LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global metal finishing chemicals market is expected to grow at a CAGR of more than 4% during the forecast period.
This research report titled ‘Global Metal Finishing Chemicals Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Mahitha Mallishetty, a lead analyst at Technavio for specialty chemicals research, “The global metal finishing chemicals market is expected to experience steady growth during the forecast period because of the increasing demand from various end-user industries. Increasing use of bio-based eco-friendly metal finishing chemicals and stringent environmental regulations are expected to drive the market during the forecast period.”
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The market research analysis categorizes the global metal finishing chemicals market into four major product segments. They are:
- Electrical and electronics
- Industrial machinery
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Global metal finishing chemicals market for automobiles
The automobile industry is driving the demand for metal finishing chemicals as automobile manufacturers are finding innovative ways to improve and protect their automotive parts from external corrosive forces. Automobile manufacturers use various metal finishing techniques such as electroplating, which resist corrosion and wear and help in tarnish prevention. For instance, zinc-nickel alloy plating is used to improve brightness and shine of the finished metal parts. Palladium plating is used in catalytic converters. Moreover, with increasing use of coated steel and aluminum in automobiles, the demand for metal finishing chemicals in this segment is on the rise.
Global metal finishing chemicals market for electrical and electronics
Metal finishing chemicals are used in the manufacturing of many consumer durables such as flat panel displays, smartphones, personal computers, air conditioner units, printed circuit boards, and control panel insulations, which not only give electric conductivity but also offer scratch resistance.
Most used metal finishing chemicals are indium, tin oxide, and silicon. For instance, electrically conductive coatings are predominantly used in the electronic potting of circuit boards, which are used in consumer electronic goods such as light emitting diode screens. Metal finishing chemicals are also used to increase the aesthetic look of full metal body smartphones.
Global metal finishing chemicals market for industrial machinery
Industrial manufacturers are widely using metal finishing chemicals for cleaning solutions to clean the machinery and equipment periodically. This helps to maintain the machinery and improve the operational efficiency.
“Metal finishing chemicals increase the durability, resistivity, and efficiency of machinery, due to which they are widely used in manufacturing industries in both developed and developing economies. Thus, the growth of the industrial machinery market and increasing demand from APAC are expected to trigger the demand for metal finishing chemicals during the forecast period,” says Mahitha.
Global metal finishing chemicals market for construction
The construction industry is one of the fast-growing end-user segments of the global metal finishing chemicals market. Increasing population and rapid urbanization are the main factors influencing the growth of the residential and non-residential construction sectors.
The metals that are consumed in the construction of these structures such as bridges use metal finishing chemicals to provide superior durability and minimal maintenance so that they can withstand harsh weather conditions and chemical corrosion. Therefore, the growing global construction industry is expected to fuel the demand for metal finishing chemicals during the forecast period.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- NOF CORPORATION
- Platform Specialty Products
- The Dow Chemical Company
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