A new Transparency Market Research report states that the global inorganic metal finishing market stood at US$54.7 bn in 2013 and is predicted to reach US$83.3 bn by 2020. The market will expand at a 6.20% CAGR between 2014 and 2020. The title of the report is “Inorganic Metal Finishing Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”
As per the report, factors such as rapid development of the steel and automotive industries, resulting in an increased demand for inorganic metal finished components, is fuelling the inorganic metal finishing market. In addition, rise in industrial activities within the aerospace sector and heavy industries is also amongst the major factors stimulating the inorganic metal finishing market. On the other hand, factors such as stringent regulations imposed by the EPA and REACH on chromium emissions during a number of metal finishing processes including electroplating are predicted to be a key challenge for the market players, hence imposing a negative effect on the growth of the market.
On the basis of technology, the market is segmented into cladding, anodizing, conversion coatings, electroplating, galvanizing, and others including electro polishing, etc. Amongst these, electroplating is majorly utilized for depositing metal finishing on automotive components. The electroplating segment was the biggest technology segment and represented 35% of the market.
On the basis of product, the market is segmented into inorganic metal finishing technology, pre-treatment/surface preparation, and consumables and spares. Amongst these, inorganic metal finishing technology is broadly utilized in numerous industrial as well as electrical and electronic applications owing to a number of benefits associated with the usage of this technology. Properties including high durability and good corrosion resistance are the major driving factors increasing the demand for inorganic metal finishing technology.
On the basis of application, the inorganic metal finishing market is segmented into electrical and electronics, automotive, industrial, and others including defense and hardware. Amongst these, on the basis of revenue, the automotive application segment held the biggest share, of more than 50%, in the market in 2013. The industrial application segment followed the automotive segment and stood as the second-biggest application segment in the market, trailed by the segment of electrical and electronic and others such as defense and hardware.
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On the basis of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, in 2013, Asia pacific emerged as the biggest market for inorganic metal finishing, trailed by North America and Europe. Asia Pacific represented a share of approximately 35% in the market and is predicted to be the most swiftly developing region on the basis of consumption of inorganic metal finishing technologies. North America also has a strong hold in the inorganic metal finishing market and is predicted to rise at a 5.90 % CAGR on the basis of revenue from 2014 to 2020.