Kenneth Research recently added a report on the Metal Finishing Chemicals Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
The global metal finishing chemicals market was valued at $9.8 billion. Metal finishing is extremely beneficial for the metal products to prevent them from corrosion and extend their lifespan. Finishing is undertaken for improving the bonding of adhesives, improvement in electrical properties along with forming the shape of the components. Additionally, finishing activity is implemented in order to enhance the appearance of any offering and further enables the manufacturers to decorate it.
Increasing demand for metal finishing chemicals can be attributed towards its ability to provide various benefits to the metals such as wear resistance, electrical conductivity, resistance from corrosion and tarnish, torque tolerance, reflectivity, ability to bond with rubber and provide hardness to the metals. Moreover, elongated growth rate of global metal finishing chemicals market is accredited towards increasing adoption of these chemicals in various emerging countries such as India and China.
Increasing demand for metal finishing chemicals from automotive domain is anticipated to drive the growth of global metal finishing chemicals market at extensive rate. The consumption of metal finishing chemicals in this domain s increasing due to extensive demand for vehicles observed in Asia-Pacific due to rapid increase in population and increase in disposable income of the citizens. Moreover, rapid production of transportation vehicles specifically motor vehicle and advent of substitutes for chrome plating particularly for hexavalent chromates that is further contributing towards strengthening the growth of global metal finishing chemicals market at an extensive rate.
Escalation in printed circuit board industry is also driving the growth of the global metal finishing chemicals market. However, increasing regulations on waste water management and harmful disposal of waste is the major factor that is hindering the growth of global metal finishing chemicals market.
Metal finishing chemicals market forecast 2019 – 2029 estimates the historical market size in terms of consumption as well as revenue generated by the industry players across the globe. It offers the opportunity analysis along the value chain for the metal finishing chemicals manufacturers. Also, the report offers the vendor analysis along with price trend which provides an edge to the stakeholders especially manufacturers to create a better understanding of the market. Aerospace, electrical & electronics, automotive, construction industry players benefit from the product benchmarking and matrix helping them to take right decision in choosing the right product with optimum prices suited for their end use applications.
The reports provide the analysis based on product, process, and end user segment. On the basis of product, the global metal finishing chemicals market is categorised into conversion coatings, plating chemicals, cleaning chemicals, and others. Among all these segments, cleaning chemicals segment is anticipated to witness fastest growth during the forecast period owing to extensive adoption of these products in automotive, aerospace, construction, electronics and electrical domain. The various types of cleaning chemicals include disinfectants, detergents, sanitisers and sterilising agent.
Based on process, the global metal finishing chemicals is classified into electroplating, chemical & electro chemical conversion, electroless plating, and others. Of all, the electroplating category is expected to hold largest share in the global market by 2024 owing to its widespread uses in electronics and automotive plating. The electroplating process is used for plating one metal over another and provides resistance to corrosion, provides shine and luster to the decorative products, improves the mechanical characteristics of metals and further helps in reducing the cost of ornaments.
On the basis of end user, the global metal finishing chemicals market is segmented into aerospace, electrical & electronics, automotive, construction, and others. Among all these segments, automotive sector is anticipated to witness fastest growth during the forecast period due to the increase in demand for metal finishing chemicals among the automotive manufacturers for protecting the vehicles from corrosion that enhances the longevity of the vehicle and fixes the holes generated on the vehicles through rust.
The largest consumption of metal finishing chemicals came from the North America. In the region manufacturers are increasingly adopting these chemicals, as it helps in improving the strength of the metal substrate along with enhancing the aesthetic appeal of the aircraft. Additionally, plating done using these chemicals thus enhances the corrosion protection of the metal, accentuates oxidation resistance and further enhances the electricity conductivity of the metals. These benefits provided by the metal finishing chemicals in the aerospace sector is thereby propelling the growth of the metal finishing chemicals market in North America.
Moreover, metal finishing chemicals in Asia-Pacific is expected to witness fastest growth during the forecast period. The growth of this market in the region is attributed towards extensive demand observed from automotive sector and due to increased regulations implemented by government authorities in countries such as India and China. For instance, Make in India initiative undertaken by Indian government is thereby promoting the manufacturing unit and demand for vehicles in the country at extensive rate which is further escalating the demand for metal finishing chemicals in the region.
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The report also offers the insights for the European, Latin American, and Middle East and African Market. A detail analysis of historic and forecast consumption data, revenue in the market and competitive analysis for major competitors in each region is also provided.
The global metal finishing chemicals market is witnessing fragmented market structure and extensively undertaking research & development activities in order expand their product offerings and gain significant market share. Some of the eminent players having prominent presence in the global metal finishing chemicals market include COVENTYA, Raschig GmbH, Chemetall, Advanced Chemical Company, Atotech Deutschland GmbH, Coral Chemical Company, Houghton International Inc, Quaker Chemicals, DOW Chemicals, Elementis PLC, Asterion LLC, A Brite Company, McGean-Rocho Inc, and Platform Specialty Products Corporation.
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