Rising Demand for Automobiles to Augment Metal Finishing Equipment Market Growth | Major Key players are Atotech Deutschland GmbH, Plating Equipment Ltd., GARBOLI, Mass Finishing Incorporated, Rosler Oberflachentechnik GmbH, Jason Industries Inc., ClassOn

The metal finishing equipment market is projected to grow at a 4.9% CAGR during the forecast period (2019–2024) from $13,171.2 million in 2018 to amass $17,617.0 million by 2024. The market is growing due to the expanding automotive sector, use of such products in aerospace production, and increasing middle-class population in developing countries. Metal finishing involves cleaning and polishing of a surface and using a coating over a metallic substrate/part. This helps in enhancing the appearance and conductivity of the substrate along with its corrosion, chemical, and tarnish resistance.

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The metal finishing equipment market is observing the trend of electroless nickel plating. Even though electroplating is the most popularly used method for metal finishing, it has certain disadvantages, such as high process cost, non-uniform plating, and electroplating solution disposal issues. To take care of this, companies are switching to electroless nickel plating as it is cost-effective, creates less pollution, and applies the coating uniformly on the substrate. In electroless nickel plating, nickel is deposited on the substrate by an autocatalytic chemical reduction process.

The expanding automotive industry is positively influencing the metal finishing equipment market growth. Vehicles are high in demand due to the improving economic conditions in developing economies, such as India, Mexico, Indonesia, and China. In 2017, with a sale of 29.2 million vehicles, China emerged as the largest automobile market worldwide. The increased vehicle sales have resulted in the growing demand for metal finishing solutions. Air-conditioning components, brake parts, and power steering systems are vulnerable to weather conditions and corrosion. Metal finishing helps increase their longevity, therefore is in high demand.

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The metal finishing equipment market is segmented by region and type. Based on type, the market is categorized into inorganic metal finishing, hybrid metal finishing, and organic metal finishing. Owing to its extensive use in automotive and aerospace components, inorganic metal finishing equipment generated the highest revenue all throughout the historical period (2014–2018). As the demand for inorganic metal finishing for coating on automotive and aerospace components would continue to grow, this category is expected to hold the maximum market revenue share during the forecast period too.

The region segment of the metal finishing equipment market is subdivided into Middle East & Africa, North America, Latin America, Asia-Pacific (APAC), and Europe. APAC accounted for the highest revenue in the historical period. During the forecast period, considerable growth is predicted to be witnessed by this region owing to the flourishing electronics and automotive sectors. Major automobile manufacturing industries are located in Japan, China, and India, and the region also boasts the presence of a major electronics industry in Malaysia, China, South Korea, and Japan.

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Economic prosperity in developing nations, such as India and China, is boosting industries including automotive, electronics, and heavy machinery, thereby creating huge demands for metal finishing. In 2018, in India and China, 5.17 million and 27.8 million vehicles were manufactured, respectively, indicating a growing automotive sector, which heavily uses metal finishing equipment. As the requirement for enhancing the decorative appeal and durability of products increases, so will the prospects for the metal finishing equipment market players to augment their sales revenue.

Therefore, the market for metal finishing equipment is expected to witness significant growth during the forecast period due to the increasing spending power of people and growing demand for various products.

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This release was published on openPR.