Metal Finishing Equipment Market Overview
The global metal finishing equipment market valued at $13,171.2 million in 2018, which is projected to reach $17,617.0 million by 2024, with a CAGR of 4.9% during the forecast period. The growth in the market can be attributed to the growing automotive and aerospace industries.
Metal finishing equipment are used for carrying out metal finishing task for different metal components. Under metal finishing process, a metal coating is done over a metallic part/substrate, and it also involves polishing and cleaning of surface. The metal finishing process helps in improving appearance, resistance to corrosion, tarnish resistance, chemical resistance, wear resistance, and hardness, and modifying conductivity of the substrate.
Based on type, the metal finishing equipment market is classified into inorganic, organic, and hybrid metal finishing. Among these, inorganic metal finishing equipment category accounted for the largest market share in the market, owing to its high usage in automotive and aerospace components. Aerospace plating is widely carried over different aircraft components that ensures the protection of critical aerospace components. In addition, automotive manufacturers are using metal finishing process to protect the vehicle components from corrosion, and wear and tear, caused due to climatic conditions and regular usage of vehicles.
Metal Finishing Equipment Market Dynamics
Advancements in metal finishing technologies and growing shift toward electroless nickel plating are the key trends observed in the metal finishing equipment market. Over the years, metal finishing processes have witnessed various technological advancements, aimed at enhancing the quality of metal finishing, reducing operational costs, and making the metal finishing process more environment-friendly. Few of new technologies in the market include laser cladding technique and hot-dip galvanization, which provide protection to metal from corrosion and wear and tear. Thus, with the advent of new technologies, manufacturers of these equipment are being driven to develop advanced equipment for enhanced metal finishing across various industries.
Growing automotive and aerospace industries, and expanding middle-class population in emerging countries are the major factors driving the metal finishing equipment market.
The automotive industry is witnessing significant growth, globally. This can be mainly attributed to the rising sales of passenger cars and other vehicles in developing countries such as China, India, Indonesia, and Mexico. Moreover, China has emerged as the largest market for motor vehicles in the world, recording a sale of around 29.2 million vehicles in 2017. The surging vehicle sales in the country result in higher requirement for metal finishing of automotive components, which in turn, boosts the sales of these equipment.
In addition, the recent growth in the aerospace industry is also driving the metal finishing equipment market. Aerospace industry primarily focused on the development of aircraft and spacecraft and their auxiliary systems. The industry is capital-intensive in nature and is characterized by the use of highly sophisticated and advanced technologies. The production of an aircraft and its components is based on several critical parameters, among which quality is of utmost importance. Metal finishing process is one of the major process to ensure the critical parameters of aircraft components. Thus, high adoption of metal finishing process in aircraft manufacturing is expected to drive the market during the forecast period.
The rising environmental and health concerns associated with metal finishing hinder the growth of the metal finishing equipment market to some extent. Since the metal finishing process involves extensive usage of toxic chemicals, which are hazardous to humans and to the ecosystem. Several countries across the world are curtailing the use of such chemicals across various industries, which in turn, may serve as a restraint for the market.
Since developing countries are witnessing tremendous growth in the manufacturing industries, especially automotive, heavy machinery, and electronics, these industries are offering lucrative opportunities to players operating in the metal finishing equipment market. As of 2018, China and India were the world’s first- and fourth-largest producers of motor vehicles, with annual production of 27.8 million units and 5.17 million units, respectively. In addition, these automobile manufacturing numbers are further expected to grow due to increasing purchasing power of individuals in these countries. Thus, this expected growth in manufacturing industries is likely to boost the prospects for equipment manufacturers to introduce advanced products and increase their sales revenue in these countries.
Metal Finishing Equipment Market Competitive Landscape
Some of the major players operating in the global metal finishing equipment market are Atotech Deutschland GmbH, Plating Equipment Ltd., GARBOLI, Mass Finishing Incorporated, Rosler Oberflachentechnik GmbH, Jason Industries Inc., ClassOne Technology Inc., Dey Brothers & Company, Techno-Commerz - Hau-Klenner GmbH, OTEC Prazisionsfinish GmbH, and Nordson Corporation.