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Surface Treatment Chemicals Market Competitive Analysis with Growth Forecast Till 2024
For instance, Asia Pacific automobile industry had the highest share in global automobile sales in 2017, with China, India, Australia, Japan, South Korea, Indonesia and Malaysia accounting for over 43 million units. In 2005, China reported a total of 5.7 million vehicles sales, which surpassed 29 million vehicles in 2017. Indian automobile sector also exhibited strong growth after 2010, with 4 million automobile sales in 2017. Asia Pacific automotive sector depicts a positive outlook for the near future, which in turn will propel surface treatment chemicals demand over the forecast timespan.
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Increasing demand for durable and wear-resistant products will also drive the demand for surface treatment chemicals by 2024. Surface treatment involves cleaning or chemical treatment of the base material for prevention of corrosion. Substrates treated with these chemicals can exhibit significant wear resistance and improved adherence while undergoing the further operations of printing or coating. Surface treatment process enhances the surface properties of different materials, features physical advantages to the substrate and increases the durability of the end product so manufactured. Adherence to the stringent regulations concerning the VOC emissions can be challenging for the industry participants. However, the growing demand for bio-based cleaning chemicals can serve as a significant opportunity for the manufacturers in the overall surface treatment chemicals.
Based on the type of chemicals, global surface treatment industry segmentation can be viewed as: corrosion protection chemicals including: conversion coatings, coil coatings, etc. cleaners such as: alkaline degreasers, anodizing chemicals, passivation agents, etc., plating chemicals and others. Among these types, the plating chemicals, is expected to witness strong growth in the coming years. These chemicals aid in enhancing or reducing photosensitivity, striping of paints and other tough stains, corrosion curing and electroplating of the metal surface. Conversion coatings will also witness significant rise for their vast usage in the end-user industries.
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According to the base material or substrate, the surface treatment chemicals industry can be divided into: metals including: iron & steel, aluminum, etc.; plastics; and others including: glass, wood, etc. Plastics segment is likely to exhibit the fastest growth over the forecast period. However, the metals segment will also contribute to robust market share.
Based on the end-users, global surface treatment chemicals market can be segregated into: transportation, electrical and electronics, industrial machinery, construction, packaging and others. Transportation held the highest share in global surface treatment chemicals market in 2017 and is likely to witness similar trends in the next seven years.
Considering the regional segmentation, the industry is divided as: North America, Asia Pacific, Europe, Latin America and The Middle East & Africa. Asia Pacific is estimated to grow at the highest CAGR by 2024 with the steady growth in regional transportation and electrical & electronics sectors.
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Global surface treatment chemicals market was highly competitive in 2017. The key industry participants include: Solvay SA, Henkel, BASF SE, Nippon Paint Co. Ltd., PPG Industries, Platform Specialty Products Corporation, Atotech Deutschland, NOF Corporation, etc.
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