Key Chemical Surface Treatment Market Trend 2024-2033: ABB Pioneering Technological Advancements
Chemical Surface Treatment Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The chemical surface treatment market size has shown a robust growth trajectory in recent years, rising from $14.67 billion in 2023 to $15.85 billion in 2024 at a compound annual growth rate CAGR of 8.1%. This growth during the historic period can be credited to manufacturing expansion, corrosion prevention measures, metal finishing needs, and widespread applications across electronics, semiconductors, aerospace, and defense sectors.
What Will Be The Market Size Of The Chemical Surface Treatment Sector In The Next Few Years?
The chemical surface treatment market size is projected to see marked growth in the coming years, rising to $21.68 billion in 2028 thanks to a CAGR of 8.1%. Key factors propelling the growth during the forecast period include the adoption of smart coatings, increasing healthcare infrastructure, high-performance plastic usage, growing demand for functional coatings, and advancements in pre-treatment processes.
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Key Trends And Findings: What Factors Are Driving The Chemical Surface Treatment Market?
The upsurge in the global automotive industry is predicted to fuel the chemical surface treatment market. Changes in economic status and rising living standards have significantly enhanced consumer purchasing power. The COVID-19 pandemic, with its economic impact and evolution of social distancing norms, has propelled a sudden global demand for personal mobility, leading to an increased production of EV and hybrid vehicles. Accordingly, this has triggered a need for chemical surface treatments to protect materials from corrosion and improve their in-use properties. Supporting this, a report published by the European Automobile Manufacturers Association in April 2022 revealed a 1.3% increase in global motor vehicle production in 2021, with 79.1 million units produced.
Where Does The Market Stand Today? What Companies Are Shaping The Sector?
Companies leading the chemical surface treatment market include Samsung Electronics Co. Ltd., BASF SE, Hitachi Ltd., Robert Bosch GmbH, Siemens Aktiengesellschaft, United Technologies Corporation, Panasonic Corporation, LG Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., 3M, ABB Ltd, Toshiba Corporation, Fujitsu Ltd., NEC Corporation, Henkel AG & Co. KGaA, Eaton Corporation PLC, Covestro AG, PPG Industries Inc., Solvay S.A., Emerson Electric Company, AkzoNobel N.V., Nippon Paint Co. Ltd., Rockwell Automation Inc., Platform Specialty Products Corporation, NOF Corporation, Atotech Deutschland GmbH, Nihon Parkerizing Co. Ltd., Chemetall GmbH, Hyundai Motor Group, and SK Group.
What Emerging Trends Are Impacting The Chemical Surface Treatment Market?
Technological advancements are steadily becoming a significant trend in the chemical surface treatment market. Advanced surface coatings designed to be wear-resistant, reduce friction, and protect against harmful agents are improving line efficiencies. Companies are investing in innovative solutions to meet customer demand. For instance, ABB, a Swiss automation corporation, unveiled low voltage, flameproof motors in January 2022. Thanks to an advanced surface treatment, these motors can withstand the harshest conditions, offering rigidity and vibration-free operation.
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How Is The Chemical Surface Treatment Market Segmented?
The chemical surface treatment market covered in this report is segmented:
1 By Type: Cleaners, Plating Chemicals, Conversion Coatings, Other Types
2 By Base Material: Metals, Plastics, Other Base Materials
3 By Application: Metals Coloring, Corrosion Inhibitors, Post Treatment, Pretreatments Cleaners, Pretreatment Conditioners, Decorative, Planting, Other Applications
4 By End-User: Building And Construction, Transportation, Aerospace and Defense, Non-Ferrous Metal, Household Appliances
What Are The Regional Insights Into The Chemical Surface Treatment Market?
Asia-Pacific held the largest market share in the chemical surface treatment sector in 2023 and is predicted to be the fastest-growing region in the forecast period. The regions encompassed in the chemical surface treatment market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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