning strategies of stakeholders in metal finishing chemicals market?
Metal Finishing Chemicals Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the metal finishing chemicals market report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic and business environment outlook), which are expected to have a momentous influence on the growth of the metal finishing chemicals market during the forecast period.
Country-specific valuation on demand for metal finishing chemicals market has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
Metal Finishing Chemicals Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the metal finishing chemicals market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the metal finishing chemicals market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the metal finishing chemicals market report as a primary resource.
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