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Global Metal Cleaning Chemicals Market Insight2022-05-16 Comments
Global metal cleaning chemicals are forecast to 5.01% over the next five years. According to the WK-chem Research, “Global Metal Cleaning Chemicals Professional Survey Report 2022, Forecast to 2027”, coupled with the rise in number of industries in emerging economies are key factors expected to drive the global metla cleaning chemical market during the forecast period. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 5.01% base on WK-chem Research regression analysis model.
“The global metal cleaning chemicals market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies should adopt by key players such as mergers and acquisitions, expansions, collaborations and partnerships. Also, new product development as a strategic approach should adopt by the leading companies to upscale their market presence among consumers”, said Nita Patel, Senior analyst, in WK-chem Research.
The use of trichloroethylene and other solvents results in health and environmental risks and is, therefore, not the preferred choice. Companies operating in the market have also realized the advantages of using safe and sustainable operating practices. There has been an increase in demand for green alternatives. The introduction of aqueous (water) based technology has offered a cost-effective and environmentally-friendly means for cleaning and degreasing metal parts and components. Green alternatives help to protect the environment, improve workplace safety, and reduce industrial waste and operating costs.
Due to the VOCs content in the solvent based chemicals and usage of water in aqueous cleaners, most of the metal cleaning chemicals are subject to various government authorities and environmental regulations. As the VOCs contain carbon atoms having high vapor pressure, they evaporate rapidly in the air. And after evaporating they form ground-level ozone and are the chief ingredients of smog as well leading to an adverse impact on environment and human health. It leads to reduced growth and survivability of tree seedlings, reduction in crops, harsh weather conditions etc. Therefore, all these factors are likely to restrain the market growth nearly over the assessment period.
This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading metal cleaning chemicals companies that include: BASF SE, Evonik Industries AG, Stepan Company, Eastman Chemical Company, The Chemours Company, The Dow Chemical Company, Quaker Houghton, Nouryon, 3M Company, Element Solutions, among others.
Segmentation of Metal Cleaning Chemicals Market:
According to the type, the market for metal cleaning chemicals is divided into: Aqueous and Solvent. Aqueous has the largest market share. Increased awareness about environmental regulations has prompted many companies to move away from solvents- to aqueous-based metal cleaning without direct pressure from regulators. Moreover, companies following sustainable solutions are adopting the aqueous based cleaners.
According to the application, the market for metal cleaning chemicals is divided into: Manufacturing, Automotive & Aerospace. Manufacturing has the largest market share. The growing manufacturing industry in China and India are major consumers in this segment. The market in the manufacturing sector is drive by the expansion of this industry in China and India. The manufacturing industry in developed countries, such as the US and Germany, is experiencing steady growth because of the slow growth of the economy. Thus, the metal cleaning chemicals market in developed countries is expected to witness moderate growth.
Metal Cleaning Chemicals Market: Regional Analysis
In terms of geography, the global metal cleaning chemicals market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. The high economic growth in developing countries and increasing disposable incomes have made APAC an attractive market for metal cleaning chemicals. The tremendous growth of industrial production, increased trade, and the rise in the demand for vehicles are primarily responsible for the high consumption of metal cleaning chemicals in the region. China, Japan, and India are the major markets for metal cleaning chemicals in APAC.
Largest share area：Asia Pacific
Largest share country：China
Product Type：Aqueous & Solvent
Application：Manufacturing, Automotive & Aerospace.
Leading Company：BASF SE, Evonik Industries AG, Stepan Company, Eastman Chemical Company, The Chemours Company