The global composite metal finishing market is expected to register a CAGR of 7.24% during the forecast period of 2018–2023. The market is majorly driven by the growing popularity of the electroless nickel composite coating, which is experiencing a huge global demand from automotive and heavy machinery industries.
Electroless nickel composite coating technology has various advantages such as energy and cost savings, automatic monitoring of chemical replenishment, and also, it aids in plating blind holes with stable thickness. The increasing demand of this technology in automotive applications such as pistons, shock absorbers, fuel injection rails, and fuel pumps in the Asia-Pacific region, especially in India, China, and ASEAN countries is likely to drive the market.
The global composite metal finishing market, based on the process types, can be broadly segmented into electroplating and electroless composite plating. Electroless composite plating is expected to dominate the composite metal finishing market owing to its advantages, like ensuring flexibility in plating thickness and saving electricity cost. The rising demand from automotive, oil & gas, and heavy machinery industries are expected to boost the market share of electroless composite plating further.
The market, based on geographic area, is segmented into Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. In terms of consumption in 2017, Asia-Pacific held a significant market share, followed by North America. Asia-Pacific is also expected to be an emerging market during the forecast period with the increase in automotive manufacturing facilities in China, India, Indonesia, and Thailand. North America and Western Europe are mature markets. North America alone, currently has more than 1000 electroless nickel plating facilities.
Major players are Atotech, DowDuPont, Honeywell International, Inc., Bales, and Coventya International, among others.
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