A number of factors such as the surging automotive industry, rising demand for metal finishing products in the aerospace industry due to the critical nature of components, growing middle-class population in emerging countries, and increasing usage in the construction industry to manufacture and protect machinery are projected to propel the growth of the metal finishing equipment market at a CAGR of 4.2% during 2020–2030. According to P&S Intelligence, the market generated $13,845.6 million revenue in 2019, and it is expected to reach $19,554.7 million by 2030.
One of the prime factors propelling the demand for metal finishing equipment is the rapid growth in the automotive industry, due to the increasing sales of automobiles in emerging economies like India, China, Mexico, and Indonesia. The increasing demand for vehicles is enhancing the need for metal finishing solutions for automotive systems and components, such as power steering systems, chassis hardware, under-the-hood components, brake parts, air conditioning components, and fuel systems, to protect them from corrosion and improve their premature failure that may lead to enhance the life of the components and systems.
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The process segment of the metal finishing equipment market is categorized into galvanizing, electropolishing, anodizing, electroplating, electroless plating, conversion coating, cladding, and vibratory/mass finishing. Among these, the galvanizing category is expected to record the highest CAGR during the foreseeable period. This can be ascribed to the surging usage of this process in several sectors, owing to its reliability, low cost, faster equipment installation, and ease of inspection, and it offers high protection from external environmental factors. Moreover, the increasing need for galvanized steel is projected to rise the demand for galvanizing process.
Geographically, the APAC metal finishing equipment market held the largest share during the historical period, and it is also likely to witness significant growth in the coming years. This is owing to the surging investment in several end-use industries by multinational companies and rising demand for metal finishing products in China. This is because China is manufacturing high-volume of automobiles, electrical and electronic systems, and construction machinery. Moreover, the region is the largest automobile manufacturer and focuses on product development to attain higher fuel efficiency and curtail emissions by using metal finishing solutions.
Thus, the surging automotive industry and the increasing usage in the construction industry to manufacture and protect machinery are expected to propel the demand for metal finishing equipment across the world during the forecast period.