Global Surface Treatment Market to Boost in Coming Years – Projected to Reach worth USD 9.4 Billion in 2028
Published | 25 March 2022
The global surface treatment market’s growth is attributable to the rising demand for eco-friendly chemicals, durable and wear-resistant products, and growing investments in the chemical industry…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Surface Treatment Market was worth USD 6.2 Billion in 2021 and is anticipated to reach USD 9.4 Billion by USD 2028 at a CAGR of 6.1%. This can be attributed to the heightening infrastructural and industrial sectors creating a demand for wear and tear-resistant products, thus propelling the growth of the global surface treatment market during the forecast period.
Escalating Usage and Numerous Benefits Offered by Chemical Surface Treatment Driving the Growth of Global Surface Treatment Market
Higher usage of chemical surface treatment in several end-use industries, such as industrial machinery, packaging, transportation, and construction, remarkably increases the global surface treatment market share. Furthermore, the benefits of chemical surface treatment, such as electrical conductivity, wear resistance, corrosion resistance, and chemical resistance, are driving up demand. The surface treatments are highly durable, and thus, they are gaining traction across various segments, including transportation, construction, oil & gas pipeline, industrial machinery, and others. Moreover, the surging demand for automobiles and rising numbers of infrastructure projects in several developing economies such as China, India, and Thailand are anticipated to further propel the growth of the global surface treatments market during the forecast period 2022-2028.
Plastics To Witness The Highest Growth Rate During Forecast Period 2022-2028 In Teems Of Base Materials.
Based on base material type, the global surface treatment market is segmented into metal, plastics, and others. Amidst the segmentation, the plastics segment is likely to lead the market during the forecast period 2022-2028. People prefer it over metals in industries such as transportation & construction. Moreover, plastics can be formed and machined easily, which outcomes inefficient fabrication and diminished finishing. They provide better chemical resistance over metals. The lightweight property of plastics has augmented its application across the automotive as well as general industry. Therefore, the factors mentioned above are likely to upsurge the demand & growth of the market during the forecast period 2022-2028.
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Impact of COVID-19 on the Surface Treatment Market
The deadly COVID-19 pandemic had a disastrous effect on the global surface treatment market. However, its repercussions are different for different end-use industries. Among different markets, automotive and aerospace are the two main markets that witness a high downfall in demand for surface treatments during the pandemic. On the other hand, metal processing and aluminum finishing, the other two major markets, saw a minor impact on the pandemic. Overall, the global COVID-19 pandemic and consequent lockdowns halted the operations of almost all the major end-user industries of the surface treatment products, thus crucially impacting the market growth rate of the global surface treatment market.
Asia-Pacific To Witness The Highest Growth During The Forecast Period.
Based on regions, the global surface treatment market has been segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Amidst the segmentation, North America accounted for the largest market for surface treatments in 2021the USA is the forerunner of the region’s surface treatment market. In contrast, the Asia-Pacific region is likely to register the highest growth rate during the forecast period in the global surface treatment market due to the presence of several emerging economies like China, India, South Korea, etc. Moreover, The APAC region reported the largest market share globally in the last few years, thus contributing to significant market growth. It owes to the mammoth inauguration of an industrial base and augmented supply requirements in the automobile industry. Further, the governments of several countries in the APAC region invested profoundly, causing the robust growth of the global surface treatments market in Asia-Pacific.
The surface treatment market is fragmented, with numerous players serving the market. The key players dominating the global surface treatment market are Atotech Deutschland GmbH, BASF SE, Curtis-Wright Corporation, Element solution Inc., Henkel Ag & Co., Nippon Paint Co.Ltd, Nihon Parkerizing Co. Ltd, NOF Corporation, DUBOIS Chemicals, SurtecPPG Industries, Quaker Chemical Corporation, NOF Corporation, Henkel AG & Co. KGaA, Chemetall Inc., PPG Industries Inc., DOW Chemicals, Elementis, Metal Finishing Technologies LLC, Raschig GmbH, Wuhan Jadechem International Trade Co. Ltd and Aalberts Surface Treatment GmbH and other prominent players. The key marketing strategies adopted by the players are extensive investments in research and development, portfolio expansions, new and advanced product launches, geographical expansions collaborations, partnerships, and acquisition to expand their customer reach.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global surface treatment market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global surface treatment market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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