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Metal Finishing Market Overview
The metal finishing market size is forecast to reach US$110.3 billion by 2027 after growing at a CAGR of 5.8% during 2022-2027. Metal finishing refers to the process of placing some type of metal coating onto a substrate to enhance corrosion protection, wear resistance, durability and add aesthetic qualities. Metal finishing is used in a wide array of industries. The automobile sector is one of the largest markets for metal finishing. This process is used for coating several auto components such as power steering systems, under the hood components, engines, and many other parts for providing the much-needed scratch resistance and enhancing their appearance. The automobile industry is booming globally with increasing production and sales and in turn, this is expected to drive the market’s growth during the forecast period. According to the July 2021 stats by the European Automobile Manufacturers Association, passenger car registrations jumped by 25.2% in the first half of 2021 in the European region. Furthermore, metal finishing finds its high uses in the electrical and electronics industry. This process is utilized in the manufacturing of various electrical parts such as semiconductors, contacts, circuits, connectors, among others to enhance electrical conductivity, wear-resistance and increase the solderability of the substrate. These electrical parts are integral components of several high-end electronic products. The demand for electronic products like televisions, smartphones, PCs, tablets, printer, microwave ovens, and refrigerators are increasing globally, increasing the demand for semiconductors, contacts, circuits, and connectors, and this is anticipated to propel the growth of the metal finishing market in the forecast period. For instance, as per the January 2022 report by China.org.cn, the revenue of China’s home appliance market touched USD 95.3 billion in the first ten months of 2021, increasing 7.1% compared to the same period in 2020. The electroplating process is projected to witness the highest demand during the forecast period. Abrasive blasting and powder coating will witness significant demand during the forecast period. The strict environmental regulations regarding the metal finishing process might hamper the market’s growth during the forecast period.
The metal finishing market was badly hit due to the COVID-19 pandemic as disturbances in the form of disruption in the supply chain, procurement of raw material, and shutdown of factories surfaced in the market. Market players incorporated new work strategies to withstand the unprecedented circumstances amid the pandemic. As per the first quarter 2020 results report by OC Oerlikon Management AG, the companies surface solutions segment performance was badly impacted due to the pandemic. The market experienced decent growth towards the end of 2020 with the increase in some end-use industries. Going forward, the metal finishing market is projected to witness significant demand due to the massive growth in end-use industries such as the automobile and electrical & electronics industries.
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Metal Finishing Market – By Process
The electroplating process dominated the metal finishing market in 2021. This is one of the most popular metal finishing processes, used widely in a wide range of industries. Electroplating helps in enhancing corrosion resistance, improving wear resistance, and changing the aesthetic of an object. Accordingly, market players and research organizations are involved in the higher uses of this process for metal finishing. For instance, as per the March 2021 journal by SPECTA Journal of Technology, electroplating is one of the processes used for slowing down the corrosion initiation time with nickel being one of the most popular metals used for electroplating. Such high use of the electroplating metal finishing process is expected to increase its demand during the forecast period.
Metal Finishing Market – By End Use Industry
The automobile industry dominated the metal finishing market in 2021 and is growing at a CAGR of 6.2% during the forecast period. Metal finishing processes such as powder coating and electroplating are extensively utilized in the automobile industry to provide a protective layer on several metal and non-metallic parts of automobiles such as power steering systems, air conditioning components, chassis hardware, engines, and many other applications. The automobile industry is displaying enormous growth due to the increasing production and sales of automobiles and this, in turn, is expected to drive the market’s growth during the forecast period. For instance, as per the June 2021 stats by European Automobile Manufacturers Association, registrations in the European Union’s passenger car segment in May 2021 jumped by 53.4% compared to the registrations in May 2020. Similarly, according to the report by the China Association of Automobile Manufacturers, the annual sales volume of anew energy vehicles in China will reach 3 million units by 2025 which was 1.2 million units in 2019. Such a growing automobile industry globally is expected to increase the higher uses of metal finishing, driving the growth of the market during the forecast period.
Metal Finishing Market – By Geography
The Asia-Pacific region held the largest market share in the metal finishing market in 2021, up to 32%. The high demand for metal finishing is attributed to the booming automobile industry in the region. Metal finishing processes such as electroplating and powder coating are used to provide protection to multiple automobile components against premature wear and corrosion. The automobile industry is on a progressive track in the region with high production and sales of vehicles and this is anticipated to increase the demand for metal finishing during the forecast period. For instance, according to the data by India Brand Equity Foundation, Foreign Direct Investment received by India between April 2000 to March 2021 for the automotive development sector stood at US$ 25.85 billion. Similarly, as per the stats by the China Association of Automobile Manufacturers, in September 2021, the production of commercial vehicles in China reached 310000 units, increasing 35.5% month on month. Such massive growth in the region’s automobile sector is expected to increase the demand for metal finishing during the forecast period.
Metal Finishing Market Drivers
Expanding electrical and electronics sector will drive the market’s growth
Metal finishing is an important process in the manufacturing of various electrical and electronic components such as semiconductors, connectors, and printed circuit boards (PCBs). This process is utilized to limit the impact of corrosion, enhance electrical conductivity, provide wear resistance, and increase the solderability of the substrate. Electrical components like semiconductors, PCBs, contacts, and connectors are vital elements of several electronic products that include smartphones, laptops, tablets, microwaves, refrigerators, and many other products. The demand for electronic products is expanding globally and in turn, this is expected to drive the market’s growth during the forecast period. For instance, according to the October 2020 stats by Consumer Technology Association, smartphone sales will surge in 2022 and 76% of all smartphones will have 5G capabilities. Similarly, according to the Global Electric Market Outlook 2022 report by the German Electro and Digital Industry Association, the South Korean electronic market reached a volume of USD 218.01 billion in 2020, picking up by 4%. Such an increase in demand for electronic products globally is projected to increase the higher uses of metal finishing and this is anticipated to drive the market’s growth in the forecast period.
Booming automobile sector will drive the market’s growth
The automobile sector is one of the most important markets for metal finishing where various processes such as electroplating and powder coating are used for coating and offering corrosion resistance to several metal and non-metallic parts of vehicles. The demand for automobiles is increasing and in turn, this is expected to drive the market’s growth during the forecast period. For instance, according to the European Automobile Manufacturers Association’s report, hybrid electric vehicles accounted for 11.9% of total cars sold in 2020 compared to the 5.7% in 2019. Similarly, according to data by India Brand Equity Foundation, India became the fifth-largest automobile market in 2020 with 3.49 million units of vehicles sold combinedly in the passenger and commercial vehicles segment. Such growth in the automobile sector globally is expected to increase the higher uses of metal finish and this is projected to drive the market’s growth during the forecast period.
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Metal Finishing Market Challenges
Strict regulations regarding the metal finishing process might hamper the market’s growth
The metal finishing process is associated with the release of hazardous waste into the environment which is a key challenge and this might hamper the market’s growth during the forecast period. Various governing bodies globally strictly monitor the uses of the metal finishing process. For instance, the Environmental Protection Agency of the US closely monitors the discharge of wastewater coming out from plants operating multiple metal finishing processes as these wastes are hazardous to the environment. Such regulations regarding metal the finishing process might hamper the market’s growth during the forecast period.
Metal Finishing Industry Outlook
Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the market. Major players in the metal finishing market include:
In August 2019, UK-based Atotech announced the acquisition of J-KEM International, a Sweden-based company that deals with metal finishing. This acquisition enabled Atotech to expand addressable markets and contribute to the company’s future growth.
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