The global surface treatment chemicals market was worth $4,800.0million in 2016, and is estimated to grow at a CAGR of 7.8 % over the period of 2017-2023, hitting $8,097.7million by 2023.
The global surface treatment chemicals market is emerging at a rapid pace. The market is at an extremely competitive stage, and will remain so in the coming future as well.
The wide range of applications of these materials across automotive, general industry, coil industry, industrial machinery, metalworking industry and aerospace industry is likely to drive the market growth over the forecast period. Europe accounted for the largest market share of 32.2% in 2016. However, this trend is expected to change in the forecast period, with Asia-Pacific acquiring the largest market share by the end of 2023, owing to the increasing industrialization and rapid involvement of several countries in APAC into manufacturing surface treatment chemicals.
Metals acquired the largest share of 82% in the global surface treatment chemicals market. Corrosion protection chemicals dominated the surface treatment chemicals market in 2016, accounting for a market share of 40.0%. Similarly, automotive industry held the highest market share by application vertical, accounting for a market share of 30.0% in 2016. Europe generated the maximum amount of revenue in the year 2016in the global surface treatment chemicals market, followed by Asia-Pacific and North America. APAC currently has the highest potential to grow and dominate in the forecast period. If the industry has the prospects of growing at a similar rapid pace, it will cross $8,097.7 million in revenue by the end of forecast period.
The surface treatment of metal base material is acquiring the largest market size in the current scenario. Moreover, corrosion protection chemicals are the leading chemical types that have been used in numerous end use applications. The major types of corrosion protection chemicals currently popular include conversion coatings which include oxide, phosphate and chromate coatings. Since, there are problems arising in the usage of chromate coatings due to their toxic effects, their use is slowly decreasing with the market trend shifting to more eco-friendly chemicals.
Key Topics Covered:
1 Research Scope and Methodology
2 Market Dynamics
3 Competitive Insights
4 Industry Analysis
5 Global Surface Treatment Chemicals Market, by Chemical Type
6 Global Surface Treatment Chemicals Market, by Base Material
7 Global Surface Treatment Chemicals Market, by Application
8 Global Surface Treatment Chemicals Market, by Geography
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