Metal Finishing Equipment Market to Register 4.9% CAGR during 2019–2024

Ever since the emergence of aeroplanes, traveling has become a lot easier, and the aerospace industry has benefitted immensely from the need of people to get faraway places. For example, in 2018, the aerospace industry contributed a revenue of $151 billion in export sales to the U.S. economy. It is understood by everyone that since aircrafts are employed for the delicate work of flying, their composition, components, and basically their every other aspect need to be top-notch, and any failure regarding that can cause fatalities on a large scale. Thus, even the finishing of the components of aircrafts and other machines in the aerospace industry is done by metal finishing equipment of the best quality.

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Metal finishing is the application of some type of metal coating on a metallic surface. The process serves a lot of purposes including reducing the effect of friction, limiting the impact of corrosion, enhancing chemical resistance, serving as a primer coat for promoting paint adhesion, making a surface electrically conductive, strengthening the substrate and increasing wear resistance, increasing solderability, and improving the appearance of a part. Because of all these advantages of metal finishing, the demand of metal finishing equipment is growing rapidly.  

According to a report by P&S Intelligence, in 2018, the global metal finishing equipment market attained a value of $13,171.2 million and is predicted to generate a revenue of $17,617.0 million by 2024, advancing at a 4.9% CAGR during the forecast period (2019–2024). The three types of metal finishing equipment are hybrid metal finishing, inorganic metal finishing, and organic metal finishing. Since inorganic metal finishing is extensively utilized in both automotive and aerospace industries, its demand was the highest in the past. Further types of inorganic metal finishing include cladding, galvanization, electroless plating, vibratory/mass, conversion coating, anodizing, electropolishing, and electroplating.

The most utilized process of metal finishing among these is electroplating, due to the fact it provides protection against premature failure of critical components in metal fabrication, automotive, aerospace, and electronics products industries, along with protecting them from corrosion. However, advancements are taking place pertaining to metal finishing processes, and the shift toward electroless nickel plating is increasing. The need for improving the quality of metal finishing, increasing the energy efficiency of metal finishing, and reducing operational costs in growing the industry, which is why technologies such as hot-dig galvanization and laser cladding technique have been developed. These advances are expected to result in the growth of the metal finishing equipment market in the coming years.

Because of the rapidly expanding automotive industry in the Asia-Pacific (APAC) region, particularly Chinese automotive industry, APAC has been the largest consumer of metal finishing equipment in the past instead of North America. Furthermore, due to the rising disposable income, more people in the region are able to afford electronics products, such as mobile phones and laptops, which is resulting in the growth of the consumer electronics industry in countries such as South Korea, Taiwan, China, Japan, and Malaysia, which is further creating the need for metal finishing equipment.

In conclusion, the demand for metal finishing equipment market is growing because of the expanding aerospace industry.

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Created on Jun 2nd 2020 05:45. Viewed 240 times.

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