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The Asia Pacific is witnessing significant growth owing to the presence of the flourishing automotive sector in the region. Moreover, increasing production activities in India and China owing to rapid industrialisation are surging the demand for metal finishing in various industries, hence aiding the market growth. In addition, the presence of global companies is increasing investments in research and development (R&D) to develop more innovative metal finishing products, which are fuelling the market growth. India and China are some of the largest automotive manufacturers in the world. The rising demand for fuel-efficient vehicles due to escalating environmental consciousness is increasing the use of metal finishing in automobiles, providing further impetus to the market growth. Also, technological advancements and innovations in Japan, India, South Korea, and China are positively impacting the market growth for metal finishing.
Honeywell International Inc. (NASDAQ: HON), one of the leading players, entered into an agreement with Moore’s Industrial Service Ltd to distribute and apply its advanced electroplating coating for use in demanding conditions in the oil and gas industry in November 2019. The coating outperforms other materials to protect critical parts from wear and corrosion of longer operational life. It is applied using unique electroplating chemistry to protect the components from abrasion and corrosion while offering more wear resistance than other products. Moreover, the new coating is harder while being more durable and less expensive. It can also be used in various industries, including automotive and electric generation, among others. The development of such products is expected to fuel the growth of the metal finishing industry in the forecast period.
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The major players in the global market for metal finishing are Honeywell International Inc., Atotech Deutschland GmbH, Uyemura, Auromex Co., Ltd., DuPont de Nemours, Inc., and TIB Chemicals AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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