Metal Cleaning Equipment Market to Achieve Significant Growth in the Near Future
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.
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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. 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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Solvent-based solutions will continue to constitute a major share in the overall revenues of the Europe metal cleaning equipment market in the near future as well (the segment accounted for a 68.1% share in market’s revenues in 2015), owing to their vast applications. However, they will exhibit a meagre 3.3% CAGR over 2016 and 2024, while the segment of aqueous-based solutions will expand at a much higher 10.6% CAGR over the same period. The segment of aqueous metal cleaning solutions will account for a 46.7% share in the overall market by 2024.
Germany to Lead Europe Metal Cleaning Equipment Market
Germany is the largest revenue generator in the Europe metal cleaning equipment market. The metal cleaning equipment market is the country has strengthened its foothold in the European market on account of the presence of a large number of small- and medium-sized manufacturing and processing industries in the country and several large manufacturing companies operating in industries such as automotive, industrial equipment, and electronics.
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Presence of several leading metal cleaning equipment companies as well as the rising numbers of startups in the country, also referred to as jobbing shops, are also contributing to the leading position of Germany in the market. In terms of revenue as well as unit shipments, Germany’s contribution to the European metal cleaning equipment market is presently the largest. In 2015, the country accounted for a dominant share of 24.6% in terms of revenue in the Europe metal cleaning equipment market.
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