The global metal treatment chemical market is set to exhibit flourishing growth owing to the increasing applications in the automotive industry, observes Fortune Business Insights™ Metal treatment chemicals provide resistance against corrosion, improve durability, and enhance the appearance of the material. Owing to these properties, they have high demand in the automotive industry.
At Fortune Business Insights™, we are offering a clear view on key areas that are helping the market survive this period of crisis. Through our detailed market reports, we provide knowledge to comprehend the situation and take necessary actions.
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Highlights of the Report:
While making the report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.
Drivers & Restraints-
Wide-scale Applications in Automotive Industry to Drive Growth
Extensive utilization of the product in the automotive space is expected to strengthen the demand for metal treatment chemicals. This is expected to drive the growth of the global metal treatment chemical market. In addition, substantial growth of the automotive industry amid COVID-19 is anticipated to further enhance its demand. For instance, a large number of people are opting for personal vehicles for transport and commute purposes due to the risk of COVID-19 infection. This is projected to further strengthen the growth. However, replacement of metal parts with plastic composites in vehicles is forecast to hinder the growth of metal treatment chemicals.
Regional Insights-
Technological Advancements in Automotive Space to Aid North America Gain Prominence
North America is projected to dominate the global metal treatment chemical market with the help of technological advancements in the automotive industry in the U.S. For instance, in 2019, nearly 0.33 million electric vehicles were sold in the U.S., of which Tesla accounted for a leading share in the market. In addition, increasing applications of metal treatment chemicals in industrial machinery and construction equipment are estimated to further enhance growth.
The market in Asia Pacific is anticipated to showcase significant growth in the forecast period. Substantial growth in the automobile industry in major countries of the region is expected to drive the demand for metal treatment chemicals. For instance, according to Invest India, the yearly production of vehicles in India reached 30.91 million in 2019 from 29.08 million in 2018.
Competitive Landscape-
Opening Facilities to Help Key Players Expand their Businesses
The global metal treatment chemical market comprises various manufacturers and developers offering a wide variety of products to industries such as construction, automotive, electronics and electrical, and others. Key players in the market are focusing on expanding their business capacities by opening their application centers in feasible locations.
Industry Developments-
- In June 2020, BASF SE, a chemical company based in Germany, announced its plans to launch an application center for metal surface treatment. It is located in the innovation center, Shanghai, China. This new application aims to offer new products varieties and technical services to its customers.
A List of Key Manufacturers Operating In the Metal Treatment Chemical Market Report:
- BASF
- Metalguard
- Henkel Adhesives Technologies
- GTZ India Private Limited
- Chemtex Speciality
- Demtrics Chemicals
- CMP PVT.
- Olivine Mercentiles Pvt. Ltd.
- KCH India Pvt. Ltd.
- Prime Laboratories
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