Market Trends of Composite Metal Finishing Industry
This section covers the major market trends shaping the Composite Metal Finishing Market according to our research experts:
Automotive Segment to Dominate the Market
- Among applications, the automotive industry dominated the demand for composite metal finishes. Composite Metal finishing is one of the prominent methods used to provide a protective layer on the metal components of vehicles.
- Composite Metal finishing is used in various vehicle parts, such as engines, other under-the-hood components, power steering systems, brake parts and systems, air conditioning components and systems, chassis hardware, climate control components, and fuel systems.
- Composite 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 the generation of more horsepower and overall better performance.
- The market, however, has the potential for growth in the long term with the emergence of more technologically developed cars. If such a thing happens, the market for composite metal finishing will benefit from it.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the market. The increasing investments and production in the automotive industry, rising electrical and electronics production, and surging demand for heavy equipment, with multinational companies investing in the industrial sector, are some of the major factors driving the demand for metal finishing in the region.
- China is the largest manufacturer of automobiles in the world. The automotive sector in China has been shaping up for product evolution, with the country focusing on manufacturing products, to ensure fuel economy and minimize emissions, owing to the increasing environmental concerns due to mounting pollution in the country.
- 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.
- With the rising growing demand from various end-user industries in the region, the market for composite metal finishing is expected to grow during the forecast period.
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