Global Metal finishing Market - Segmented by Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The market for metal finishing is expected to register a significant growth during the forecast period, 2018 to 2023. This tremendous growth is significantly driven by the increase in Increase in automotive production globally.
Growth of Automotive Sector
Automotive industry provides the major end-user segment for the metal finishing market. 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. Companies are investing in coatings because automotive sales depend on aesthetic appeal and body corrosion protection. Hence, the growth of the automotive industry is directly proportionate to the growth of the metal finishing market. The global automotive production stood at 97.30 million units in 2017 with a growth rate of 2.36% during the previous year and it created a huge opportunity for the expansion of global metal finishing market.
Hybrid Metal Finishing Market Segment to Fuel the Market Growth
Hybrid Metal Finishing is expected to grow the fastest during the forecast period. Hybrid Coatings are majorly used in marine environments because they exhibit very effective impedance (Z) values in extreme environments and provide excellent corrosion protection compared to conventional counterparts. In addition, domestic applications are also creating a huge demand for hybrid coatings, owing to more cost effectiveness and durability. The demand for hybrid coating is expected to increase in the future, owing to the countries in Asia Pacific, Europe, and North America have adopted regulations that require facilities to reduce VOC emissions.
Asia-Pacific to Ignite the Market Growth
Asia-Pacific has the largest market share accounting for more than 30% of the global share, followed by North America and Europe, and is also projected to be the fastest-growing market during the forecast period. The growth of this market is largely fuelled by increasing applications, technological advancements, and growing demand in the emerging economies in the Asia Pacific region, such as China and India due to the large base of the automotive, electronics, and aerospace industries, amongst others. The large market size coupled with the huge growth in the region is quite instrumental in expansion of the global metal finishing market.
Key Developments in the Market
August 2017: Guyson International released details of new AM powder recovery system at TCT Show 2017
February 2017: Atotech acquired Pegastech plating on the plastics technology
Major Players: TIB Chemicals, Atotech Deutschland Gmbh, Guyson International, The Okuno-Auromex (Thailand) Co., Ltd and Mass Finishing Incorporated, amongst others.
Reasons to Purchase this Report
Identify the Current and future prospects of global metal finishing market in the developed and emerging markets
Analyze various perspectives of the market with the help of Porter’s five forces analysis
Information of the segment that is expected to dominate the market
Identify the region that is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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