The metal finishing market is expected to register a CAGR of around 6% during the forecast period. The factors driving the growth of the market studied are increasing demand for durable, wear-resistant, and long-lasting metal products and increasing demand for electric vehicles in the Asia-Pacific region. On the flipside, environmental restrictions on some metal finishing chemicals, and replacement of metal by high-performance plastics are somehow, going to hinder the market growth.
– By type, the inorganic metal finishing segment dominated the market, and it is expected to grow during the forecast period. Among various inorganic metal finishing types, electroplating is expected to witness the highest growth during the forecast period.
– The shift from traditional solvent-borne technologies to newer technologies is likely to provide opportunities for the market, during the forecast period.
– Asia-Pacific dominated the global market, with robust demand from end-user industries, such as automotive, construction, electronics, and hardware.
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Key Market Trends
Automotive Segment to Dominate the Market
– Among applications, the automotive industry dominated the demand for metal finishes. Metal finishing is one of the prominent methods used to provide a protective layer on the metal components of vehicles.
– Metal finishing is used in various vehicle parts, such as engines, other under-the-hood components, power steering systems, brake parts and systems, air conditioning components and systems, chassis hardware, climate control components, and fuel systems.
– Metal finishing also includes the application of paints or ceramics. Numerous small and large parts of the automobile require their contact surfaces to be smooth, stress relieved, and without burrs or defects. This enables the automotive engines to achieve a surface with less friction and heat, leading to the generation of more horsepower and overall better performance.
– Few countries, such as India, Indonesia, Malaysia, and Thailand registered strong growth; however, growth in these countries could not uplift the overall automotive production market in 2018. The situation in 2019 seems dire with sales declining further in major countries of Europe and China, which too will lead to declining automotive production.
– The market, however, has the potential for growth in the long term with the emergence of more technologically developed cars. If such a thing happens, the market for metal finishing will benefit from it.
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