Press Release Description
Global Surface Treatment Chemicals Market 2023 To Reach USD 20.87 Billion by 2028 at Rate of 7.15%
The Global Surface Treatment Chemicals Market is projected to reach USD 20.87 billion by 2028, and grow at a CAGR of 7.15% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. It is attributed primarily to the escalating demand for these chemicals across various production industries for cleaning surfaces & ensuring the best corrosion performance & smoothening.
Furthermore, the rising environmental crises led to a growing awareness that facilitates market players to emphasize more towards reduction of industrial waste by manufacturing eco-friendly treatment chemicals. This inclination towards environmentally friendly products seeks the comprehensive attention of the large consumers and therefore, offers accelerated growth opportunities for the industry.
Additionally, benefits like lower maintenance, lower drag, reduced friction, minimal wear & tear, and enhanced durability provided by surface treatment chemicals are other crucial aspects augmenting their demand across different verticals like automotive, industrial machinery, coil industry, aerospace, and others like metalworking, glass & wood industry, etc. and driving the global market through 2028. Also, the rapid industrialization and urbanization resulted in increasing manufacturing of automobiles coupled with the construction of resident areas, and buildings, and other official projects accelerated the requirements of surface treatment chemicals. In addition, the chemicals facilitate protection from corrosion and damage owing to changing environmental effects resulting in lucrative growth of the industry.
Besides, the rapidly expanding heavy machinery industry shall also stimulate the overall market growth in the coming years to provide surface protection from rust & other environmental effects, further states the research report, “Global Surface Treatment Chemicals Market Analysis, 2023.”
Surface Treatment Chemicals Market Segmentation Analysis
Automotive Sector Showcases Exponential and Incredible Demand
Based on the Application segment, the market is further bifurcated into the automotive Industry, Industrial Machinery, Coil Industry, Aerospace Industry, and Others. The automotive sector is estimated to lead the growing market, these flourishing requirements are attributed to the features comprised by surface chemicals, i.e. facilitating the prevention of rust and wear, improving strength, and pre-treating surfaces.
Also, the chemical is capable of providing protection and smooth paint adhesion on automobiles i.e. vehicles further driving the growth of the market. Moreover, the rising, manufacturing, and sales of vehicles boosted by the mounting disposable income, favors in increasing demand for surface treatment chemicals.
Asia-Pacific registered for Maximizing Future Market Revenue
Asia-Pacific region is expected to dominate the global market with potential shares during the forthcoming year. This is attributed to the exponentially rising population in countries like China & India, the rapid expansion of prominent industries, & an escalating number of building & construction activities are the prime factors driving the market across Asia-Pacific.
Moreover, the rising population lead to government interference in several countries towards industrialization and infrastructural development. It, in turn, is augmenting the demand for surface treatment chemicals for multiple applications to enhance durability, provide a protection layer, and reduce corrosion, creaks, & wear. Additionally, the rapidly intensifying automotive industry, i.e., another prominent consumer of surface treatment chemicals, is another crucial aspect projected to promote regional market growth through 2028.
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including AHC Oberflächentechnik GmbH, Bulk Chemicals Inc., Chemetall GmbH, Henkel AG & Co. KGaA, JCU CORPORATION, Nippon Paint Holdings Co., Ltd., Element Solutions Inc (formerly Platform Specialty Products Corporation), Solvay S.A, Derivados del Flúor (DDF), SurTec International GmbH, etc. are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2023-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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