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.
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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.
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.
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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.
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