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Metal Finishing Equipment Market Insights, Growth Drivers and Forecast to 2030

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Geographically, the APAC metal finishing equipment market accounted for the largest share in 2019, and it is also projected to record lucrative growth during the forecast period.

NEW YORK - eTradeWire -- Organisation Internationale des Constructeurs d'Automobiles stated that 3,176,600 units, 3,394,446 units, 691,286 units, and 25,225,242 units of vehicles were manufactured in Mexico, India, Indonesia, and China, respectively, in 2020. According to the Society of Indian Automobile Manufacturers, 18,615,588 vehicles were sold in India in the financial year 2020–2021. Further, the International Trade Administration, Department of Commerce, estimated that Mexico imported 587,300 vehicles and exported 2,681,000 vehicles in 2020. Likewise, the China Association of Automobile Manufacturers stated that 2,770,000 cars were sold in China in November 2020.

Thus, the increasing automobile sales and production, especially in China, Mexico, India, and Indonesia, will help the metal finishing equipment market advance at a CAGR of 4.2% during 2020–2030. The market revenue is expected to surge from $13,845.6 million in 2019 to $19,554.7 million by 2030. Automakers use metal finishing equipment to improve the life of vehicle components, such as under-the-hood components, air conditioning components, power steering systems, fuel systems, brake parts, and chassis hardware, as they are extremely vulnerable to corrosion due to snow and rain.

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According to P&S Intelligence, Asia-Pacific led the metal finishing equipment market (https://www.psmarketresearch.com/market-analysis/metal-finishing-equipment-market) in the recent past, due to the largescale production of automobiles, electrical and electronic components, and products used in the construction industry. Moreover, the increasing technological advancements and rising government support toward research and development (R&D) in metal finishing equipment in Japan, owing to the surging adoption of such products in the aerospace industry, will encourage their usage in the APAC region.

Furthermore, the Middle East and African (MEA) region will observe a largescale adoption of metal finishing equipment in the forthcoming years, owing to the surging need to provide a protective layer on metallic vehicle parts. Automakers use such products to apply one or more thin coats of a metal, such as nickel, silver, gold, chromium, or copper, on vehicles' components to enhance their life. Additionally, the soaring focus of the aerospace sector on better technologies to shield aircraft components from a relentless force of corrosion will also encourage the usage of metal finishing equipment in the region.

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Therefore, the booming automotive sector in developing countries and the flourishing aerospace industry will fuel the adoption of metal finishing equipment worldwide.

Contact
Aryan Kumar
***@psmarketresearch.com


Source: P&S Intelligence
Filed Under: Business

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