Global Inorganic Metal Finishing Market to Reach US$83.32 bn by 2020 owing to Increasing Utilization in Automotive Applications
A new Transparency Market Research report states that the global inorganic metal finishing market stood at US$54.75 bn in 2013 and is predicted to reach US$83.32 bn by 2020, by expanding at a CAGR of 6.2% from 2014 to 2020. The title of the report is “Inorganic Metal Finishing Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”.
Metal finishing is a surface process in which another metal, polymer, or alloy is applied on to a metallic substrate. Metal finishing comprises a number of methods utilized by the metal manufacturing industries; the finishing is executed on a ready metal part. Metal finishing comprises a number of operations such as surface preparation and surface pretreatment followed by the actual coating process. The coating process is of three major types, namely, inorganic, organic, or hybrid. Inorganic metal finishing technology is utilized in numerous industries and the components using inorganic metal finishing are employed in a wide range of applications globally. These applications include electrical and electronics, industrial, and others.
As per the report, the demand for inorganic metal finishing is majorly fuelled by developments in the steel and automotive industries globally. The finishing technology lends high corrosion resistance and also enhances the substrates’ durability. Hence, inorganic metal finishing is widely employed in automotive applications, thus stimulating the growth of the market. In addition, the increasing industrial activities within the aerospace sector and heavy industries is also a prime factor augmenting the growth of the market. On the other hand, the strict environmental regulations implemented globally may impede the growth of the market in the coming years.
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On the basis of product, the inorganic metal finishing market is segmented into pretreatment/surface preparation, consumables and spares, and inorganic metal finishing processes. By technology, the market is segmented into cladding, anodizing, electroless plating, electroplating, galvanizing, and others including electropolishing. Amongst these, in 2013, electroplating led the market with a share of over 35%.
By application, the report segments the market into automotive, electrical and electronics, industrial, others including defense and hardware. Amongst these, in 2013, automotive applications constituted the largest share of more than 50% in the market on the basis of revenue. Industrial applications trailed automotive applications and held the second-largest share in the market.
Geographically, the report segments the market into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, in 2013, Asia Pacific led the inorganic metal finishing market. This is owing to the fact that a number of top manufacturers have raised their focus on capacity expansion within the Asia Pacific region owing to the soaring demand for organic metal finishing technology in this region. In addition, the development of the automotive industry within this region will also fuel the growth of the market here.
As stated in the report, the prominent players in the market are Sequa Corporation, Elementis plc, Rockwood Holdings Inc., TIB Chemicals AG, Vanchem Performance Chemicals, Honeywell International Inc., Atotech Deutschland GmbH, and Industrial Metal Finishing, among others.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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