Market players launching an extensive range of metal finishing chemicals to leverage on the growing demand for advanced properties from end-use sectors.
ROCKVILLE, MD / ACCESSWIRE / December 22, 2020 / Fact.MR: The global metal finishing chemicals market is projected to grow at a CAGR of over 2% amid the assessment period from the year 2020 to 2030. The growing demand for electroplating in construction, electronics, automotive, and other industries is impelling the market growth. In the approaching years however, the rising demand for bio-degradable metal finishing chemical products will be foreseen, particularly as governments constrict their rules for decreasing toxic emission from industries.
"Upsurge in demand for electroplating & polishing processes is catalysing the growth of metal finishing chemicals market. Since the need for electrical components, corrosion-resistant, and durable machinery equipment, wear-resistant, and others is rising amongst diverse industries, major players are focusing on product launches to fulfil their requirements." says a Fact.MR analyst.
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Key Takeaways
- North America will hold dominance throughout the forecast period due to presence of highly advanced automotive sector, well-developed construction, aerospace, along with other key end users.
- The automotive category is poised to exhibit growing demand for metal finishing chemicals.
- The plating chemicals is likely to lead among product types in the market.
- The electroplating is likely to remain lucrative in the approaching years due to its cost-effective method for developing non-reactive and reactive materials.
Drivers
- Rising demand of automotive, construction, and other industries to impel market growth.
- Growing demand for wear resistant and durable products will be driving growth over the forecast period.
- Increase in usage of bio-based cleaning chemicals to boost market growth.
Constraints
- Strict regulations levied to reduce toxic component emission from industries will continue to pose threat to the market growth.
- Replacement of metals by plastics can negatively impact market growth.
Anticipated Market Impact by COVID-19 Outbreak
Limitations enforced on transport along with other operations to control the COVID-19 spread have hindered operations in industries. Slowing demand from end users further has resulted in slow growth of the metal finishing chemicals market.
Seberal metal finishing processes such as electroplating, chemical & electrochemical conversion, and others necessitate special set up, experts' handling and raw materials. Therefore shortage of raw materials along with other restrictions have negatively influenced the market growth due to COVID-19 outbreak.
Explore the global metal finishing chemicals market with 138 figures, 80 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/5375/metal-finishing-chemicals-market
Competition Landscape
With increase in competition, key companies are focusing on launching an extensive range of advanced products to leverage on the market potential.
Major companies operating in the global market are Advanced Chemical Company, Chemetall, Atotech Deutschland GmbH, Dow Inc., Coral Chemical Company, Houghton International Inc., Elements Plc, McGean-Rohco Inc., MacDermid Performance Solutions, Platform Specialty Products Corporation, NOF Metal Coatings North America, Quaker Chemical Corporation and PPG Industries.
More on the Report
The Fact.MR's market research report provides in-depth insights into the Metal Finishing Chemicals market. The market is scrutinized on the basis of product type (plating chemicals, conversion coatings, cleaning chemicals, other product types), process (electroplating, electroless plating, chemical & electrochemical conversion, other processes), application (automotive, electrical & electronics, aerospace, construction, other applications), , across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).
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SOURCE: FactMR