The global phosphate conversion coatings market is projected to account for remunerative growth over the span of 2022 to 2028, given the rising product demand across various industries including automotive, consumer electronics, electronics and electrical, and others. Product merits like increased absorbing lubrication, improving appearance, excellent adhesion, and superior corrosion resistance are expected to foster market progression in the years to come.
Introduction to stringent government legislations in different developed economies that necessitate improvement of fuel efficiency and fuel economy from the automobile sector is as well driving the adoption of phosphate conversion coatings as these have been well-known for their environmentally friendly properties.
In consumer appliances applications, phosphate conversion coatings offer improved durability and surface appearance. These coatings also provide electrical isolation and exceptional adhesion properties to the surface, supporting minimal corrosion of the product. Various producers of consumer electronics have mandated the usage of these coatings, offering lucrative opportunities for the global phosphate conversion coatings industry through 2028.
Considering the automotive applications, the overall market is slated to grow at a notable pace in the coming years. This can be credited to the growing investments by automakers in development of preventive measures to increase the durability of auto parts. Automobile interior parts when coated with phosphate conversion coatings augment the appearance, wear, and tear properties, and enhance the corrosion resistance. In lieu of these properties, the automotive industry is observing a significant uptake in product demand, propelling the market dynamics. Besides, escalating sales and production of passenger and commercial vehicles in various economies worldwide would add to the segmental growth.
Based on the product, zinc phosphate coatings are gaining ground worldwide, mainly due to their ability to elevate the natural crystalline aesthetics of steel for decorative use. These coatings offer optimum corrosion resistance and are used as a paint or coating based, while also being applied to the product surface by spraying or immersion. The main purposes of using these zinc phosphate coatings include enhancing the product aesthetics, providing high wear and friction resistance, and delivering superior adhesion and porosity to the coating to help prevent under-film corrosion.
Geographically, the North America phosphate conversion coatings market, led by the United States, is speculated to grow considerably throughout 2028. This can be credited to the growing awareness of different industry conglomerates pertaining to the use of environment friendly coatings, including phosphate conversion coatings. In addition, growth in the automotive industry in the region and slating investments by automakers in use of effective coatings would foster the market demand further. According to the National Automobile Dealers Association, the US vehicle sales in 2020 were nearly 14.46 million units. Furthermore, growth in non-residential construction spending is yet another pivotal factor stimulating the market dynamics across the North America region.
Leading players operating in the global phosphate conversion coatings market include The Sherwin-Williams Company, Henkel AG, Axalta Coating Systems Ltd., PPG Industries, Inc., Kansai Paint Company, Westchem Technologies, Nihon Parkerizing Company, and others.
These market vendors are relentlessly working towards the development of novel products in the space engaging in various marketing strategies like mergers and acquisitions, facility expansion, and partnerships.
The impact of SARS-CoV-2 infection spread on the chemical industry was moderate during 2020. The unavailability of raw materials and disruptions in supply chain has been a dominant factor negatively influencing the overall phosphate conversion coatings industry statistics. However, as the economy got back on track during the second half of 2020, the business bounced back and offered lucrative growth prospects to the phosphate conversion coatings market owing to the burgeoning need for such coatings across different industries.