The metal surface finishing is the process of altering the surface of an object, to improve its durability and/or appearance. However, metal finishing chemicals are used to modify the surface of metal products to improve wear resistance, electrical resistance, corrosion resistance, electrical conductivity, hardness, tarnish resistance, chemical resistance, torque tolerance, reflectivity & appearance, and solder ability. For instance, the metal finishing chemicals that are used in automotive exterior and interior parts protects it against premature corrosion and wear. These chemicals are employed in various end-use industries such as automotive, electrical & electronics, construction, industrial machinery, and aerospace & defence.
The market for metal finishing chemicals is expected to reach rise at a CAGR of 4.2 percent during the forecast period. Growth of the market is mainly driven by growing usage of metal finishing chemicals in the polishing and electroplating processes as they provide high wear resistance, corrosion resistance, durability, and improves the appearance.
The factors such as rise in demand for durable as well as wear resistant products; growth of printed circuit board industry; increase in usages of metal finishing chemicals in aerospace maintenance, repair, and overhauls; and surge in demand from Asia-Pacific economies primarily drives growth of the global metal finishing chemicals market. In addition, the growth in automotive industry across the developing countries, such as China, India, Mexico, Thailand, and Indonesia is driving the market. Also, the steady expansion of global automotive industry has led to the upsurge in demand for electroplating process. This factor significantly boosts the market growth. Furthermore, the increased demand for flawless finished metal in electrical equipment, construction machinery, and machinery parts among others is projected to fuel demand for metal finishing chemicals in the forecast period.
However, the factors including replacement of metals with affordable plastic and dangerous waste disposal along with the regulations on waste water management may hamper growth of the market to some extent during forecast period. On the other hand, upsurge in demand of bio-based cleaning chemicals as well as rapidly changing lifestyle and urbanization is anticipated create lucrative growth opportunities for the market during the forecast period.
Throughout the forecast period, plating chemicals segment will continue to hold a dominant share of the global market, on the basis of product type. This is due to the fact that the plating chemicals are extremely effective in providing enhanced product aesthetics, low friction, rust & corrosion resistance, and abrasion resistance. The aforementioned benefits are in huge demand among several end users such as construction, automotive, and others. However, the cleaning chemicals segment is anticipated to witness highest growth rate during the forecast period. This is attributed to rapid growth in usage of bio-based cleaning chemicals. In addition to this, there is increasing acceptance of cleaning chemicals in end-use industries such as automotive, electrical & electronics, construction, and industrial machinery. The cleaning chemicals enables effective metal finishing by fulfilling requirements for degreasing as well as cleaning metal substrate before being plated.
According to the process, the electroplating segment is expected to hold a dominant share of the global market. This is attributed to the fact that the electroplating is a cost-effective method for deriving non-reactive and reactive materials. In addition to this, it provides resistance to wear and corrosion. Also, there is surge in usage of electroplating process for surface lubrication to decrease friction.
METAL FINISHING CHEMICALS MARKET SEGMENTATION:
By Product Type
- Conversion Coatings
- Cleaning Chemicals
- Plating Chemicals
- Other Product Types
- Chemical & Electrochemical Conversion
- Electroless Plating
- Other Processes
- Electrical & Electronics
- Other Applications
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
North America is likely to be the most profitable region throughout forecast period. This is attributed to the existence of technologically advanced automotive industry along with the well-established aerospace, construction, and other important end users. In addition to this, countries such as the U.S. and Canada are anticipated to considerably contribute to the demand for metal finishing chemicals. On the other hand, Europe is projected to experience significant growth rate during the forecast period. This is due to increase in demand from electrical & electronics industry along with the availability of raw materials and labors. In addition to this, the proliferating manufacturing industry in the region and huge spending power of consumers across the countries including the UK, France, Germany, Italy, and others are fuelling growth in the Europe metal finishing chemicals market.
Further, Asia-Pacific region is expected to witness highest growth rate during the forecast period. This is attributed to the government initiatives by several countries in the region to enable ease of doing businesses. For instance, the Make in India policy by the government of India has become the major drivers for automotive industry development and manufacturing in the country, which is expected to further fuel the market growth. Moreover, surge in automotive production across the countries such as China, India, Indonesia, and Thailand is projected to propel the demand for metal finishing chemicals from the automotive sector in the region.
FEW KEY PLAYERS IN METAL FINISHING CHEMICALS MARKET:
- Advanced Chemical Company
- Coral Chemical Company
- NOF Metal Coatings North America
- Atotech Deutschland GmbH
- Dow Inc.
- Elements Plc
- Platform Specialty Products Corporation
- PPG Industries
- Houghton International Inc.
- MacDermid Performance Solutions
- McGean-Rohco Inc.
- Quaker Chemical Corporation
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