The latest study on phosphate conversion coatings market by the FMI provides insights into the critical opportunities facilitating the growth in the market. It examines growth prospects for the market across various segments on the basis of product type, substrate, and end use industry. The report also uncovers challenges posing threats and highlights prospects for market growth in the coming ten years.
DUBAI, U.A.E, Dec. 13, 2021 /PRNewswire/ -- Future Market Insights (FMI), Dubai: As per exhaustive research by FMI, the global phosphate conversion coatings market is poised to total US$ 1.86 Bn 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 surfaces. 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 frame, engine mounts, and wheels.
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Consecutively, increasing demand for automotive vehicles across the countries such as the U.S., 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 at 4% CAGR, surpassing US$ 2.36 Bn over the forecast period between 2022 and 2028.
Growing demand for 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.
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 U.S. market size is anticipated to total US$ 294.8 Mn, 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 in the Asia Pacific market, owing to the increasing demand for automotive vehicles in the country.
- On the basis of 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.
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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 rising the sales across the manganese segment.
Key Restraints
- 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 U.S. and Germany, is encouraging automakers to use phosphorus-free conversion coatings, which is hindering the sales in the market.
Competitive Landscape
Key manufacturers in the phosphate conversion coatings market are investing in strategic collaborations, merger, and acquisition to expand their production capacities. Also, some of the companies are focusing on developing and launching of 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 manufacturers 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
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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 forecast sales projections for 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
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Key Questions Covered in the Report
- The report offers insight into phosphate conversion coatings market demand outlook for the forecast period 2022-2028
- The market study also highlights projected sales growth for phosphate conversion coatings market between 2022 and 2028
- Phosphate conversion coatings market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Phosphate conversion coatings market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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