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(MoneyNewsWire.Net, May 09, 2018 ) The chemical surface treatments market is projected to reach USD 14.74 Billion by 2022, at a CAGR of 5.7% from 2017 to 2022. Chemical surface treatments are used in a wide range of end-use industries such as transportation, industrial machinery, packaging, and construction, among others as they offer corrosion resistance, wear resistance, electrical conductivity, electrical resistance, reflexivity, torque tolerance, hardness, and chemical resistance to base substrates. Increasing demand for automobiles and growing number of infrastructure projects in various emerging economies such as India, China, and Thailand are expected to fuel the growth of the chemical surface treatments market during the forecast period.
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Based on type, the plating chemicals segment accounted for the largest share of the chemical surface treatments market in 2016. The growth of this segment of the market can be attributed to the suitability of plating chemicals for use in various end-use industries such as transportation, industrial machinery, and construction. The cleaning chemicals segment of the chemical surface treatments market is projected to grow at highest CAGR during the forecast period. Increasing use of cleaning chemicals in various end-use industries such as transportation, industrial machinery, electrical & electronics, and construction for surface treatment is fueling the growth of the cleaning chemicals segment of the market. Cleaning chemicals are used in industries for cleaning and degreasing substrates before they are plated. They also remove oils and coolants, lapping compounds, carbon smut, metal oxides, and various other soils from surfaces during various surface treatment processes.
Among end-use industries, the transportation segment is projected to lead the chemical surface treatments market during the forecast period. The growth of this segment of the market can be attributed to ongoing urbanization, increasing number of vehicles, and improving road infrastructure across the globe that have resulted in increased number of personal vehicles, worldwide. According to the International Organization of Motor Vehicle Manufacturers, the contribution of the automotive industry plays a crucial role in the economy of any country, and according to the data available from this organization, the automotive industry registered an increase of 4.5% in its production in 2016 as compared to 2015.
Based on base material, the plastics segment is projected to lead the chemical surface treatments market during the forecast period. The growth of this segment of the market can be attributed to the preference given to plastics over metals in various end-use industries such as transportation and construction as they are lightweight. Moreover, plastics also offer ease of fabrication as they can be easily formed and machined. Moreover, they require reduced finishing.
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The Asia Pacific region is the largest market for chemical surface treatments across the globe. The growth of the Asia Pacific chemical surface treatments market can be attributed to the large industrial base in the region and increased demand for automobiles. In addition, several initiatives undertaken by governments of different countries of the Asia Pacific region to attract investments from various international companies are also expected to propel the growth of the Asia Pacific chemical surface treatments market during the forecast period.
The formulation and stringent implementation of various government regulations on the use of plating chemicals, which are hazardous to human health are major challenges for the growth of the chemical surface treatments market during the forecast period.
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) are the key players operating in the chemical surface treatments market. These companies have adopted various organic as well as inorganic growth strategies between 2015 and 2017 to strengthen their position in the chemical surface treatments market. The strategy of new product & technology launches was among the key growth strategies adopted by these leading market players to enhance their regional presence and meet the growing demand for chemical surface treatments from emerging economies.
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