Dublin, Dec. 22, 2020 (GLOBE NEWSWIRE) -- The "Metal Finishing Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
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.
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.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region dominated the market. The increasing investments and production in the automotive industry, rising electrical and electronics production, and surging demand for heavy equipment, with multinational companies investing in the industrial sector, are some of the major factors driving the demand for metal finishing in the region.
China is the largest manufacturer of automobiles in the world. The automotive sector in China has been shaping up for product evolution, with the country focusing on manufacturing products, to ensure fuel economy and minimize emissions, owing to the increasing environmental concerns due to mounting pollution in the country.
However, the market witnessed a shrink in 2018, as the production decreased by 4.2%. It was also the first time that the market witnessed a drop in sales, after nearly 20 years of growth.
China's residential housing sector is witnessing a slump. Around 22% of the country's urban house stocking was empty, as of late 2018. These include unsold properties and apartments brought by entrepreneurs and speculators, who have no intention of living in them but to hold them as an investment property.
The Japanese metal finishing market is primarily driven by the increased usage in the aerospace sector, which increased significantly in the last few years due to the advancements in technology and R&D supported by the government.
The Japanese aerospace industry manufactures aircraft components for commercial and defense aircraft. The production of commercial aircraft has been increasing over the past couple of years, owing to the increasing cargo demands.
Japan focuses on manufacturing the F-35A next-generation fighter jet and other military aircraft, as well as strengthening the foundation of the aerospace manufacturing in the country.
Hence, all such favorable trends and investments in the region are expected to drive the demand for metal finishing market during the forecast period.
The global metal finishing market was highly fragmented as the top five players in the market contributed less than 5% to the global market share.
The key players inlcude OC Oerlikon Management AG, Linde (Praxair Inc.), C.Uyemura & CO.,LTD., Sequa (The Carlyle Group), and Honeywell International Inc, among others.
A.E. Aubin Company
C.Uyemura & Co.,Ltd.
Honeywell International Inc.
Luster-On Products, Inc.
Mass Finishing Incorporated
OC Oerlikon Management AG
OTEC Precision Finish, Inc.
Plating Equipment Ltd
Sequa (The Carlyle Group)
TIB Chemicals AG
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