Press release
Metal Cleaning Equipment Market - Expected to rise to 1,202.7 mn by 2024
As most companies in the market presently offer solutions that most small- and medium-sized companies cannot afford, with overhead costs making the situation even worse, value-for-money offerings will help companies expand their consumer base significantly.
The market will gain major growth opportunities in the power generation and transmission industry as the European Union plans to import nearly 20% of its overall electricity from the MEA regions by 2020. The rise in numbers of power linking grids stretching across the desert and the Mediterranean to complement this act will lead to the increased demand for complex cleaning equipment in the region.
Transparency Market Research, in one of its recent reports, finds that the Europe metal cleaning equipment market will expand at a healthy 6.2% CAGR over the period between 2016 and 2024. The market, which had a valuation of US$731.7 mn in 2015 is expected to rise to 1,202.7 mn by 2024.
Market Shifts from Solvent-based to Aqueous-based Metal Cleaning Equipment
The market for water-based metal cleaning equipment holds immense growth potential as clients are increasingly demanding alternatives to solvent-based equipment.
Emissions produced from chemicals used in solvent-based equipment have been linked to a number of health issues for workers and harsh effects on the environment.
Concerns regarding this fact, along with instigation of stringent emission control norms will encourage an increasing number of industries in preferring aqueous-based solutions over solvent-based ones.
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Despite being the largest segment in the Europe metal cleaning equipment market in terms of chemical type, the market for solvent-based metal cleaning equipment is expected to lose its attractiveness to aqueous-based metal cleaning equipment.
Unlike solvent-based metal and metal parts cleaning solutions, aqueous metal cleaning solutions do not contain VOCs and ozone-depleting chemicals. Also, unlike many petroleum-based solvent-based cleaning solutions, aqueous-based cleaning solutions are nonflammable and are of low risk when it comes to handling them.
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TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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