Covid-19 Impact On Global Chemical Surface Treatment Market, Marketsandmarkets™ Report

By Author: Jack Martin
Total Articles: 256
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The global chemical surface treatments market is projected to reach USD 14.74 billion by 2022, at a CAGR of 5.7% from 2017 to 2022. The Asia Pacific region is projected to be the largest market for chemical surface treatments during the forecast period. The Asia Pacific chemical surface treatments market is projected to grow at the highest CAGR during the forecast period. The growth of the Asia Pacific chemical surface treatments market can be attributed to the growing demand for automobiles and flourishing construction industry in the region.

The chemical surface treatments market is expected to witness significant growth in emerging economies such as India, Thailand, and China during the forecast period. The growth of the chemical surface treatments market in these countries can be attributed to the increased demand for automobiles due to rising disposable income and changing lifestyle of the middle-class population. In addition, continuous infrastructure development in these countries due to rapid urbanization is also responsible for increased demand for chemical surface treatments from the Asia Pacific region.

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The plastics base material segment is projected to lead the chemical surface treatments market between 2017 and 2022. Plastics are replacing metals in various industries such as transportation and general industry, owing to various advantages offered by them that include lower costs, lower maintenance requirements, simplified designs, lightweight, and better chemical resistance over metals. Due to these properties, several end-use industries consider plastics more sustainable option than metals.

The chemical surface treatments market has been segmented based on type, base material, end-use industry, and region. Among types, the cleaners segment of the chemical surface treatments market is projected to grow at the highest CAGR between 2017 and 2022. The growth of this segment of the market can be attributed to the increased demand for cleaners due to their growing use as acidic cleaners, neutral pH cleaners, mild alkaline cleaners, and high alkaline cleaners in surface treatment applications. These chemicals are used to clean surfaces, which are soiled by oils and coolants, lapping compounds, carbon smut, metal oxides, and various other types of soils during different types of manufacturing processes carried out in various industries. Increased R&D activities to develop innovative products for use across a wide range of applications are expected to propel the growth of the chemical surface treatments market during the forecast period.

Among end-use industries, the transportation segment of the chemical surface treatments market is projected to grow at the highest CAGR from 2017 to 2022. Growing urbanization, increasing number of automobiles, and improving road infrastructure across the globe have resulted in an increase in the number of personal vehicles, worldwide. Moreover, increasing population, ongoing urbanization in emerging economies, growing demand for specific formulations of chemical surface treatments for use in various industries such as transportation and industrial machinery, and increasing demand for plastics from various industries such as transportation and general industry are the major opportunities expected to propel the growth of the chemical surface treatments market during the forecast period. Moreover, companies operating in the chemical surface treatments market are also adopting various organic and inorganic strategies to strengthen their position in the market.

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Companies such as Platform Specialty Products Corporation (US), NOF Corporation (Japan), Atotech Deutschland GmbH (Germany), Henkel AG & Co. KGaA (Germany), Chemetall, Inc. (Germany), Nihon Parkerizing Co., Ltd. (Japan), and PPG Industries, Inc. (US) have adopted both, organic as well as inorganic strategies such as new product & technology launches, joint ventures & acquisitions, investments & expansions, and agreements to serve their customers efficiently and increase their market shares in the chemical surface treatment market.

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