DUBLIN--(BUSINESS WIRE)--The "Metal Finishing Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The metal finishing market is expected to grow at a CAGR of around 5.4% during the forecast period of 2019 - 2024
The major factors driving the growth of market studied are the growing need for durable, wear resistant, & long lasting metal products, and increasing automotive production. On the flipside, environmental restrictions on chemicals used in the production of metal finishes, and increasing replacement of metal by plastics are likely to hinder the growth of the studied market.
- By type, inorganic metal finishing segment dominated the market in 2018 and is expected to grow during the forecast period. Among various inorganic metal finishing types, electroplating segment is expected to witness highest growth during the forecast period.
- The shift from traditional solvent-borne technologies to newer technologies is likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe 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, automotive industry dominated the demand for metal finishes. Metal finishing is one of the prominent method to provide a protective layer on metal components of the vehicles.
- Metal finishing is used in various vehicle parts, such as engine, other under-the-hood components, power steering systems, brake parts & system, air conditioning components and systems, chassis hardware, climate control components, and fuel systems.
- Though the automotive production witnessed decline in 2018 by 1.1%, factors such as increasing investments into the sector to increase production, continuous efforts of the automakers to develop & launch new cars, and efforts towards development & promotion of electric vehicles of the industry are likely to drive the growth of automotive industry.
- Asia-Pacific is already witnessing numerous investments by the global automakers, like BMW, Hyundai Motors, and Honda to increase production, and cater to the increasing automotive demand of the masses in the region.
- Therefore, as the growth of automotive industry is directly proportionate to the growth of the metal finishing market, such market trends, and investments into the automotive industry is likely to increase the demand for metal finishing market in the coming years.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018. The increasing investment & production in the automotive industry, increasing electrical & electronics production, and increasing demand for heavy equipment with multi-national companies investing into the industrial sector are some of the major factors driving the demand for metal finishing market in the region.
- China stands to be the world's largest automotive producer. However, in 2018, the country witnessed about 4.16% decline in the production of vehicles. Automotive sales also declined by about 6% to 22.7 million units in 2018. The performance of the automotive industry was affected by the economic shifts and China's trade war with the United States.
- However, China is majorly focusing on increasing the production and sale of electric vehicles in the country. For this purpose, the country has planned to increase the production of electric vehicles (EVs) to 2 million a year by 2020, and 7 million a year by 2025. The target, if achieved will increase the share of electric vehicles to 20% of total new car production for China by 2025, which is likely to increase the production of automotive industry of the country in the coming years.
- India is witnessing investments in the automotive industry, which is further expected to increase production in the country. For instance, in 2018, Hyundai planned investment of USD 1 billion in India by 2020. SAIC Motor has also announced to invest USD 500 million in India by 2020. The company has appealed the government of India to provide incentive driven policies for electric vehicles, as it plans to invest in developing electric vehicles in the country.
- Besides, China has the world's largest electronics production base. Electronic products, such as smartphones, OLED TVs, tablets, wires, cables, earphones, and so on, have the highest growth in the electronics segment. With the increase in the disposable income of the middle-class population in the country, and increasing demand for electronic products in the countries, the production of electronics has been increasing.
Hence, all such favorable trends and investments in the country are expected to drive the demand for metal finishing market during the forecast period.
- Increasing Demand from Automotive Production
- Growing Need for Durable, Wear Resistant, and Long Lasting Metal Products
- Increasing Replacement Of Metal By Plastics
- Environmental Restrictions on Chemicals Used in Metal Finishes
Industry Value-Chain Analysis
Porters 5 Force Analysis
- A.E. Aubin Company
- C. Uyemura & Co. Ltd
- TIB Chemicals AG
- OTEC Precision Finish Inc.
- Giant Finishing Inc.
- Mass Finishing Inc.
- Atotech Deutschland GmbH
- The Okuno-Auromex (Thailand) Co. Ltd
- Oerlikon Surface Solutions
- Grind Master
- Luster-on Products Inc.
- Hardwood Line Manufacturing Co.
For more information about this report visit https://www.researchandmarkets.com/r/1kedqm