12th March 2020: Metal finishing chemicals are used to clean, etch, and plate metallic surfaces that improve their physical characteristics and appearance. Metal finishing chemicals help to control numerous surface characteristics such as, tarnish resistance, corrosion resistance, wear and electrical resistance, hardness, reflectivity and appearance, electrical conductivity, and chemical resistance, etc.
Growing automotive industry to Contribute Significant Demand to the Market
The major application variants of the metal finishing chemicals market include aerospace, automotive, construction, electrical and electronics, etc. The automotive sector accounted for the fastest growth in the market and is also anticipated to expand at the fastest CAGR in the forthcoming period.
The automotive sector is driven by rising production and demand for passenger and commercial vehicles in developing countries, such as Indonesia, China, Thailand, and India. Growing automotive industry is the result of rising disposable income as well as increasing government initiatives and rules encouraging the growth of metal finishing chemicals.
Furthermore, the presence of foremost automotive Original Equipment Manufacturers (OEMs) including CHRYSLER, GM, BMW, Volvo, Mercedes, Audi, Ford Trucks & SUV’s, Ford cars, Jaguar, Nissan, Porsche, Toyota, Land Rover, Volkswagen, Mazda, and Honda is anticipated to further drive the metal finishing chemical market demand in the forecast period.
The global aerospace and defense industry are anticipated to witness stable growth throughout the forecast period on account of increasing government spending on aircraft production and defense segments. This development has enhanced the equipment replacement cycle and has increased the passenger travel demand which is propelling the use of the product in aerospace repair, maintenance, and renovation activities.
High demand from various applications, such as consumer durables, jewelry, job shops, medical equipment, and machine tools is anticipated to observe a stable growth in the forthcoming period. Emerging healthcare industry in countries such as the U.S., Germany, and India are likely to propel the demand from the medical equipment industry. Furthermore, increasing demand for ornamental jewelry from countries such as the U.S. is anticipated to drive the demand for the market over the forthcoming period.
Market Insights:
Leading players operating in the metal finishing chemicals market include Advanced Chemical Company; Atotech Deutschland GmbH; Chemetall, Mc-Gean Rocho US; Elementis; Dow Chemicals; Quaker Chemicals; NOF Corporation; Houghton International Inc.; Rashig GmbH; HENKEL Ag; Technic.; and A Brite Company.
North America and Europe are projected to be the largest markets for these chemicals due to growing demand from automotive, aerospace, electrical and electronics, and manufacturing industries. Hence, majority of manufacturers are concentrating on these regions while keeping the distribution networks across other regions.
Significant presence of several regional industry players specifically in Canada, U.S., Germany, Japan, China, and the U.K is also likely to drive the overall competitive environment in the years to come.
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