Newark, NJ, Feb. 03, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global metal cleaning chemicals market is expected to grow from USD 12.36 billion in 2019 to USD 18.54 billion by 2027, at a CAGR of 5.2% during the forecast period 2020-2027.
Certain key factors driving the growth of the global metal cleaning chemicals marketare growing industrialization in the APAC region and other emerging economies around the world, growth in end-user industries like manufacturing and automotive & aerospace, and increasing demand for aqueous metal cleaning chemicals. The development of bio-based, sustainable chemicals is expected to create new opportunities in the market during the projected timeframe.
Metal equipment frequently gets polluted by organic (such as microbes, algae, denatured protein residues, hydrocarbons, animal fats) and inorganic compounds (such as carbonates, oxides, hydroxides, sulfides, silicates, sulfates, phosphates) arising from the accumulation of different lubricating liquids, corroded metals, and hard water among others. This can decrease the productivity of the operation or severely damage the equipment. Metal cleaning at periodic intervals is important to ensure the proper working of the machinery and to preserve the efficiency of the process.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets, including the metal cleaning chemicals market. With less disposable income and broken supply chains, the market’s growth is expected to slow down.
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Key players operating in the global metal cleaning chemicals market include Evonik Industries AG, Eastman Chemical Company, The Dow Chemical Company, Nouryon, Element Solutions, BASF SE, Stepan Company, The Chemours Company, Quaker Houghton, and 3M Company, among others. To gain a significant market share in the global metal cleaning chemicals market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. The Dow Chemical Company and BASF SE are some of the biggest manufacturers and suppliers of metal cleaning chemicals in the global market.
- For instance, Evonik doubled the manufacturing output of its Germany based high-performance polyamide Trogamid CX plant in April 2020. This expansion would continue to appeal to consumers from diverse industries, such as water treatment, laboratory & medical engineering, filter technology, and the manufacturing of containers for the cosmetics sector.
- In March 2020, Stepan Company concluded the purchase of the NatSurFact Business, a rhamnolipid-based bio-surfactant line obtained from sustainable sources from Logos Technologies.
Aqueous segment dominated the market and held the largest market share of 60.1% in the year 2019
The cleaner type segment is divided into solvent and aqueous. The aqueous segment dominated the market and held the largest market share of 60.1% in the year 2019. The large chunk of this segment can be attributed to factors such as increasing environmental concerns as well as regulations and the product’s eco-friendly characteristics.
Steel segment dominated the market and was valued at USD 3.9 billion in the year 2019
The metal types segment consists of steel, aluminum, copper, and others. Steel segment dominated the market and was valued at USD 3.9 billion in the year 2019. The wide use of steel in various industries, especially in the APAC region, is boosting the growth of the segment. Countries like India & China are heavy consumers of metals and are anticipated to drive metal demand in the Asia Pacific region.
Surfactant segment dominated the market and held the largest market share of 18.5% in the year 2019
Based on ingredients, the market has been segmented into surfactant, chelating agent, solubilizers, pH regulators, solvents, and others. Surfactant segment dominated the market and held the largest market share of 18.5% in the year 2019. They have inherent cleaning properties and wide usage in different applications. Surfactants are commonly used as emulsifiers, detergents, and wetting agents.
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Automotive & aerospace segment dominated the market and was valued at USD 3.3 billion in the year 2019
On the basis of end-users, the market has been divided into manufacturing, automotive & aerospace, healthcare, and others. Aircraft need frequent cleaning to avoid premature wear & tear and to improve product longevity. Metal cleaning chemicals are necessary for the routine cleaning of oxygen breathing systems, wheels & brakes, air conditioner components, hydraulic equipment, flight control systems, and flight & crew seats.
Regional Segment Analysis of the Metal Cleaning Chemicals Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global metal cleaning chemicals market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region accounted for the major market share of 45.25% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the expansion of industrial production, heightened trade, and the high demand for vehicles. The Asia-Pacific region is also expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to factors like having a growing manufacturing base, improving economic conditions, and rapid industrialization.
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About the report:
The global metal cleaning chemicals market is analyzed on the basis of value (USD Billion), volume (Tons), export (Tons), and import (Tons). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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