iCrowdNewswire Jan 14, 2021 9:00 AM ET
Surface treatment is a process that is carried out mechanically or chemically in order to improve the surface properties of different materials such as metal, plastic, wood and others. The surface treatment chemicals confer various benefits to the substrate such as prevention from corrosion, reduction or enhancement from photosensitivity, electroplating of metal surfaces, stripping of paints and tough stains, and others. The surface treatment chemicals are majorly used in various sectors such as automotive, construction and electrical industries.
Market Research Future (MRFR) has recently published a report asserting that the global surface treatment chemicals market is anticipated to expand at a noteworthy CAGR for the forecast period of 2020-2023.
Market Drivers and Restraints:
The rapid industrialization and infrastructural development all over the globe are acting as major factors to generate the demand for surface treatment chemicals, which is driving the global surface treatment chemicals market. The augmenting utilization of metals as well as strong light-weight materials is fueling the demand for surface treatment chemicals in the global market. The thriving automotive industry is leading to the extensive application of surface treatment chemicals in automotive coating is fueling the expansion of the global surface treatment chemicals market. The growth of the global surface treatment chemicals market is also driven by the increasing production of heavy machinery and electrical components which is inducing substantial demand for these chemicals. The brisk development of commercial and residential infrastructures is increasing the utilization of anodizing chemicals, which is positively impacting the growth of the global surface treatment chemicals market. On the flipside, the strict regulatory framework for the emission rate of volatile organic compounds is likely the hinder the expansion of global surface treatment chemicals market.
Increasing investment in research and development sector for an innovative product launch by the players in the market is triggering competition among the prominent players of the global surface treatment market. In March 2018, Quaker Chemical Corporation (U.S.) has launched an extensive range of process fluids which provides comprehensive products such as metalworking fluids as well as corrosion preventives and protective coatings to ensure high-quality results.
- Henkel AG & Co. KGa
- Nippon Paint Holdings Co., Ltd.
- Solvay SA
- OC Oerlikon
- McGean-Rohco Inc.
- JCU CORPORATION
- Platform Specialty Products Corporation
- Quaker Chemical Corporation
- Nihon Parkerizing Co., Ltd.
The global surface treatment chemicals market has been segmented on the basis of type, substrate type and application. On the basis of type, the market is segmented into anodizing solution, paint strippers, passivation, pickling, anti-corrosion, cleaners and others. Among these, the anodizing solution segment accounts for the major market share in the global surface treatment chemicals market as it is extensively used as an electrolytic solution to provide a protective coating on metals through the electrolysis process.
On the basis of substrate type, the market has been segmented into metal, plastic and wood. Due to the wide application of metals in various end-use industries such as automotive, construction and electrical industries, the metal segment is considered to be the major substrate segment. However, the plastic substrate segment is anticipated to project a noteworthy CARG over the forecast period due to the rapid adoption of stiff polymeric materials as lightweight substitutes in multiple industries.
On the basis of application, the global surface treatment chemicals market is segmented into automotive and transport, industrial machinery, construction, electrical and electronics and others. The automotive and transport is considered to be the largest application segment of the global surface treatment chemicals market as it accounted for 40% of the market share in 2016 owing to the rapid expansion of the automotive and transportation sector across the globe.
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Detailed Regional Analysis:
On the basis of region, the global surface treatment chemicals market has been segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Due to the rapid expansion of construction and automotive industry and steadily growing marine industry in Asia-Pacific region, it is the largest and the fastest growing market in the global surface treatment chemicals market. The increase in public investment in infrastructure sector is driving the surface treatment chemicals market in the developing economies such as India, China, South Korea and others in this region.
The second largest shareholder in the global surface treatment chemicals market in North America. Owing to the increasing demand for surface treatment chemicals in various industries such as aerospace, construction, marine and defense, the surface treatment market in this region is anticipated to project significant growth during the forecast period.
The growth of the regional surface treatment market in Europe is driven by the presence of the substantial automotive industry. The proliferating demand for corrosion protective chemicals is driving the market in Latin America. However, steady growth of surface treatment chemicals market is observed in this region. The expansion of the surface treatment chemicals market in the Middle East and Africa is likely to be propelled by the growing opportunities in the construction industry.
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