Worldwide: The global surface treatment chemicals market is expected to grow at a compound annual growth rate of 7.8 percent over the period between 2017 and 2023, according to market intelligence company, Research and Markets.
The market was worth US$4.8 billion in 2016 and continues to grow significantly, with predictions for the market set to reach US$8.09 billion by 2023. The extensive range of applications for surface treatment chemicals span across the automotive, industrial machinery, metalworking and aerospace industries. The automotive industry held the highest market share of 30 percent in 2016.
In 2016, Europe held the largest market share at 32.2 percent. However, Asia Pacific is set to overtake Europe to hold the biggest market share during the forecast period, which results from the region’s increasing industrialisation and more countries in the region involved in manufacturing surface treatment chemicals. Europe generated the highest revenue in the market in 2016, followed by Asia Pacific and North America.
The metals segment acquired the largest share of 82 percent in the global surface treatment chemicals market. The surface treatment of metal base materials had the largest market share in 2016 and corrosion protection chemicals (40 percent) are the leading chemical types that have been used in numerous end-use applications.
The major types of corrosion protection chemicals which are high in demand include conversion coatings—oxide, phosphate and chromate coatings. As there are environmental concerns with the usage of chromate coatings due to their side-effects, manufacturers are starting to adopt more eco-friendly chemicals.