- The rise in demand for metals and a surge in industrial cleaning and maintenance is driving the demand for the market.
- Market Size – USD 18.50 billion in 2019, Market Growth - CAGR of 4.8%, Market trends – Increase in demand for sustainable, eco-friendly products.
NEW YORK, Aug. 18, 2020 /PRNewswire/ -- The Global Metal Cleaning Chemicals Market is forecast to reach USD 27.03 Billion by 2027, according to a new report by Reports and Data. Chemicals used for metal cleaning are used to wash off inorganic and extraneous materials from the metal's surface. They are used to remove any oil, unwanted surfaces, grease, corrosion oxides, and other particulates that can damage the performance efficiency of the metals. Cleaning of metals prevents the corrosion of the product and removes fouling by organic materials such as microbes, algae, animal fats, and hydrocarbons, and inorganic materials such as hydroxides, sulfides, silicates, carbonates, and phosphates, among others.
Chemicals used for metal cleaning are used to clean heavy machines and equipment in automotive, manufacturing, transportation, and aerospace. Heavy machinery and equipment being used in the transportation and manufacturing sector requires consistent maintenance and sustain performance efficiency. Major growth in the demand among end-users for these chemicals is propelling the market in the Asia Pacific region. However, stringent regulations regarding the usage of non-toxic chemicals will hamper the growth of the market. The emergence of environmentally sustainable and bio-based chemicals is expected to create ample growth opportunities during the forecast period
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The Asia Pacific dominated the market due to a growth in aerospace, manufacturing, metal & mining, automotive, industries. Developed countries such as Japan, China, and India are expected to propel the demand for metal cleaning chemicals in the coming years. Asia Pacific is anticipated to grow with the fastest CAGR during the forecast period. North America and Europe will witness a slow demand during the forecast period.
COVID-19 Impact Analysis:
The spread of the coronavirus has also already impacted foundries. The foundries have been closed, stopping further production along with overstocked inventories. Another issue regarding foundries is that requirement for cast components is diminished by the far-reaching production stop in the industrial and automotive sectors. This has especially hit hard medium and small factories, which generate mainly components for the industry. The market for chemicals for cleaning metals is witnessing sluggish growth, but the demand is anticipated to pick up after the lockdown has been lifted from the developing regions.
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Further key findings from the report suggest
For the purpose of this report, Reports and Data has segmented the Global Metal Cleaning Chemicals Market on the basis of chemical type, end-use, application, and region:
Chemical Type Outlook (Revenue, USD Billion; 2017-2027)
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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