Metal Finishing Chemicals Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Inorganic Chemicals, Organic Chemicals, Hybrid Chemicals), By Application (Conversion Coating, Cleaning, Rust Preventive, Plating), By End-User Industry (Manufacturing, Aerospace And Defense, Electrical And Electronics, Automotive, Others), And By Geography - Forecasts From 2021 To 2026

The metal finishing chemicals market is expected to grow at a compound annual growth rate of 3.39% over the forecast period to reach a market size of US$11.338 billion in 2026 from US$8.978 billion in 2019.

Metal finishing chemicals are used to improve the physical appearance and characteristics of metallic surfaces by polishing, plating, and etching them. Metal finishing chemicals aid in the modification and control of surface characteristics such as corrosion resistance, tarnish resistance, electrical and wear resistance, reflectivity and appearance, hardness, chemical resistance, and electrical conductivity, among others.

The metal finishing chemicals market is expanding due to increased demand for wear-resistant and long-lasting products. The increasing number of applications from the automotive industry, the growth of the printed circuit board industry, rising chemical usages in aerospace maintenance, repair, and overhauls, and favorable government policies are all expected to boost the growth of the metal finishing chemicals market during the forecast period. On the other hand, the growing demand for bio-based cleaning chemicals, as well as rapid urbanisation and changing lifestyles, would provide sufficient possibilities for the metal finishing chemicals market to expand over the projected period.

However, hazardous waste disposal and wastewater management regulations, as well as the substitution of metals with inexpensive plastic, are acting as market constraints for the expansion of metal finishing chemicals.

Growth Factors:

• Automotive Industry Expansion Drives Growth:

The metal finishing process, particularly electroplating, is critical in the automobile industry. It employs electrodeposition, a low-cost method of providing thin wear and corrosion-resistant metal surface coating on automobile components. Various automobile components, such as gearbox parts, engines, drive axles, vehicle exteriors, and others, require corrosion-resistant, wear-resistant, and rust-resistant finishes, as well as a clean look. As the automobile sector expands, the metal finishing chemicals market is expected to develop more in the future years.

Restrains:

• Substitution of Metals by Plastics:

Manufacturers benefit from replacing metal with plastic since it reduces costs and improves product quality. Because the weight of goods such as automobiles drops substantially when plastic parts are used, many automobile sectors are moving toward plastics rather than metals to manufacture lightweight vehicles. Plastics also assist in improving transportation for end-use industries by lowering shipping costs for automobile imports and exports.  During the projected period, all of these superior properties of plastic serve as a restraint for the metal finishing chemical market.

Impact of Covid-19:

The COVID-19 pandemic, on the other hand, is projected to restrict market development due to the temporary shutdown of industrial facilities all over the world, as well as the disruptions in the supply chain network induced by the lockdowns. These limitations hampered not only the operations of metal finishing chemical market participants, but also those of its end-use sectors, such as automotive and manufacturing.

Competitive Insight:

• September 2021 - The Environmental Protection Agency revealed regulatory measures that would, for the first time, put limits on levels of per- and polyfluoroalkyl substances or PFAS. Limits would be imposed in the organic chemicals, plastics, and synthetic fibres sectors, as well as metal finishing activities.
• August 2020 - The Indian Ministry of Steel invited RINL (Rashtriya Ispat Nigam Limited) and South Korean player POSCO to form a joint working group to oversee the preparations for establishing a green-field project in Andhra Pradesh.

Metal Finishing Chemicals Market Scope:

Market Segmentation

• By Type
  • Inorganic Chemicals
  • Organic Chemicals
  • Hybrid Chemicals
• By Application
  • Conversion Coating
  • Cleaning
  • Rust Preventive
  • Plating
• By End-User Industry
  • Manufacturing
  • Aerospace and Defense
  • Electrical and Electronics
  • Automotive
  • Others
• By Geography 
  • North America 
    • United States
    • Canada
    • Mexico
  • South America 
    • Brazil
    • Argentina
    • Others
  • Europe 
    • UK
    • Germany
    • Italy
    • Spain
    • Others
  • Middle East and Africa 
    • Israel
    • Saudi Arabia
    • Others
  • Asia Pacific 
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

Frequently Asked Questions (FAQs)

Q1. What are the growth prospects for the metal finishing chemicals market?
A1. The global metal finishing chemicals market is expected to grow at a CAGR of 3.39% over the forecast period.

Q2. What will be the metal finishing chemicals market size by 2026?
A2. The metal finishing chemicals market is expected to reach a total market size of US$11.338 billion in 2026.

Q3. What is the size of the global metal finishing chemicals market?
A3. Metal Finishing Chemicals Market was valued at US$8.978 billion in 2019.

Q4. How is the global metal finishing chemicals market segmented?
A4. The global metal finishing chemicals market has been segmented by type, application, end-user industry, and geography.

Q5. What factors are anticipated to drive the metal finishing chemicals market growth?
A5. The metal finishing chemicals market was mainly driven by huge demand from electrical & electronics and increasing demand from the automotive industry.