The global metal finishing equipment market was valued at $13,845.6 million in 2019. According to the forecast of P&S Intelligence, a market research company based in India, the market will generate a revenue of $19,554.7 million by 2030. Furthermore, the market is predicted to progress at a CAGR of 4.2% from 2020 and 2030. The expansion of the aerospace and automotive industries is one of the major factors driving the progress of the market across the globe.
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This can cause the premature failure of these components. Because of this reason, automakers are increasingly adopting metal finishing solutions for improving the life of various automotive parts. This is subsequently causing a sharp surge in the sales of metal finishing equipment all over the world. Similarly, the boom in the aerospace industry is positively impacting the global demand for metal finishing solutions and equipment. This is because these equipment help aircraft manufacturers maintain the quality of the aircrafts.
Moreover, several international aviation safety organizations and regulatory bodies are enacting policies that make metal finishing processes mandatory in the manufacturing processes of aerospace components and aircrafts. The usage of titanium alloy and titanium-based plating is one of the most extensively used metal finishing methods in aircraft manufacturing processes. Some aircraft manufacturers also incorporate the processes of electroless plating and electroplating in the aircraft manufacturing process for enhancing the quality of the manufactured aircrafts.
Based on process, the metal finishing equipment market is divided into anodizing, galvanizing, conversion coating, electropolishing, electroplating, vibratory/mass finishing, electroless plating, and cladding. Amongst these, the electroplating category recorded the highest growth in the market in the past years, on account of the large-scale utilization of this method in the metal fabrication, aerospace, electronics, and automotive industries. The electroplating of highly critical metallic parts and components makes them resistant to corrosion and reduces the chances of premature failure.
Hence, it can be said with confidence that the market will prosper in the coming years, primarily because of the soaring usage of metal finishing solutions and equipment in the automobile and aerospace industries around the world.
Read More: https://www.psmarketresearch.com/market-analysis/metal-finishing-equipment-market
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