How is the trend for Chemicals in India?

Rising demand for metal components in industrial machinery, electronics & electrical, construction and transportation industry are anticipated to augment market growth. Moreover, rising government initiatives to boost the production of machine tools namely in automotive and railway sector are expected to drive the market growth.

The Indian metal treatment chemical market is likely to witness a substantial growth at a CAGR of 5.68% and is projected to reach USD 378.4 million by the end of 2023.

India Metal Treatment Chemicals Market Research Report 2023

Metal treatment chemicals are used for removing scale, stain and inorganic contaminants. These chemicals are a part of surface treatment chemicals used mainly for cleaning, anodizing and smooth bonding paints on any metal substrate. Based on various metal treatment chemicals types, the anodizing & platting is leading the segment, which held a 32.6% market share in 2016. Anodizing & platting is set to emerge as the preferred choice in metal treatment chemicals owing to easy penetration of anodizing hard coating for numerous application such as electrode coating, anodized layer formation, and electroless plating. Cleaning chemicals segment witnessed a substantial growth and is expected to reach USD 75.4 million by 2023. These chemicals are the first stage of surface metal treatments as they are used to remove scale, contaminants, and dust from the metal substrate thereby, providing a durable and hygienic environment for metal. However, to maintain luster and smooth finish under extreme temperature, corrosion protection chemicals are gaining high importance and are expected to grow at a CAGR of 5.81% during the forecast period.

India metal treatment chemicals are used in various application such as automotive & components, metalworking, industrial machinery, electronics & electrical, construction & infrastructure, aerospace & transportation.

The prominent application automotive & OEM components segment is anticipated to reach USD 124.8 million by 2023 at a CAGR of 6.14% during the forecast period 2017-2023.

Growing production and sales of automobile in India are likely to boost the market growth further. To maintain the smooth surface finish and optimum paint adhesion, auto components are treated with chemicals for long-term corrosion protection. Thus, this segment is anticipated to retain its dominance over the forecast period. Rising concern over continual repair of warranty parts has led to high demand for the product in various applications, especially electrical & electronic products. Construction & infrastructure segment is projected to witness a considerable CAGR of 5.81% during the review period due to growing government expenditure to boost tourism activity. Furthermore, development in metal work industry such as minimal complex process and technology advancement has led to positive growth.

Regional analysis

India metal treatment chemicals market is further segregated into four sectors such as North, East, West, and South. The northern sector offers a lucrative opportunity to the automakers and its suppliers owing to close proximity to the raw material manufacturers and policymakers such as ACMA and SIAM. Major automotive companies such as Bajaj Auto, Hero Moto Corp, Honda, JCB, and Maruti Suzuki also owns headquarter and capture a major share in this sector. Growing automotive sales in the North sector is valued at USD 88.0 million in 2016 which accounts for the highest CAGR of 5.72% during the assessment period. Moreover, the rapid growth in industrial machinery and government initiatives such as 100% FDI in the automotive industry are driving the growth of the metal treatment chemicals market. The western region of India emerged as a huge potential sector due to the presence of considerable market participants and favorable climatic condition. Moreover, growing infrastructure activities and rise in the SME’s (small-medium enterprise) in the Southern region are likely to propel the growth of India metal treatment chemicals market.

Segmentation

India metal treatment chemical market is segmented into types and application. Based on the type, the market is segregated as anodizing & platting, corrosion protective, cleaning, paint stripers. On the basis of the application, the market is divided into automotive & components, metalworking, industrial machinery, electronics & electrical, construction & infrastructure, and aerospace & transportation.

Key Players

Some of the key players in the India metal treatment chemical market are BASF India Ltd., Henkel Adhesives Technologies, Metalguard Pvt. Ltd., Chemtex Speciality Limited, CMP PVT. LTD, Dimetrics Chemicals, KCH INDIA PVT. LTD, Olivine Mercantile Pvt. Ltd., Prime Laboratories and GTZ India Private Limited among others.

Key Findings

According to Market Research Future analysis, India metal treatment chemicals market is projected to reach USD 378.4M 2023 at a CAGR of 5.68% during the review period, 2017-2023. Anodizing & platting segment is dominating the market followed by the corrosion protection chemical market. Increasing investment in R&D by automakers for efficient, cost-effective and eco-friendly platting technology is expected to drive the market growth. Automobile & component segment accounted for the highest market share and is anticipated to retain its dominance over the forecast period. Rising automotive cluster such as BharatBenz, Ford India, and Hyundai Motor India Limited in the Southern region are expected to augment the market growth. Corrosion protection chemicals witnessed highest CAGR due to rising adoption of the product to increase durability and flexibility coupled with smooth surface finish. However, strong demand for machine tools in end-use industries such as industrial machinery and transportation are some of the factors fueling the market growth.

For more information or for report request, visit @ https://www.aarkstore.com/chemical-materials/892833/india-metal-treatment-chemical-market-research-report-forecast-to-2023

About Aarkstore Enterprise:

Aarkstore Enterprise is one among global marketing research companies dealing in the resale of market reports across different industries and countries. Serving thousands of clients annually with syndicated, custom market research and consulting. Clients from all sectors, including public, private, and commercial are endowed with best data modeling and processing structures with custom reports.

Related Reports: chemical Market Reports

Contact Details:

Aarkstore Enterprise
+91 7710006788 | contact@aarkstore.com | aarkstore.com