The global metal finishing equipment market was valued at $13,845.6 million in 2019. According to the forecast of P&S Intelligence, a market research company based in India, the market will generate a revenue of $19,554.7 million by 2030. Furthermore, the market is predicted to progress at a CAGR of 4.2% from 2020 and 2030. The expansion of the aerospace and automotive industries is one of the major factors driving the progress of the market across the globe.
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Due to the surging sales of automobiles in the developing nations such as India, China, Mexico, and Indonesia, the automotive industry is registering rapid growth. Moreover, with the soaring sales of vehicles, the demand for metal finishing solutions is rising sharply in the automotive industry. Automotive systems and components such as brake parts, under-the-hood components, air conditioning parts, power steering systems, fuel systems, and chassis hardware are highly susceptible to corrosion because of snow and rain.
This can cause the premature failure of these components. Because of this reason, automakers are increasingly adopting metal finishing solutions for improving the life of various automotive parts. This is subsequently causing a sharp surge in the sales of metal finishing equipment all over the world. Similarly, the boom in the aerospace industry is positively impacting the global demand for metal finishing solutions and equipment. This is because these equipment help aircraft manufacturers maintain the quality of the aircrafts.
Based on process, the metal finishing equipment market is divided into anodizing, galvanizing, conversion coating, electropolishing, electroplating, vibratory/mass finishing, electroless plating, and cladding. Amongst these, the electroplating category recorded the highest growth in the market in the past years, on account of the large-scale utilization of this method in the metal fabrication, aerospace, electronics, and automotive industries. The electroplating of highly critical metallic parts and components makes them resistant to corrosion and reduces the chances of premature failure.
Hence, it can be said with confidence that the market will prosper in the coming years, primarily because of the soaring usage of metal finishing solutions and equipment in the automobile and aerospace industries around the world.
Read More: https://www.psmarketresearch.com/market-analysis/metal-finishing-equipment-market
