Asia-Pacific Metal Finishing Market - Segmented by Type, by Application, and Geography - Growth, Trends, and Forecasts (2018 - 2023)
The Asia-Pacific metal finishing market is expected to witness a moderate growth during the forecast period of 2018 - 2023. The market is driven by a number of factors, such as the rapid growth in automotive, steel, and electrical & electronics industries in the region.
Growth of Automotive and Steel Industries
Steel is one of the most common materials in the world. It is used in housing, transport, food and water supply, energy production, tools, and healthcare. Majority of the steel used is galvanized steel, accounting for the major share of the steel market. The growth of the steel market implies the growth of the galvanized steel market and thus, increased demand for galvanization.
In the automotive industry, metal finishing is used in engine and other under-the-hood components, power steering systems, brake parts and system, air-conditioning components and systems, chassis hardware, climate control components, and fuel systems. Therefore, the metal finishing application in the automotive industry is a major market. Hence, the growth of the automotive industry is directly proportionate to the growth of the metal finishing market.
Growing Demand for Cladding
Cladding is the process in which, different metals are bonded together. This method processes two different metals through a metal die process and later through rolling or pressuring them under high pressure. By this method, less costly metals can be used as fillers between expensive metals on the outer side. Another method of cladding is with the use of explosives, which are detonated between two sheets of metals to remove impurities and oxides and help in better bonding. This process is used to create a corrosion resistant layer. Other forms of metal cladding are known as single skin cladding, metal composite materials (MCM), and insulated metal panels (IMPs). These forms are known for their suitability in different climate zones.
China to Dominate the Market
Metal finishing is used by many Chinese industries, such as automotive, construction, aerospace, medical devices, electronics, heavy equipment, etc. China is the largest market for automotive production and 29,015,434 units were produced in 2017, acquiring a growth of 3.19% from 2016.The sector is expanding at a good rate and is expected to continue due to government plans, which involve increasing automobile output to 30 million units by 2020 and 35 million by 2025. Therefore, increase in production is expected to drive the metal finishing market in the country during the forecast period.
Major Players: Abakan Inc., Atotech Deutschland GmbH, Elementis PLC, and Honeywell International Inc., among others.
Reason to purchase the Report
Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
The application that is expected to dominate the market.
The regions that are expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
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