Market research future will be publishing a cooked research report on “Indian Metal Treatment Chemical Market” that contains the information from 2016 to 2023. Indian metal treatment chemical market is expected to grow at a CAGR 5.68% during the forecast period of 2017 to 2023.
Surging Automobile and Construction Industries in India are set to propel the Indian Metal Chemical Treatment Market Growth at a CAGR of 5.68%
Top Players List:
Market Research Future (MRFR) recognizes the following companies as the key players in the INDIA metal treatment chemical market that includes BASF India Ltd., Henkel Adhesives Technologies, Metalguard Pvt. Ltd., Chemtex Speciality Limited, CMP PVT. LTD, Dimetrics Chemicals, KCH INDIA PVT. LTD, Olivine Mercantiles Pvt. Ltd., Prime Laboratories and GTZ India Private Limited among others.
According to MRFR analysis, the Indian Metal Treatment Chemicals Industry is projected to reach USD 378.4 million by 2023 at a CAGR 5.68% over the forecast period.
Metal treatment chemicals are used to clean impurities such as stains, scale, and help equal paint bonding on the metal substrate. Environmental conditions like corrosion and abrasion affect the surface of the material causing critical damage. With the application of metal treatment chemicals increases appearance, hardness, tarnish, wear resistance, and improves the metal surface so that it can easily adhere to the various coating material.
Indian metal treatment chemical market is segmented on the basis of type, application, and region. Based on the type, the market is divided into anodizing and plating chemicals, corrosion protective chemicals, cleaning chemicals, and paint strippers. The anodizing and plating chemicals are hard, durable penetrated in major applications such as electrode coating, anodized layer formation, and electroless plating. The anodizing and plating chemicals account for 32.60% of total market share.
This segment is set to emerge as a preferred choice in the metal treatment chemical industry due to growing advance surface of components in response to stringent regulations in the automotive industry. Cleaning chemicals are used to remove impurities initially in order to achieve smooth finishing surface along with minimizing offensive odor in surrounding area. Cleaning segment is growing considerably and is anticipated to reach USD 75.4 million by 2023. Additionally, to maintain the luster and surface finish, corrosion protection chemicals are used, which is expected to grow significantly at a CAGR of 6.15% over the forecast period.
Automotive & component parts are treated with chemicals to maintain the smooth surface finish and ensures optimal paint adhesion for long-term corrosion protection. The automotive sales in India are expected to rise at a CAGR of 15% by 2019. Thus, metal treatment chemicals market is anticipated to witness positive growth over the forecast period. Rising concern over continual repair of warranty parts has also led to surging the demand for metal treatment chemicals. This segment is expected to reach USD 124.8 million by the end of the year 2023 at a CAGR of 6.14%.
Rapid industrialization has led to advanced technology, minimal complex process, and increased demand for the metal in various industries. This has led to increasing the demand for metal treatment chemicals in industrial machinery application, therefore is likely to witness a significant growth at CAGR of 5.30% over the forecast period. Moreover, growing demand for metal treatment chemicals for airframe structure is also projected to propel the product demand in the aerospace industry.
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Indian metal treatment chemical market is divided into four sectors as North, South, East and West sector. The northern region offers multitude opportunities to automakers as well as its suppliers. Around 26% share of Northern India is contributed in National GDP. North sector is expected to drive the overall market and is valued at USD 88.0 million in 2016 at the CAGR of 5.72%.
The region also advanced from its close proximity to policymakers such as ACMA and SIAM along with major headquarters of OEM’s in North India such as Bajaj Auto, Hero Moto Corp, Honda, JCB, Maruti Suzuki and TATA Motors. West India is the fastest growing segment owing to the presence of considerable producer in automotive, industrial machinery and construction industry along with favorable climatic conditions. Extending construction activities and growing innovation in the electrical & electronic industry in the Western and Southern region has also contributed to strong in the metal treatment chemicals market.
The Indian metal treatment chemical market is projected to reach USD 378.4 million by 2023 at a CAGR of 5.68% during the review period, 2017-2023. Among all, the anodizing and platting segment is leading type of metal treatment chemical market. Corrosion protective chemicals protect the metal components from degradation due to oxidation or exposed to moisture and salt spray.
Moreover, to maintain smooth surface texture, corrosion protection chemicals are expected to retain its dominance over the forecast period. Among these applications, the automotive & component segment is accounted for the largest market share in 2016. Growing continual repair of warranty parts drives the demand for metal treatment chemicals from the automotive industry. Furthermore, to increase the durability of metal along with maintaining surrounding free from containment, cleaning chemicals are anticipated to drive metal treatment chemical market. Rising government initiatives coupled with increasing environmental-friendly chemical formulation is anticipated to drive the Indian metal treatment chemicals market.