Rockville, March 27, 2023 (GLOBE NEWSWIRE) -- The market for metal finishing chemicals is expected to reach USD 16.4 billion, rising at a CAGR of 3.4% by 2032. The market was valued USD 11.7 billion in 2022. The growing size of the vehicle fleet and the increased need for products that are robust and wear resistant are the main factors propelling the metal finishing chemicals market. By 2032, the market for metal finishing chemicals is expected to have strong growth due to the increasing adoption of bio-based finishing chemicals.
Moreover, the market for metal finishing chemicals is flourishing due to the increased use of electroplating procedures and polishing that give durability, wear resistance, and high corrosion while also boosting aesthetics. The metal finishing chemicals market is growing quickly, through 2032, it is expected to gain 156 BPS. This is due to the booming biopharmaceutical industry.
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| Metal Finishing Chemicals Market Report Scope & Strategic Insights: | |
| Report Coverage | Details |
| Market Size Value in | US$ 11.7 Billion in 2022 |
| Market Size Value by | US$ 16.4 Billion by 2032 |
| Growth rate | CAGR 3.4% from 2022-2032 |
| Forecast Period | 2022-2032 |
| Base Year | 2021 |
| No. of Pages | 170 |
| No. Tables | 140 |
| No. of Charts & Figures | 114 |
| Historical data available | Yes |
| Segments covered | Type ; By Product ; Process; Material; End-Use and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
There are several drivers for the metal finishing chemicals market, including:
- The demand for metal finishing chemicals is increasing due to the growth of various end-use industries such as automotive, aerospace, construction, and electronics. These industries use metal finishing chemicals for surface treatment, corrosion protection, and decorative purposes.
- Rapid industrialization in emerging economies is driving the demand for metal-finishing chemicals. As these countries continue to develop their infrastructure and manufacturing capabilities, there is a growing need for metal-finishing chemicals to meet the requirements of various industries.
- The metal finishing chemicals industry is continually evolving, with new technologies being developed to improve the performance of these chemicals. This has led to the development of more efficient and environmentally friendly metal finishing chemicals, which are driving demand in the market.
- Environmental regulations are becoming increasingly stringent, and this is driving the demand for environmentally friendly metal finishing chemicals. Companies are focusing on developing products that are free from hazardous materials and have a minimal impact on the environment.
- The demand for customized metal finishing chemicals is increasing as customers are looking for products that are tailored to their specific needs. This is driving innovation in the market and leading to the development of new products and solutions.
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Restraints:
There are several restraints for the metal finishing chemicals market, including:
- The use of metal finishing chemicals can have negative effects on human health and the environment. This has led to increasing concerns among consumers, governments, and regulatory bodies, and has resulted in stricter regulations and compliance requirements.
- The metal finishing chemicals market is highly competitive, with several players operating in the industry. This can lead to price wars and pressure on profit margins, which can be a restraint to the growth of the market.
- Despite advancements in technology, some companies may be hesitant to adopt new, more efficient metal finishing technologies due to the cost of investment and uncertainty around the long-term benefits. This can be a restraint on the growth of the market.
Key Market Trends:
Some of the key market trends in the metal finishing chemicals market are:
- There is a trend towards the use of environmentally friendly metal finishing chemicals, as consumers become more aware of the impact of industrial processes on the environment. Manufacturers are responding to this demand by developing products that are free from hazardous materials and have a minimal impact on the environment.
- The use of automation and robotics in metal finishing processes is increasing, as companies look for ways to improve efficiency and reduce labor costs. This trend is expected to continue, with more companies adopting these technologies to improve their competitiveness.
- Nano coatings are becoming increasingly popular in the metal finishing chemicals market, as they offer improved surface hardness, wear resistance, and anti-corrosion properties. As a result, there is growing demand for metal finishing chemicals that can be used to produce these coatings.
- Powder coatings are gaining popularity in the metal finishing chemicals market, as they offer several advantages over liquid coatings, including reduced waste, lower VOC emissions, and improved efficiency. This trend is expected to continue, with more companies adopting powder coatings for their metal finishing needs.
- Customers are looking for customized metal finishing chemicals that can be tailored to their specific needs. This has led to a trend toward the development of new products and solutions, which can be used in a variety of applications, such as automotive, aerospace, and electronics.
Competitive Landscape:
The metal finishing chemicals market is highly competitive, with several players operating in the industry.
To remain competitive, companies are also focusing on sustainability and environmental responsibility. This includes the development of eco-friendly products and processes, which can help them meet the growing demand for environmentally friendly metal finishing chemicals.
- For instance, in 2021, DuPont acquired Laird Performance Materials in 2021. This collaboration helped in improving the strategy and developing expertise in applications in engineering capabilities.
Key Companies Profiled
- A Brite Company
- PciChemicals.Com
- KCH Services Inc.
- Advanced Chemical Company
- DuPont
- Atotech
- BASF SE
- Coral
- Elements Plc
- McGean-Rohco Inc.
- Wuhan Jadechem International
- Trade Co. Ltd
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Key Questions Covered in the Metal Finishing Chemicals Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Metal Finishing Chemicals sales grow until 2032?
- Which are the factors hampering the Metal Finishing Chemicals demand?
- Which region will spearhead the growth in the global industry by 2032?
- Which are the factors driving sales in the Metal Finishing Chemicals Market during the forecast period?
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