Market Trends of Surface Treatment Chemicals Industry
This section covers the major market trends shaping the Surface Treatment Chemicals Market according to our research experts:
The Automotive and Transport Segment is Anticipated to Hold a Significant Share
- The automotive sector is through the most disruptive journey, with advances in electric vehicles, lightweight vehicles, autonomous vehicles, artificial intelligence, and connectivity. The materials used to manufacture automobiles and their components proved critical in achieving overall vehicle performance.
- Surface treatment chemicals are thought to have a significant impact on the overall performance of automobile parts.
- Among numerous industries, the automotive industry has long been the most significant demand generator for surface treatment chemicals. All the major firms supply surface treatment chemicals to the car sector.
- According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), world motor vehicle production in 2021 was about 80.15 million, compared to 77.71 million units in 2020.
- According to the World Trade Organization (WTO), with a value of about USD 286 billion in 2021, the United States was the second largest importer of automotive products. Simultaneously, the country exported automotive products worth around USD 126 billion.
- All the factors above are expected to drive the automotive and transport segment, enhancing the demand for surface treatment chemicals during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific dominates the surface treatment chemicals market in terms of market share and market revenue. The region is set to continue to flourish in its dominance over the forecast period.
- The growing adoption of surface treatment chemicals in construction for commercial as well as residential infrastructure in the region, especially in China, is expected to boost the market in the region.
- Rising demand for long-lasting and wear-resistant products is employed in a variety of industries, including wood, glass, jewelry, medicine, and others. In construction ratings, the product is in high demand. Surface treatment chemicals are experiencing greater expansion as the automobile sector expands.
- According to the National Bureau of Statistics of China, China's construction industry has been continuously expanding, with a total production value of roughly CNY 25.9 trillion (USD 3.82 trillion) in 2021. Taking advantage of growing urbanization, China's construction sector generated more than CNY 29 trillion (USD 4.28 trillion) in production that year.
- According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), motor vehicle production in China was 26.08 million units in 2021, compared to 25.22 million units in 2020.
- The industrialization has also had an impact on market demand. Heavy machinery requires regular protection, so producers coat it with surface treatment chemicals to prevent rust and other problems.
- Furthermore, countries like India and Japan have also been contributing to the growth of the market studied. This is expected to further drive the demand for the surface treatment chemicals market over the forecast period.
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