Metal finishing chemicals market is set to account for phenomenal valuation in the coming years, fueled by its rising usage in the polishing and electroplating processes as these offer high corrosion, wear resistance and durability, while enhancing the appearance. Additionally, factors like the thriving automotive industry, elevating demand for wear resistant and durable products, and robust growth of the biopharmaceutical industry is slated to produce a demand spurt for metal finishing chemicals over 2021 to 2027.
Substitution of metals by plastics is one of the pressing challenges for metal finishing chemicals market growth. However, ongoing advancements in the space are likely to present lucrative growth opportunities for the manufacturers in metal finishing chemicals industry. Recently, the US specialty chemical firm, Element Solutions announced taking over Coventya for about $500 million to augment its business presence worldwide.
Based on the materials, metal finishing chemicals market is highly characterized by zinc metal. Zinc plating is deemed to be a prominent process when it comes to metal finishing chemicals. Zinc finishing or zinc plating significantly increases the corrosion resistance of the underlying substrate. Other than this, zinc coating also boasts of other significant attributes like low cost, low-stress deposit, increased strength, ductility, high temperature tolerance, flexibility, and much more. These factors are expected to propel the zinc metal finishing market space.
Electronics parts and components are also being electroplated using processes like electrodeposition and electroplating. The components are generally coated to augment the electrical attributes. Printed circuit boards are expected to make immense use of metal finishing chemicals as these are used for cleaning and etching purposes of these surfaces. Meanwhile, the product also helps in controlling and altering several surface properties like chemical resistance, electrical conductivity, corrosion resistance, hardness, tarnish resistance, and much more.
On the other hand, metal finishing chemicals are also being used in the automotive industry for improved wear resistance and protection of metal components from corrosion. Similar to the electronic application, electroless and electroplating are the extensively used processes for finishing metal surfaces and plating automotive components. Along with protection from corrosion, metal finishing can improve the finish on non-metal and metal parts and even metallize the plastic components, just to enhance the durability. One of the elemental materials used in metal finishing in automobiles is zinc-nickel.
Regionally, North America is poised to accrue significant gains in the overall metal finishing chemicals industry. This can be attributed to the increasing demand for these chemicals in the region, owing to the thriving electrical and electronics, and automotive industries. According to Select USA, the United States has emerged out as one of the largest automotive market not only in the North American region but worldwide. In 2018, the country accounted for 17.2 million units sales of light vehicles. With such prominent trends, the North America metal finishing chemicals market is slated to gain positive returns through 2027.
Top-notch companies operating in the global metal finishing chemicals industry include McGean Specialty Chemicals Group, Quaker Chemicals Corp, C. Uyemura & Co. Ltd, Lonza Group, and Atotech Deutschland GmbH, amongst others. These industry players have been effortlessly working towards bringing novel innovations in the space while being engaged in various marketing gimmicks like collaborations, acquisitions, and partnerships.
Covid-19 influence on metal finishing chemicals market growth
Acute shortage of semiconductor chips, PCBs, and declining sales of automobile across various economies during the global coronavirus pandemic phase is expected to impede the growth of metal finishing chemicals market over the stipulated time frame. However, ease on lockdown norms would produce substantial impetus to the overall market expansion.