Asia-Pacific Metal Finishing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The market is segmented by Type (Inorganic Metal Finishing, Organic Metal Finishing, and Hybrid Metal Finishing), Application (Automotive, Appliances, Hardware, Jewelry, Aerospace, Heavy Equipment, Medical Devices, Electronics, Construction, and Other Applications), and Geography (China, India, Japan, South Korea, ASEAN Countries, and Rest of Asia-Pacific)
ABOUT THIS REPORT
Scope of the report
Key Market Trends
TABLE OF CONTENTS
2016 - 2026
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The Asia-Pacific metal finishing market is estimated to witness a significant growth, at an estimated CAGR of over 6.5%, over the forecast period. Increasing requirement for durable, wear-resistant, and long-lasting metal products are expected to drive the market during the forecast period.
Environmental restrictions on some chemicals and increasing replacement of metal by plastics are likely to hinder the market’s growth.
Shift from traditional solvent-borne technologies to newer technologies are likely to create opportunities for the market growth in the coming years.
China is expected to dominate the market and is also expected to witness the fastest CAGR during the forecast period.
Scope of the report
The Asia-Pacific metal finishing market report includes:
Inorganic Metal Finishing
Consumables and Spares
Electro Less Plating
Organic Metal Finishing
Hybrid Metal Finishing
Rest of Asia-Pacific
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Key Market Trends
Automotive Segment to Dominate the Market
Coatings are applied to various automotive components, majorly to provide aesthetics, corrosion resistance, wear resistance, and lubricity and smooth finish. They also increase the life span or durability of the metal component.
Metal finishing is one of the prominent methods to provide a protective layer on metal automotive components; it involves applying one or more thin coats of a metal, such as gold, copper, silver, chromium or nickel, to a substrate.
Automobile manufacturers are always in search of better technologies to protect their products from the relentless forces of corrosion. Vehicles are constantly exposed to the moisture from rain and snow, which can cause the premature demise of metal car parts. Metal finishing comprises the application of a metal coating via inorganic metal finishing, such as electroplating. This prevents automobiles from both red and white rust from reaching the underlying metal surface.
Metal finishing also includes the application of paints or ceramics. Numerous small and large parts of the automobile require their contact surfaces to be smooth, stress relieved, and without burrs or defects. This enables the automotive engines to achieve a surface with less friction and heat, leading to generation of more horsepower and an overall better performance.
The market, however, has potential for growth in the long term with the emergence of more technologically developed cars. If such a thing happens, the market for metal finishing will benefit from it.
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China to Dominate the Market
In the Asia-Pacific region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country’s manufacturing sector is one of the major contributors to the country’s economy.
The Chinese aircraft industry depicted significant growth over the years. According to Boeing, China is estimated to require around 7,600 new commercial aircraft, valued at USD 1.2 trillion, over the next two decades.
Foreign investment in China has also been extended into the aviation sector, which is projected to register a CAGR of 6%, owing to China’s geographical location, which provides easy access to the industrial goods markets in the neighboring countries, as well as, other countries globally, making it a major access point for manufacturers and suppliers.
China is the largest manufacturer of automobiles in the world. The country’s automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products, in order to ensure fuel economy, and to minimize emissions (owing to the growing environmental concerns due to mounting pollution in the country).
The production is expected to reach 30 million units by 2020, owing to the “Made in China 2025” initiative support in upgrading the existing low-cost mass production to higher value-added advanced manufacturing. “Automobile Mid and Long-Term Development Plan”, was released in 2017, with an objective to make China a strong auto power in the next ten years.
With the rising growing demand from various end-user industries, the market for metal finishing is expected to grow during the forecast period.
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The Asia-Pacific metal finishing market is partially consolidated in nature. Key players in the market include C. Uyemura & Co. Ltd, Honeywell International Inc., Linde plc, and OC Oerlikon Management AG, among others.