Future Market Insights (FMI), Dubai: As per exhaustive research by FMI, the global phosphate conversion coatings market is poised to total US$ 1.86 Billion in 2022. Increasing adoption in the production of casing connections to enhance their sealing performance is fueling the demand for phosphate conversion coatings.
Phosphate conversion coatings transform the basis metal surface into a non-metallic crystalline surface. This enhances appearance, improves corrosion resistance, and promotes adhesion & lubrication. Hence, these coatings are extensively being used across the automotive industry to enhance auto components such as car frames, engine mounts, and wheels.
Consecutively, increasing demand for automotive vehicles across countries such as the US, China, Germany, and India is projected to aid the growth in the market. On account of this, sales of phosphate conversion coatings are projected to reach a 4% CAGR, surpassing US$ 2.36 Bn over the forecast period between 2022 and 2028.
Growing demand for the treatment of aluminum, zinc, and steel for creating a thin adhering layer as a foundation to subsequent painting and coatings across the building and construction industry is further driving the growth in the market. This has assisted the market to exhibit 4% year-over-year growth in 2021.
Request a Sample Report and Explore New Growth Opportunities Now! https://www.futuremarketinsights.com/reports/sample/rep-gb-6690
Based on product type, manganese phosphate conversion coatings are anticipated to emerge as the most preferred coating. As per FMI, the segment is poised to exhibit growth at 4.3% CAGR through 2028. Excellent oil retention and wear resistance properties for corrosion resistance and lubricity are factors facilitating the growth in the segment.
“Increasing research and development (R&D) activities for developing preventive measures to increase the life of the equipment using advance eco-friendly coating solutions across the chemical and oil & gas industries are favoring the growth in the market,” says a FMI analyst.
Key Takeaways from Phosphate Conversion Coatings Market Study
- The US market size is anticipated to total US$ 294.8 Million, accounting for over 75.4% of total market share by the end of 2022.
- China is projected to emerge as a highly remunerative market, accounting for around 1/3th of the total phosphate conversion coatings sales between 2022 and 2028.
- Germany is expected to exhibit steady growth across Europe, accounting for nearly 20.5% of the revenue share through 2028.
- India is forecast to account for a significant share of the Asia Pacific market, owing to the increasing demand for automotive vehicles in the country.
- On the basis of the end-use industry, the automotive segment is estimated to register the fastest growth in the market, accounting for more than 47.2% of the sales by 2028.
Key Drivers
- Increasing use of phosphate conversion coatings in underground pipelines, petrochemical equipment, and offshore rigs, owing to its excellent galling protection properties is propelling the demand across the oil & gas industry.
- Growing usage of manganese phosphate conversion coatings to prevent metal-to-metal contact between moving parts of automotive vehicles is raising sales across the manganese segment.
Key Restraints
- The increasing shift of customer preference towards eco-friendly solutions such as nano-ceramic conversion coatings is hampering the growth in the market.
- Implementation of stringent regulations on toxic and heavy metals use across the US and Germany is encouraging automakers to use phosphorus-free conversion coatings, which is hindering sales in the market.
Competitive Landscape
Key manufacturers in the phosphate conversion coatings market are investing in strategic collaborations, mergers, and acquisitions to expand their production capacities. Also, some of the companies are focusing on developing and launching new phosphate conversion coatings to expand their product portfolio. For instance,
- In September 2020, PPG Industries, Inc, a global supplier of paints, coatings, and specialty materials announced showcasing its eco-friendly and high-performance coating products and technologies such as DESOTHANE® CA 9000 basecoat/clearcoat system, MASTER’S MARK™ ECO TOUCH™ interior latex coatings, ENVIROCRON® EXTREME PROTECTION EDGE powder coatings, and other to increase its market share.
- In January 2018, BASF’s coatings division, a leading conversion coatings manufacturer announced acquiring a global supplier of surface treatment technologies Chemetall. The acquisition assisted the company to expand its surface treatment product portfolio and strengthen its customer base in the coating market
Gain Immediate Access to Detailed Market Insights! https://www.futuremarketinsights.com/checkout/6690
Some of the key players operating in the market profiled by FMI are:
- Henkel AG & Co. KGaA
- PPG Industries, Inc
- The Sherwin-Williams Company
- Axalta Coating Systems, LLC
- Kansai Paint Co., Ltd.
- Chemetall GmbH
- Nihon Parkerizing Co., Ltd.
- Keystone Corporation
- Freiborne Industries, Inc.
- Hubbard-Hall Inc.
- Crest Industrial Chemicals, Inc.
- Westchem Technologies Inc.
More Valuable Insights on Phosphate Conversion Coatings Market
A new report published by FMI offers an in-depth analysis of the global phosphate conversion coatings market, uncovering vital dynamics accelerating the market growth over the assessment period. The survey also forecasts sales projections for the phosphate conversion coatings market with detailed segmentation:
By Product Type:
- Manganese Phosphate Conversion Coating
- Iron Phosphate Conversion Coating
- Zinc Phosphate Conversion Coating
By Substrate:
- Cast Iron
- Steel
- Others (Aluminum, Magnesium, Titanium)
By End-use Industry:
- Automotive
- Food & Beverages
- Consumer Appliances
- Others (Healthcare, Chemical/ Petrochemical, Aerospace, etc.)
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- China
- India
- Japan
- Middle East & Africa
Related Trending Reports:
The triethylenediamine market size is anticipated to rise at a CAGR of 6.5% from 2022 to 2032, from a value of US$ 187.44 Mn in 2022 to US$ 351.85 Mn by 2032.
The global microfiber synthetic leather market size reached US$ 2,737.3 million in 2018. It is estimated to reach US$ 3,203.2 million in 2023.
The global steel market size reached US$ 1,823.5 billion in 2022. Over the forecast period, global steel demand is anticipated to rise at 4.4% CAGR.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
