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Metal Finishing Chemicals Global Market Report 2023
Major players in the metal finishing chemicals market are McGean-Rocho Inc., Atotech Deutschland GmbH, Advanced Chemical Company, Asterion LLC, Quaker Houghton Corporation, A Brite Company, DOW Chemicals, Coral Chemical Company, Raschig GmbH, Chemetall, Coventya, Platform Specialty Products Corporation, BASF SE, Element Solutions Inc.
New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Metal Finishing Chemicals Global Market Report 2023" - https://www.reportlinker.com/p06311698/?utm_source=GNW
, and Henkel AG & Co. KGaA.
The global metal finishing chemicals market grew from $11.48 billion in 2022 to $12.2 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The metal finishing chemicals market is expected to grow to $15.63 billion in 2027 at a CAGR of 6.4%.
The metal finishing chemicals market consists of sales of metal finishing chemical products such as nitric acid and hydrochloric acid.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The metal finishing chemicals are used for electroplating or treating metal parts.Metal finishing chemicals are used to form a thin coating on metals for enhancing their appearance, increasing marketability, enhancing corrosion and wear resistance, adding value, and improving the function or performance of the product.
The common chemicals used as metal finishing chemicals are chromic acid, ammonia, hydrochloric acid, nitric acid, hydrofluoric acid, sulfuric acid, phosphoric acid, and sodium hydroxide.
North America was the largest region in the metal finishing chemicals market in 2022.The Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the metal finishing chemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of metal finishing chemicals are plating chemicals, cleaning chemicals, conversion coating, proprietary chemicals, and other types.Plating chemicals refer to metal coatings on diverse materials that are created by autocatalytic chemical reduction of metal cations in a liquid bath in industrial chemical processes.
Plating chemicals include formula additives, metal salts, and other consumables electroless plating, electrodeposition, anodized layer formation, or electroplating. The various materials used in metal finishing chemicals are zInc., nickel, chrome, copper, gold, silver, platinum, and other materials using electroplating, chemical and electro-chemical conversion, electroless plating, and other processes. They are used by several end-use industries such as automotive, electrical and electronics, industrial machinery, construction, aerospace and defense, and other end-users.
The increasing sales of automobiles worldwide are expected to drive the growth of the metal finishing chemicals market.The growth in automobile sales is driven by rapid urbanization and the expansion of global auto manufacturers in developing nations.
Automobile parts are finished using various coatings of metals such as zInc., and nickel that keep the automotive parts corrosion-free and resistant to rubbing against each other. According to U.S. News & World Report, an American media company, in 2021, the number of new automobiles sold in the USA was slightly more than 15 million, a 3.4% increase over the year 2020. Thus, the increased sales of automobiles is anticipated to positively impact the growth of the metal finishing chemicals market.
Product innovations are a key trend gaining popularity in metal finishing chemicals.Companies in the metal finishing chemicals are launching the improved version of a previous good to enhance its capabilities and provide the best product in the market.
For instance, in December 2021, SIFCO ASC, a US-based provider of selective electroplating and anodizing services, launched Encapsulated Plating, a new-to-market electroplating technique.The new method combines the best of both previous processes to provide a long-term solution for plating complex, circular, or axis-symmetric elements such as deep bores or recessed sections.
The procedure has the same benefits as selective plating in that it minimizes masking, decreases the reliance on submerging an entire item, generates minimum waste, and maintains a fast-plating rate.
In September 2021, Element Solutions Inc., a US-based diversified specialty chemicals company, acquired Coventya Holding SAS for an undisclosed amount. The acquisition aligned with Element’s strategy of continuous investment in technology, innovation, and talent, and further focused on developing and providing the highest performing sustainable solutions for surface finishing applications in markets such as construction, automotive, industrial, consumer goods, and electronics. Coventya Holding SAS is a France-based manufacturer and distributor of specialty chemicals for the surface finishing industry.
The countries covered in the metal finishing chemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The metal finishing chemicals market research report is one of a series of new reports that provides metal finishing chemicals market statistics, including metal finishing chemicals industry global market size, regional shares, competitors with a metal finishing chemicals market share, detailed metal finishing chemicals market segments, market trends and opportunities, and any further data you may need to thrive in the metal finishing chemicals industry. This metal finishing chemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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