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FutureStarrMetal Finishing Chemicals Global Market Report 2023
The global metal finishing chemicals market is expected to experience a high growth rate over the forecast period. This can be attributed to an expansion in the automotive industry and increasing production of electrical and electronic equipment.
Moreover, rising demand for durable and wear-resistant products is expected to fuel the market growth. Unfortunately, strict government regulations and the replacement of metals with plastics are some major obstacles that may limit market expansion.
Metal finishing chemicals are employed in electroplating processes to enhance the aesthetic, marketability, corrosion resistance and other properties of metals. They may also be employed to increase their durability and strength. As a result, demand for these products is rising due to their widespread applications within automotive, aerospace and electrical/electronics industries.
In 2023, the global metal finishing chemicals market is projected to experience growth due to rising automobile sales worldwide. With an increasing number of automobile manufacturing companies worldwide, demand for metal finishing chemicals will likely increase in the near future.
The global metal finishing chemicals market is divided into organic and inorganic segments. Chromic acid, hydrochloric acid, ammonia, nitric acid, and sulfuric acid dominate the inorganic segment while organic materials include phosphoric acid, sodium hydroxide, and ammonia.
Metal finishing chemicals market can be divided into zinc, nickel, chromium, aluminum, copper and precious metals. Nickel is predicted to be the leading material segment by 2023.
On the basis of end-use industry, metal finishing chemicals market can be divided into automotive, electrical & electronics, industrial machinery, aerospace & defence, construction and others. Industrial machinery is expected to witness strong growth during 2023 in terms of metal finishing chemicals demand.
North America is expected to be the leading regional market for metal finishing chemicals in 2023, driven mainly by rising demand from automotive, electrical and electronics, and aerospace industries.
Europe is forecasted to be a lucrative market for metal finishing chemicals in 2023. The region, which boasts an abundance of automobile manufacturing companies, will likely fuel demand for these products in the foreseeable future.
Asia Pacific is forecasted to be the fastest-growing region for metal finishing chemicals in 2023, driven by rapid expansions of automotive and electrical & electronics industries across this region.
DBMR examines the competitive landscape and provides insights on key competitors in the global metal finishing chemicals market. This assessment includes company profiles and market share data for leading players, as well as an exhaustive breakdown of each competitor's strengths and weaknesses.
Metal finishing chemicals provide metal surfaces with properties such as wear resistance, corrosion and dust resistance, hardness and electrical conductivity. These additives improve parts' durability and strength, reduce manufacturing cycle times, and maximize product yield.
Metal finishing chemicals are also employed for beautifying products made from metals, and their demand from automobiles and other end-use industries is expected to expand over the forecast period. Furthermore, increased spending power among consumers in Asia-Pacific and North America will lead to an increase in car sales there as well, fueling growth within the global metal finishing chemicals market.
The global metal finishing chemicals market is projected to experience a compound annual growth rate (CAGR) of 4.8% from 2022-2027, driven by rising demand for electrical and electronics equipment, rising consumer spending on cars, as well as an increase in industrial machinery and aerospace production.
Despite these factors, plastics are expected to slow down market growth due to their wide array of applications. Furthermore, stringent government regulations placed upon this industry will further hinder its progress.
The metal finishing chemicals market is classified into plating chemicals, cleaning solutions and conversion coating chemicals. The plating chemical segment leads the market due to its superior surface properties, low friction and abrasion resistance. Furthermore, these chemicals are cost-effective and can be easily applied on various surfaces.
These chemicals come in various forms such as water-based, solvent-based, powdered and granular. They're utilized for electroplating, painting, anodizing, carbonizing and the surface treatment of chrome, nickel aluminum and copper.
The metal finishing chemicals market is highly fragmented due to the presence of both small and large companies within it. Notable players include BASF, Elementis, NOF CORPORATION, Platform Speciality Products Corporation and The Dow Chemical Company.
Metal finishing chemicals are primarily driven by growth in the automobile and electrical/electronics industries. By 2021, global sales are projected to reach US$10.2 Billion with a compound annual growth rate (CAGR) of 4.8% during this analysis period due to increasing passenger car demand across emerging markets such as China, India, and Indonesia.
The metal finishing chemicals market is highly fragmented. It is dominated by several manufacturers in North America and Europe that offer distribution networks across various geographies. However, the Asia-Pacific region is expected to experience faster growth due to increased demand from industrial machinery, automotive, and electrical & electronics industries.
The global metal finishing chemicals market is expected to experience a compound annual growth rate (CAGR) of 5% from 2021-2028, driven by an expanding automotive fleet and rising demand for durable and wear-resistant products. Furthermore, bio-based cleaning chemicals are expected to fuel further market expansion.
KPMG conducted an in-depth analysis of the major players in the metal finishing chemicals market to assess competition. It evaluated their current and past performance, business strategies, revenue generation, product portfolio, and other factors.
Key factors expected to drive growth in the metal finishing chemicals market include an increase in automobile sales, rising use of bio-based cleaning chemicals, and rising environmental concerns due to pollution levels. Furthermore, product innovation is anticipated to significantly contribute towards market expansion over the long run.
Despite these growth trends, challenges still exist. The primary issue facing the industry is COVID-19, which could have been caused by contamination of a chemical used during production. Other issues include lack of qualified personnel, insufficient supply of raw materials and limited access to capital.
Another challenge facing the metal finishing chemicals market is an increasing demand for anti-reflective coatings. These treatments improve visibility of products while providing them with a sleek appearance. Furthermore, these coatings improve product durability too.
Metal finishing chemicals market forecast to be highly profitable in the coming years due to its numerous advantages, including resistance to corrosion and tarnish, hardness, torque tolerance, and chemical resistance. These properties are essential in numerous end-use applications like automotive, aerospace, and industrial machinery; additionally these products can be employed in cleaning, polishing, and removing defects from metal components.
Metal Finishing Chemicals Global Market Report 2023 provides an in-depth assessment of the industry, featuring detailed company profiles, SWOT analysis, financial analysis, product portfolio and competitive landscape. Additionally, it segmented the market by type, end use and region for added insight. Moreover, this report highlights market growth prospects, major trends and key drivers over the forecast period.
The market for water-resistant products is being fuelled by an increase in demand from the automobile industry. Metal finishing chemicals used in various vehicle parts like engines, power steering systems, shock absorbers and anti-vibration components as well as fuel systems have contributed to market development. A smooth surface on these components helps improve engine performance and generate more horsepower - ultimately fueling growth within this sector.
Moreover, the widespread application of metal finishing chemicals in industrial machinery and construction is fueling market growth. These chemicals help prevent corrosion, increase resistance, and extend component life expectancies.
Additionally, the growing need to cut costs by substituting metals with plastic is expected to restrain market expansion during the forecast period. Nonetheless, analysts predict a compound annual growth rate (CAGR) of 3.6% through 2023.
This research report provides a detailed and objective assessment of the Metal Finishing Chemicals market. It helps key players assess its potential and recognize high-growth opportunities, making it invaluable for businesses looking to enter or expand into this space.
Company profiling is an invaluable asset for companies in the industry, as it offers them a detailed assessment of their competitors. This analysis can assist them in formulating product strategies tailored towards customer needs. A typical profile would include company overview, SWOT analysis, financial overviews, product portfolios and marketing strategies.
The company profile also outlines their business strategy and how they are adapting to shifting market conditions. It also pinpoints their strengths and weaknesses, as well as potential areas for future growth.
This report offers a competitive landscape that highlights market ranking of major players, along with new service/product launches, partnerships, business expansions and acquisitions made within five years of profiled companies. Furthermore, it details anticipated competitive developments such as agreements or expansions expected to impact Metal Finishing Chemicals industry activity in the near future.