Elevating Excellence: The Next Chapter in Metal Finishing! ????
There is an increasing demand for composite metal finishing as it improves chemical, wear, electrical, tarnish and corrosion resistance of the surface. Composite metal finishing even enhances solderability, visual appearance, conductivity, infrared reflectivity, hardness, and torque tolerance. Without metal finishing, products made from metals would last only a fraction of their present lifespan because of corrosion and wear. The rising demand for composite metal finishing to enhance electrical properties, form and shape components, and to augment the bonding of adhesives or organic coatings is driving the global composite metal finishing market during the forecast period. Its wide usage in automotive, electronics, aerospace and oil & gas industries is also driving the market growth.?
The aerospace industry is poised for future growth, driven by a surge in passengers, a significant backlog of new aircraft orders, substantial investments, and ongoing advancements in research and development. Meanwhile, factors like increasing disposable income levels and shifting lifestyles are fueling the expansion of the electronics sector. Within the aerospace realm, this material finds application in various critical components including main engine shafts, propellers, gyro parts, engine mounts, oil nozzle components, servo valves, shear bolts, landing gear components, flanges, and engine oil feed tubes. Similarly, in the oil and gas industry, it is utilized for drilling components such as ball valves, cable glands, gate plugs, and tubular components, among others.
An increasing number of passengers, a large backlog of new aircraft orders, huge investments, and research and development advancements will propel the aerospace industry in the future. Similarly, the electronics sector is experiencing expansion fueled by increasing disposable income levels and shifts in lifestyle. Continuous technological progress, substantial investments, and the trend towards digitization will further boost demand for electronic products in the foreseeable future. Consequently, the electronics industry's optimistic prospects will serve as a catalyst for future market expansion.
COVID-19 Impact
The COVID-19 pandemic has had a significant impact on the global composite metal finishing market. With disruptions in supply chains, temporary shutdowns of manufacturing facilities, and fluctuations in demand across various industries, the market experienced challenges during the initial phases of the pandemic. Reduced industrial activities and construction projects further dampened market growth.
However, as economies gradually recovered and adapted to the new normal, the market started showing signs of recovery. The increasing emphasis on hygiene and cleanliness drove demand for antimicrobial coatings, which are commonly used in composite metal finishing.
Report Coverage
The report: “Global Composite Metal Finishing Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the global composite metal finishing Industry.?
By Process: Electroplating Process, and Electroless Composite Plating Process
By Filler Used: Diamond, Boron Nitride, Silicon Carbide, Polytetrafluoroethylene (PTFE), and Others
By End Use Industry: Aerospace, Automotive, Electronics, Oil & Gas, Heavy Machinery, and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East, and Africa).
Key Takeaways
? Asia-Pacific dominates the global composite metal finishing market, owing to the rising demand for tough and corrosion resistant materials from the automotive, electronics and aviation sectors for applications such as pistons, shock absorbers, fuel injection rails, and fuel pumps in the region.
? Electroless composite coating technology has various advantages such as energy and cost savings, automatic monitoring of chemical replenishment, and also, it aids in plating blind holes with stable thickness which acts as a driver for global composite metal finishing market.?
? Development of trivalent chromium hard chrome plating process is anticipated to drive the global composite metal finishing market growth during the forecast period as the hazardous nature of hard chrome plating and the potential risks to the environment and personnel can be drastically reduced.
? Composite metal finishing market is driven by its wide usage in oil & gas sector for drilling components, ball valves, cable glands, gate plugs, tubular components and in electronic sector, for Printed Circuit Boards (PCBs), connectors, interlocks, junction fittings, computer drive mechanisms, chassis memory drums and discs, terminals of lead wires.?
Global Composite Metal Finishing Market Analysis – By Process
The electroless composite plating process held the largest share in the global composite metal finishing market in 2023, owing to its extensive set of properties, such as improved corrosion resistance due to a more consistent thickness, the ability to plate complicated and irregular shapes, lower operating costs due to improved coating quality, improved mold and die release properties for stamping and drawing, uniform nickel coating composition for less waste and reduced downtime due to plating-related issues. The rising demand from automotive, oil & gas, and heavy machinery industries are expected to boost the market share of electroless composite plating process further during the forecast period.?
Global Composite Metal Finishing Market Analysis – By End Use Industry
Automotive sector held the largest share in the global composite metal finishing market in 2023 and is growing at a CAGR of 7.9%, owing to its various applications in vehicle parts such as engines, other under-the-hood components, power steering systems, brake parts and systems, air conditioning components and systems, chassis hardware, climate control components, and fuel systems. Composite metal finishing is one of the prominent methods used to provide a protective layer on the metal components of vehicles. Various minor and major automotive parts need their contact surfaces to be smooth, stress relieved and without burrs or defects, which can be achieved by metal finishing. It is needed as it helps the automotive engines to achieve a surface with lower friction and heat, resulting in more horsepower generation and better overall performance. The constant demand for composite metal finishing from the automotive sector is anticipated to drive the global composite metal finishing market during the forecast period.
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Global Composite Metal Finishing Market Analysis – By Geography
Asia Pacific region held the largest share in the global composite metal finishing market in 2023 up to 34%, owing to increased demand of aircrafts in the region. Aircrafts require composite metal finishing for corrosion protection of components such as landing gear and fasteners. For example, during May 2022, China Eastern released additional shares to fund fleet acquisitions. Over the span of 2022 to 2024, China Eastern Group, which encompasses Shanghai Airlines and OTT Airlines, plans to integrate 35 Airbus A320neo aircraft, nine Boeing 787-9s, nine A350-900s, 28 COMAC ARJ21s, and five C919s into its fleet. In February 2023, Air India agreed to buy 250 planes from Airbus and 220 from Boeing, worth a combined $70 billion. Air India plans to fund the order with internal cash and equity. The increasing demand from the aviation industry is anticipated to drive the global composite metal finishing market.
Global Composite Metal Finishing Market Drivers
Increasing Production of Automotives
Providing new coatings for automotive is by far the biggest industry for metal finishing. Automotive coatings revenue, including paint and base coat, is expected to increase the demand of composite metal finishing during the forecast period. In 2023, China's automobile production and sales volume were 30.16 million and 30.09 million units, respectively. This represents an 11.6% increase in production and a 12% increase in sales. According to Royal Automobile Club of Victoria, 2023 was the best ever year for vehicle sales in Australia, with a total of 1,216,780 vehicles delivered, beating the previous sales record of 1,189,116 set in 2017. Due to the increasing expectations of consumers, the international automotive industry is required to extend vehicle warranties. Thus, improvements in corrosion protection are becoming increasingly important. The increasing automation production will require more composite metal finishing which will act as a driver for global composite metal finishing market.? ??
Need for Durable and Wear Resistant Metal Products
Globally, large investments are being made in development of metals products for transportation infrastructure and vehicles, energy production and machinery, building materials and even consumer products. These investments are fueled by the need to develop metals that are durable, stronger and wear resistant throughout their use. The composite finishing of metals increases the strength, resistance to severe heat temperature, resistance to corrosion in alkaline and chlorine-bearing environments. Also, on proper composite finishing of metals, the metals do not scratch, bend, rot, warp, crack, split, catch fire or break over time. Moreover, finished metals provide strong structural integrity, weather resistance, and long-term strength. These extensive properties of metal finishing are anticipated to drive the global composite metal finishing market during the forecast period.
Global Composite Metal Finishing Market Challenges
Increasing Replacement of Metals by Plastics
Manufacturers have depended on metals due to the extensive properties of metal such as strength, stiffness, ideal traits related to electricity and chemical resistance. Replacing metal with plastic is beneficial as it saves cost and provides improved product quality. The weight of the products such as automobiles dramatically decreases on using parts manufactured by plastics due to which various automobile industries are shifting towards plastics instead of metals to manufacture light weight vehicles. Plastics also help with improving transportation for the end-use industries; by reduce shipping costs for the imports and exports of automotives. Scrap plastic parts or parts that need to be recycled can be ground into the original form, pellets, and reused for another injection process immediately. Also, plastics are preferred as they can be melted again to be reused while metal needs to be re-smelted, which is a longer process. All these enhanced properties of plastic acts as a restrain for the composite metal finishing market during the forecast period.
Global Composite Metal Finishing Industry Outlook
Top 10 companies in the Global Composite Metal Finishing Market include:??
1. Abakan
2. Classic Plating
3. Veritas Capital (Sequa Corporation)
4. Atotech
5. Lovitt Technologies
6. Bales Metal Surface Solutions
7. DuPont
8. Elementis
9. TIB Chemicals
10. KC Jones Plating
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