Automotive Applications to Spur Demand for Surface Treatment
Products that meet long-term regulatory requirements and reduce application costs are expected to witness solid growth, finds Frost & Sullivan
SANTA CLARA, Calif., Aug. 14, 2020 /PRNewswire/ -- Frost & Sullivan's recent analysis, Growth Opportunities in Global Surface Treatment Chemicals Market, Forecast to 2026, predicts that the market will reach $8.69 billion by 2026, from $7.51 billion in 2019, although a temporary slowdown is expected in 2020 and 2021 due to the impact of COVID-19. The volume consumption of surface treatment chemicals in automotive applications in 2019 represented 49.5% of industry end use. Metals such as steel, aluminum, iron, and titanium used in the automotive industry increasingly require surface treatment for different purposes, including aesthetic appeal, electrical insulation, and thermal insulation, which are expected to help the market grow. Post-pandemic demand will mainly come from the automotive, industrial machinery, and electrical and electronics industries.
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"The surface treatment market is constantly challenged by increasing market demands. Multiple criteria such as environmental sustainability, energy efficiency, and multiple application capabilities pose a challenge to manufacturers in niche product development," said Ganesh Dabholkar, Senior Research Analyst. "The trend is expected to translate into the development of product chemistries that are not only versatile in terms of compatibility with a variety of applications but are also compliant with regulatory norms for surface treatment chemicals in the long term, across regions."
Dabholkar added: "Rising demand for chemistries that impart improved durability and superior surface finish, and new investments in infrastructure projects around the world, will uncover new opportunities in the global market for surface treatment chemicals."
For further revenue opportunities, chemical manufacturers should:
- Develop products that help reduce application time and infrastructure costs, augment long-term regulatory compliance, and demonstrate multi-application capability to provide cost benefits to customers.
- Partner with automotive and aerospace industries to understand unmet needs such as surface treatment of new substrate types.
- Focus on developing environment-friendly additive products, which are recognized as sustainable by end-use industries, to create fresh business opportunities for themselves.
- Offer customers strong technical support, including the development and sales of efficient application equipment specific to their products, to help customers gain high efficiency.
Growth Opportunities in Global Surface Treatment Chemicals Market, Forecast to 2026 is part of Frost & Sullivan's global Chemicals and Materials Growth Partnership Service program.
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Growth Opportunities in Global Surface Treatment Chemicals Market, Forecast to 2026
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SOURCE Frost & Sullivan