Rockville , April 25, 2023 (GLOBE NEWSWIRE) -- The global metal cleaning chemicals market is expected to exceed US$ 18.9 billion by 2022, growing at a CAGR of 3.5% during the forecast period (2022-2032).
The global expansion of the manufacturing sector has raised the demand for heavy equipment and machinery maintenance. As a result, the market is likely to be driven by demand for metal cleaning chemicals to maintain operational efficiency.
Traditional metal cleaning cleaners have a harmful impact on the environment. As a result, producers are producing bio-based or green metal cleaning products in response to growing environmental concerns. This is expected to generate profitable chances for the market.
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The growing desire to reduce industrial waste while maintaining worker safety has led to an increase in the use of aqueous-based cleaning agents. Such cleaning chemical alternatives are expected to boost market expansion during the assessment period.
Furthermore, stringent government rules encouraging the use of environmentally friendly metal cleaning chemicals are projected to boost sales of bio-based metal cleaning chemicals. This is expected to accelerate market expansion.
Furthermore, rising demand for vehicle surface cleaning to prevent corrosion and extend service life would drive up demand for metal cleaning solutions. As a result, the use of chemical solutions to remove fouling caused by denatured protein, oxides, and other materials is expected to drive market demand.
Key Takeaways:
- North America is projected to hold a maximum share of 25.8% in the metal cleaning chemicals market.
- East Asia metal cleaning chemicals market is projected to record growth at a CAGR of 4.1% during the forecast period.
- Sales of metal cleaning chemicals in South Asia & Oceania are expected to contribute over 20.1% of demand share in the global market
- Based on product type, the aqueous segment is expected to dominate the market, accounting for 71.4% of revenue in the global market.
- In terms of composition, the acid segment is estimated to lead the market, exhibiting growth at a CAGR of 3.9% during the forecast period.
Growth Drivers:
- Increasing demand for acid metal cleaning chemicals for surface cleaning of the equipment due to lubricating oils, hard water, and other strains is estimated to boost the market.
- Rising concern for industrial cleaning and maintenance of equipment coupled with worker safety will drive the demand for metal cleaning chemicals.
Restraints:
- Government regulations inhibiting the use of metal cleaning chemical solutions containing volatile organic compounds (VOCs) might restrain the growth in the market.
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Competitive Landscape:
The global metal cleaning chemicals market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.
Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the manufacturing of metal cleaning chemicals.
For instance:
- Eastman Chemical Company's tyre business was acquired by One Rock Capital Partners LLC in 2021. This acquisition will aid in the provision of operational and strategic resources for the transformation from a corporate subsidiary to a strong and independent firm.
- Crest Chemicals was bought by Brenntag in 2019, allowing Brenntag to build company in the needed direction and leverage growth potential, as well as have complementary product lines by realising cost synergies and seizing possibilities.
Key Companies Profiled In This Report
- Eastman Chemical Company
- KYZEN Corporation
- Crest Chemicals
- Quaker Chemical Corporation
- ZET-Chemie
- SurTec
- Chautauqua Chemical Company
- Lincoln Chemical Corporation
- DST-Chemicals A/S
- Enviro Serve Chemicals, Inc.
- ZAVENIR DAUBERT
- NuGenTec
- Other Market Players
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Global Metal Cleaning Chemicals Market Segmentation:
- By Product Type:
- Aqueous Metal Cleaning Chemicals
- Solvent Metal Cleaning Chemicals
- By Composition :
- Acid Metal Cleaning Chemicals
- Alkali Metal Cleaning Chemicals
- By Metal Type :
- Steel
- Iron
- Copper
- Metal Alloys
- Others
- By End-User:
- Building & Construction
- Automotive & Transportation
- Industrial
- Healthcare
- Aerospace
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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