The metal industry witnessed trade worth $436.6 billion in 2018 with year on year growth of 14%, which evinces the booming demand for metals across various end-user industries. It is leading to an expansion in the metal finishing chemicals market size that was evaluated at $9.70 billion in 2018, and it is projected to expand at a CAGR of 4.5% during the forecast period 2019-2025.
Cleaning chemicals such as nitric acid, chromic acid, sulfuric acid, and others are experiencing high demand from the metal industry for metal finishing process or surface finishing and electropolishing too. Additionally, chemicals for abrasive blasting are necessary for the paint industry, which further catapults the metal finishing chemicals market.
The most prominent reason for the flourishing market is the rise of demand from the automotive industries which is creating lucrative business opportunities for the companies.
Automotive Industry to Offer Opportunities to the Metal Finishing Chemicals Market Players at the Fastest CAGR of 5% through to 2025 –
The automotive industry is going through a transition state; however, the demand for metals for automobile vehicles manufacturing remains the same. In 2018, 95.6 vehicles were manufactured across the globe which created a demand influx for metals and metal finishing chemicals.
With the advent of electric vehicles and autonomous cars, the production in the automotive industry is set to rise significantly. Furthermore, increasing disposable income and higher purchasing power has been enabling the end-users to afford expensive automobile vehicles, which is also increasing the automotive industry’s valuation, and the associated markets such as the metal finishing chemicals market are benefitted by the same.
North America with the Greatest Metal Finishing Chemicals Market Share of 35% in the Global Revenues –
The prospects in the North America metal finishing chemicals market is attributable to the rise of the automotive industry in the region. The US and Mexico boast of one of the largest automotive industries with 11314705 and 4100525 number of vehicles manufactured in 2018. This created a lot of opportunities for the market players.
The future holds some profitable prospects for the North America metal finishing chemicals market players as the manufacturing of autonomous vehicles and electric vehicles is going to increase significantly.
Top Metal Finishing Chemicals Market Players –
The major market companies that are expanding geographically and striving to capitalize on the increasing demand for the chemicals are Atotech Deutschland GmbH, Advanced Chemical Company, Chemetall GmbH, Elementis plc, DOW Chemical Company, McGean Rocho US, Coral Chemical Company, Platform Specialty Products Corporation, Quaker Chemical Corporation, Houghton International Inc., NOF Corporation, Henkel AG & Company, KGaA; RASCHIG GmbH, and A Brite Company Inc.