Global Metal Finishing Market Size is Estimated to Reach USD 152,095.08 million by 2031, Growing at a CAGR of 4.35%: Straits Research

New York, United States, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Chemicals for metal polishing are used to prevent corrosion and premature wear on automobile interior and exterior parts. These chemicals also improve the components' appearance by smoothing out the bits. The air's moisture could cause corrosion, damaging the car's metal parts. Manufacturers offer different metal coatings to protect the metal parts of automobiles against corrosion. The market for metal finishing chemicals is growing due to several important causes, including the rise in applications from the auto industry. Due to the rising demand for bio-based cleaning products, rapid urbanization, and shifting lifestyles, the metal finishing chemicals market will also have several opportunities to grow throughout the projection period.

Report Scope

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Increasing Automotive Production in Africa Drives the Global Market

Metal polishing has many different applications in the automotive industry. It is used in fuel, power steering, braking, air conditioning systems, chassis hardware, and other internal combustion engines and under-the-hood elements. As a result, the growth of the automotive industry is strongly tied to that of the metal finishing market. The automotive market in Africa is relatively small compared to Latin America, Asia-Pacific, and the Middle East; it is, however, proliferating. Africa has a motorization rate of just about 48 vehicles per 1,000 people, which is much lower than the global average of 180 vehicles per 1,000 people and comparable to other developing regions like Asia, the Middle East, and Latin America.

According to Straits Research, “The metal finishing market size valued at USD 95,213.42 million in 2022. It is projected to reach USD 152,095.08 million by 2031, growing at a CAGR of 4.35% during the forecast period (2023-2031).” Due to continued investments in the automotive and transportation industries in Morocco, Angola, and South Africa, the automobile manufacturing industry is anticipated to grow even more during the projected period. FDI from Europe and North America has decreased recently, but Chinese capital investments in Africa have increased dramatically. During the projected term, it is predicted that this increase in the automobile industry will drive the metal finishing market.

Increasing Requirement for Durable, Wear-resistant, and Long-lasting Metal Products Creates Tremendous Opportunities 

The automotive, building, appliance, manufacturing, mining, and transportation industries are the primary end-user markets for metal products. These industries are using composites and polymers, among other alternative materials. Metal's durability, which enables the reuse of things like paper clips, car parts, and train tracks, is one of its primary sustainability attributes. Equipment and vehicles that can withstand highly high-stress levels and impacts are needed for mining operations, industrial machinery, oil exploration activities, and high-speed car applications. Any malfunction could result in serious issues or more expensive repairs.

Additionally, it can require the replacement of certain parts or result in machine downtime. Utilizing strong metals that can withstand extreme environments may be necessary for specific applications. Therefore, durable and wear-resistant metal goods are required in complex and sophisticated engineering applications. More vital and wear-resistant metals have become more and more popular over time. As metal finishing is essential to the toughness and wears resistance of metals, this drives the market for metal finishing.

Regional Analysis 

Asia-Pacific Metal Finishing Market Share is expected to grow at a CAGR of 4.47% during the forecast period. In China, there may be a massive increase in the demand for aircraft. The government's decision to start the airport building program, which involves significant investment in terminals and runways, was driven by the growing demand for aviation. The nation has more than 200 small manufacturers of aviation components, and the production of aircraft parts and assemblies is rising significantly. By 2035, the government still expects the country to have 450 airports. As a result, China's demand for aircraft has grown alongside the country's infrastructure of airports. Furthermore, more than 15 metro construction projects are underway in India. While 462.67 kilometers of metro lines are now being built countrywide, more than 457.56 kilometers have been approved and are anticipated to be built in stages. The Indian government has implemented several initiatives to encourage the growth of a thriving medical device manufacturing sector in India. The government changed the medical device approval procedure and the Linked Incentives Scheme for Medical Devices to make them simpler to understand. The metal finishing market in the nation is forecast to have moderate to high demand growth over the projection period.

North America is expected to grow at a CAGR of 4.39% during the forecast period. North America has the world's most significant medical equipment market, led by the United States. Medical device manufacturing has been one of the most lucrative sectors of the US healthcare sector for many years. The United States presently leads the world in the production of medical devices, with a market share of roughly 40%. During the forecast timeframe, a growth of about 3% is anticipated. In addition, the American electronics market is the largest in the world in terms of size. It is also projected that this market will maintain its lead throughout the year due to the adoption of cutting-edge technology, the expansion of R&D facilities, and rising consumer demand. The number of manufacturing plants and development centers in the U.S. has increased significantly due to the focus on producing high-end goods. This is expected to increase market demand for metal finishing over the forecast time frame. The nation's consumer electronics are getting smaller thanks to product advancements with varied features. Therefore, it is projected that there will be a rise in demand for metal finishing applications.

Key Highlights

• Based on the product, the global metal finishing market is bifurcated into inorganic metal finishing, organic metal finishing, and hybrid metal finishing. The inorganic metal finishing segment is the highest contributor to the market and is estimated to grow at a CAGR of 4.37% during the forecast period.
• Based on application, the global metal finishing market is bifurcated into automotive, appliances, hardware, jewelry, aerospace, heavy equipment, medical devices, electronics, construction, and other applications. The automotive segment is the highest contributor to the market and is estimated to grow at a CAGR of 3.98% during the forecast period.
• Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 4.47% during the forecast period.

Competitive Players

The global metal finishing market’s major key players are A.E. Aubin Company, ALMCO, Atotech, Auromex Co. Ltd, Coral, C.Uyemura and Co. Ltd, Dupont, Guyson Corporation, Honeywell International Inc., Linde PLC, OC Oerlikon Management AG, OTEC Precision Finish Inc., and Plating Equipment Ltd.

Market News

• In April 2022- ALMCO’s Sutton Centri-Flo machines are heavy-duty spindle-finishing equipment designed for high-production environments. These large-part deburring machines are made to finish parts such as turbine disks, blisks, blades, and impellers – with the ability to handle other types of parts.
• In September 2022, DuPont Pyralux® AP aided the reliable performance of the Semikron-Danfoss eMPack® module powering next-gen electric vehicles.

Global Metal Finishing Market: Segmentation

By Product

• Inorganic Metal Finishing
• Organic Metal Finishing
• Hybrid Metal Finishing

By Application

• Automotive
• Appliances
• Hardware
• Jewelry
• Aerospace
• Heavy Equipment
• Medical Devices
• Electronics
• Construction
• Other Applications

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA

Get Detailed Market Segmentation @  https://straitsresearch.com/report/metal-finishing-market/segmentation

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02/23/2024 12:30

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