With the expansion of the automotive industry, the demand for metal finishing equipment is surging sharply across the world. The ballooning sales of automobiles, especially in the emerging economies such as India, Mexico, Indonesia, and China, is one of the major factors responsible for the boom in the automotive industry. Metal finishing equipment are heavily used for protecting automotive components such as power steering systems, under-the-hood components, and air conditioning components from corrosion.
This is why the mushrooming sales of vehicles are positively impacting the demand for metal finishing equipment across the world. Besides this, the surge in the aerospace industry is also fueling the demand for metal finishing equipment. Metal finishing equipment are being heavily used by many aircraft manufacturers for improving the quality and lifespan of aircraft components. Moreover, many international aviation safety organizations are making the usage of metal finishing equipment mandatory in aerospace components.
This is because these equipment massively improve the reliability and lifespan of aircraft components, which is extremely necessary, on account of the fact that the failure or breakdown of these components will lead to the loss of both human life and capital. Apart from these factors, the growing requirement for advanced metal finishing in various consumer products is also propelling the demand for metal finishing equipment all over the world.
As a result, the valuation of the market is predicted to grow from $13,845.6 million in 2019 to $19,554.7 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 4.2% between 2020 and 2030. Depending on process, the market is categorized into electropolishing, coating, conversion, galvanizing, electroplating, anodizing, electroless plating, cladding, and vibratory/mass finishing. Out of these, the electroplating category recorded the highest growth in the metal finishing equipment market during the last few years.
Hence, it can be said with full surety that the demand for metal finishing equipment will skyrocket all over the world in the coming years, mainly because of its growing adoption in the aerospace, automotive, and consumer electronics industries.
Source: www.psmarketresearch.com
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