Global Composite Metal Finishing Market size is forecast to reach $XX million by 2025, after growing at a CAGR of 7.2% during 2020-2025. There is an increasing demand for composite metal finishing as it improves chemical, wear, electrical, tarnish and corrosion resistance of the surface. Composite metal finishing even enhances solderability, visual appearance, conductivity, infrared reflectivity, hardness, and torque tolerance. Without metal finishing, products made from metals would last only a fraction of their present lifespan because of corrosion and wear. The rising demand for composite metal finishing to enhance electrical properties, form and shape components, and to augment the bonding of adhesives or organic coatings is driving the global composite metal finishing market during the forecast period. Its wide usage in automotive, electronics, aerospace and oil & gas industries is also driving the market growth.
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By Process – Segment Analysis
The electroless composite plating process held the largest share in the global composite metal finishing market in 2019, owing to its extensive set of properties, such as improved corrosion resistance due to a more consistent thickness, the ability to plate complicated and irregular shapes, lower operating costs due to improved coating quality, improved mold and die release properties for stamping and drawing, uniform nickel coating composition for less waste and reduced downtime due to plating-related issues. The rising demand from automotive, oil & gas, and heavy machinery industries are expected to boost the market share of electroless composite plating process further during the forecast period.
By End Use Industry – Segment Analysis
Automotive sector held the largest share in the global composite metal finishing market in 2019 and is growing at a CAGR of 7.8%, owing to its various applications in vehicle parts such as engines, other under-the-hood components, power steering systems, brake parts and systems, air conditioning components and systems, chassis hardware, climate control components, and fuel systems. Composite metal finishing is one of the prominent methods used to provide a protective layer on the metal components of vehicles. Various minor and major automotive parts need their contact surfaces to be smooth, stress relieved and without burrs or defects, which can be achieved by metal finishing. It is needed as it helps the automotive engines to achieve a surface with lower friction and heat, resulting in more horsepower generation and better overall performance. The constant demand for composite metal finishing from the automotive sector is anticipated to drive the global composite metal finishing market during the forecast period.
By Geography – Segment Analysis
Asia Pacific region held the largest share in the global composite metal finishing market in 2019 up to 30%, owing to increased demand of aircrafts in the region. Aircrafts require composite metal finishing for corrosion protection of components such as landing gear and fasteners. In 2016, according to Boeing, China is estimated to require around 6,810 new commercial aircraft, valued at USD 1 trillion, over the next two decades. In 2019, according to International Trade Administration (ITA), China is the world’s second largest civil aerospace and aviation services markets and one of the world’s fastest growing. By the end of 2018, China had more than 59 airlines (passenger & cargo) and 3,615 civil aircraft (an increase of 10% over 2017). According to China’s 13th Five Year Plan (2016-2020), by 2020, China will have more than 4,500 civil aircraft, and by 2018, the number of Chinese civil airports had grown to 235. According to International Trade Administration (ITA), in 2018 the Indian government spent a total of $645 in the civil aviation sector. Also, India’s rapid aviation growth is expected to drive the demand for 2,300 aircrafts worth US$320 billion over the next 20 years, according to Boeing. The increasing demand from the aviation industry is anticipated to drive the global composite metal finishing market.
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Driver – Global Composite Metal Finishing Market
Providing new coatings for automotive is by far the biggest industry for metal finishing. Automotive coatings revenue, including paint and base coat, is expected to increase the demand of composite metal finishing during the forecast period. According to International Trade Administration (ITA), China is the world’s largest vehicle market. The Chinese government is expecting that automobile output will reach 30 million units by 2020 and 35 million by 2025. According to the China Association of Automobile Manufacturers, over 27 million vehicles were sold in 2018. In 2017, according to International Trade Administration (ITA), 1.2 million new passenger cars, SUVs and commercial vehicles were sold in the Australian market. An increase of 0.9% from 2016. Due to the increasing expectations of consumers, the international automotive industry is required to extend vehicle warranties. Thus improvements in corrosion protection are becoming increasingly important. Thus, the increasing automation production will require more composite metal finishing which will act as a driver for global composite metal finishing market.
Globally, large investments are being made in development of metals products for transportation infrastructure and vehicles, energy production and machinery, building materials and even consumer products. These investments are fueled by the need to develop metals that are durable, stronger and wear resistant throughout their use. The composite finishing of metals increases the strength, resistance to severe heat temperature, resistance to corrosion in alkaline and chlorine-bearing environments. Also, on proper composite finishing of metals, the metals do not scratch, bend, rot, warp, crack, split, catch fire or break over time. Moreover, finished metals provide strong structural integrity, weather resistance, and long-term strength. These extensive properties of metal finishing are anticipated to drive the global composite metal finishing market during the forecast period.
Challenges – Global Composite Metal Finishing Market
Manufacturers have depended on metals due to the extensive properties of metal such as strength, stiffness, ideal traits related to electricity and chemical resistance. Replacing metal with plastic is beneficial as it saves cost and provides improved product quality. The weight of the products such as automobiles dramatically decreases on using parts manufactured by plastics due to which various automobile industries are shifting towards plastics instead of metals to manufacture light weight vehicles. Plastics also help with improving transportation for the end-use industries; by reduce shipping costs for the imports and exports of automotives. Scrap plastic parts or parts that need to be recycled can be ground into the original form, pellets, and reused for another injection process immediately. Also, plastics are preferred as they can be melted again to be reused while metal needs to be re-smelted, which is a longer process. All these enhanced properties of plastic acts as a restrain for the composite metal finishing market during the forecast period.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the global composite metal finishing market. In 2019, the market of global composite metal finishing has been consolidated by the top five players accounting for xx% of the share. Major players in the global composite metal finishing market are Abakan, Classic Plating, Sequa Corporation, Atotech, Lovitt Technologies, Bales, DuPont, Elementis, TIB Chemicals, Coventya International, MacDermid, Uyemura International, Endura Coatings, Pioneer Metal Finishing, KC Jones Plating, Honeywell International, Surface Technology, Incertec.
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