Inorganic Metal Finishing (Pretreatment/Surface Preparation, Inorganic Metal Finishing Process and Consumables and Spares) Market for Automotive, Electrical and Electronics, Industrial and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020
Albany, NY -- (SBWIRE) -- 03/05/2015 -- Constant innovation and growth in technology fuels the global inorganic metal finishing market for electrical, automotive, electronics, and many other applications. The role of inorganic metal finishing technologies is to provide coating and protection in various commercial and industrial applications. Inorganic metal finishing process also plays a significant role in the production cycle of metals. The global demand for inorganic metal finishing in automotive and steel industries is anticipated to fuel high growth in this market until 2020.
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An Analytic Outlook: Inorganic Metal Finishing Market
As an inseparable part of the production cycle of metals, the inorganic metal finishing industry has consistently played a crucial role in the success of a metal component in applications and services. In the past, the global inorganic metal finishing market remained stable, with no major changes in terms of its applications or services, especially in the U.S. and Europe. However, as other economies in the world have expanded in terms of industrialization and manufacturing, regions such as the Asia-Pacific and Rest of the World (RoW) have grown significantly too.
Inorganic metal finishing components are used extensively in a broad range of applications across the globe. Some of the commercial applications that implement this technology include industrial, automotive, electrical, electronics, and others (such as hardware and defense).
As the global demand for inorganic metal finishing is primarily driven by commercial industries, the subsequent increase in demand for inorganic metal finished components has boosted the overall market share across a global platform.
The global inorganic metal finishing market stood at US$54.75 billion in 2013. However, with a high CAGR of 6.2% from 2014-2020, the market is poised to reach US$83.32 billion by the end of 2020.
Inorganic metal finishing helps improve the corrosion resistance of a metal substrate, and thus aids growth in major application areas.
Such value-added factors are anticipated to remain the major driving forces for the inorganic metal finishing market in the upcoming years.
Segmentations Surging Growth in the Market for Inorganic Metal Finishing
Based on analysis by technology, electroplating was the most dominant segment in the inorganic metal finishing process market. It accounted for more than 35% of the global demand in 2013. Components manufactured with electroplating are projected to rise enormously over the next few years. This rise is due to the estimated increase in the usage of electroplating in several automobile applications in the Asia-Pacific region.
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The market for inorganic metal finishing that includes technologies such as galvanizing, electroless plating, conversion coatings, anodizing, cladding, and electropolishing are expected to rise tremendously by 2020.
The use of inorganic metal finishing processes is soaring due to its high-durability and high corrosion-resistance properties. These facets prove advantageous over other finishing processes in the market, hence boosting the overall market for inorganic metal finishing.
Inorganic metal finishing has applications in all industries that utilize metal and metal-related components. However, stringent regulations regarding the use of inorganic metal finishing may pose restraints for market participants in the near future.
Regions Actively Involved in the IMFT Market
Asia Pacific and North America dominated the global inorganic metal finishing market in 2013. During that period, Asia Pacific accounted for about 35% of the global inorganic metal finishing market, followed by North America and Europe. Due to certain recent economic developments coupled with rising disposable income of people in the developing economies of India, China, and Japan, Asia-Pacific is estimated to grow at a rapid pace in terms of consumption of inorganic metal finishing technologies and components.
North America is another major region likely to expand at a CAGR of 5.9% in terms of revenue between 2014 and 2020.
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