Global Metal Finishing Equipment Market Opportunities, Emerging Trends, Competitive Strategies and Forecast to 2030

The expanding automotive industry, rising demand for metal finishing products in the aerospace industry due to the critical nature of the components, growing middle-class population in emerging countries, and increasing usage of such products in the construction industry to manufacture and protect the machinery are projected to propel the growth of the metal finishing equipment market at a CAGR of 4.2% during 2020-2030. According to P&S Intelligence, the market generated $13,845.6 million revenue in 2019, and it is expected to reach $19,554.7 million by 2030.

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One of the prime factors propelling the metal finishing equipment market is the rapid growth of the automotive industry due to the increasing sales of automobiles in emerging economies, such as India, China, Mexico, and Indonesia. The increasing demand for vehicles is enhancing the need for metal finishing solutions for automotive systems and components, such as power steering systems, chassis hardware, under-the-hood components, brake parts, air conditioning components, and fuel systems, to protect them from corrosion, prevent their premature failure, and, ultimately, enhance their life.

The process segment of the metal finishing equipment market is categorized into galvanizing, electropolishing, anodizing, electroplating, electroless plating, conversion coating, cladding, and vibratory/mass finishing. Among these, the galvanizing category is expected to record the highest CAGR during the foreseeable period. This can be ascribed to the surging usage of this process in several sectors owing to its reliability, low cost, faster equipment installation, ease of inspection, and strong protection from external environmental factors. Moreover, the increasing need for galvanized steel is projected to raise the usage of the galvanizing process.

Additionally, based on end user, the metal finishing equipment market is classified into automotive, construction, industrial equipment, aerospace, electrical and electronics, and others. Among these, the construction category held the largest share in the market in 2019. This is attributed to the heavy usage of metal finishing equipment for the manufacturing of the machines and tools used for the construction of structures. Due to government initiatives, infrastructure is being rapidly developed in Asia-Pacific and Middle Eastern and African countries, which is driving the demand for such machinery.

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Geographically, the APAC metal finishing equipment market accounted for the largest share in 2019, and it is also projected to record lucrative growth during the forecast period. This would be due to the surging investment in several end-use industries and high demand for metal finishing products in China. This is because China manufactures a high volume of automobiles, electrical and electronic systems, and construction machinery. Moreover, the region is the most populated in the world, which is why regional governments are focusing on rampant infrastructure development, therefore using metal finishing solutions.

Thus, the growing automotive industry and increasing usage of metal finishing equipment in the construction industry to manufacture and protect machinery are expected to propel the industry revenue across the world during the forecast period.

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This release was published on openPR.