ID: MRFR/CnM/9448-CR | 100 Pages | Published By Priya Nagrale on September 2022
The global surface technology market is expected to grow USD 4,93,297.7 million at a CAGR of 4.98% during the forecast period.
$4,93,297.7 million
4.98%
North America
2021-2030
The global surface technology market is projected to witness significant growth during the review period, exhibiting a CAGR of 4.98%. The market is expected to reach a value of USD 4,93,297.7 million by the end of the forecast period. In terms of value, the market size was USDÂ 3,27,349.0 Million in 2021.
The prime drivers of the global surface technology market include the extensive demand from the aerospace and defense industry. The growth of the aerospace industry on the backdrop of increased tourism and business travels; both international and domestic, fuel the demand for surface technology to protect for corrosion, finishing and anodizing, as well as new aircraft manufacturing. The increasing demand from automotive industry due to the rising disposable income and rising trend of electric vehicle across the globe also drive the market. Apart from this, the use of Surface technology as an effective alternative of electroplating, electroless plating, and other coating processes, drive the global market.
COVID-19 Impact on the Surface Technology Market:
COVID-19 has had a substantial impact on the industrial sectors such as aerospace, automotive, food & beverages, building & construction, and others sectors as it is causing widespread concern and economic deprivation of industries and individuals all over the globe. As the demand for Surface technology has declined due to production shutdowns, lockdowns imposed in several countries, and disruptions in the supply chain, many OEM manufacturing companies have witnessed drastic declines in revenue. This has had a severe impact on economic activities, resulting in job losses and salary deductions of individuals across supply chains. The outbreak of COVID-19 across regions has resulted in a lockdown of cities, border restrictions, and breakdown of transportation networks. This is projected to have a significant impact on the chemicals & materials supply chains, international trade, and manufacturing operations across the world. All this has caused severe disruptions in production and trade restrictions, significantly affecting Surface technology demand into the market. However, the global Surface technology market had no significant impact as ceramics are one of Surface technology's major applications.
Market Dynamics
Segmentation
By Type
By Application
By Region
Regional Analysis
Geographically, the global surface technology market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Asia-Pacific accounted for the second-largest share of the global market, wherein China, India, and Japan are the major contributors to the regional consumption. The market is primarily driven by the surge in demand for surface technology from the aerospace and automotive industries. Metallurgy industry in Asia-Pacific is being driven by the growth in demand for metal-based automobile parts as well as the growing demand for fuel-efficient automobiles. Over the forecast period, increased financing for research and development and standardization of technologies are expected to boost the surface technology market growth.
North America held the significant share in the market due to technical improvements and rising acceptance of technology in a diverse range of sectors. Furthermore, increasing demand from various end-use industries, particularly the aerospace and defense sector, increasing penetration of surface technology in power generation, oil & gas, and automotive, growth in demand for fuel-efficient vehicles, and rapidly increasing global industrialization are major growth drivers for the surface technology market.
The rising automotive industry in Latin America, the Middle East, and Africa is likely to offer attractive prospects over the forecast period. Booming demand for Surface technology, especially in countries such as Brazil, and Mexico, is expected to escalate the growth of the market. Further, the surging demand for high quality metal in the Middle East and Africa region is expected to propel the growth of the surface technology market. Metal is primarily used in the aerospace and automotive industry to give a great performance.
Competitive Landscape
The rising demand for surface treatments in industries such as automotive, heavy machinery, aerospace, and defense is propelling this market forward. The automotive industry is a significant end user of surface treatment services, accounting for more than 18% of the global surface technology services market. The global surface technology market is extremely lucrative, appealing, and profitable for both existing players and new entrants. Simultaneously, fierce rivalry among existing competitors has been observed. According to our findings, market participants have used various strategies such as strategic agreements, acquisition, and expansion to improve their business and position in the global surface technology market.
Key players in the surface technology market are Bodycote, DOWA Thermotech Co., Ltd., Schaeffler Group, Linde Plc, Aalberts Surface technology, Guangdong Strong Metal Technology Co., Ltd, Harterei Reese, FPM Heat Treating, Paulo, Surface Technology, Inc.
Report Overview:
The surface technology market is segmented by type, application and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global surface technology  emerging and fast-growing segments, regions, and countries.
Objectives of the Study
Intended Audience
Report Attribute/Metric | Details |
---|---|
Market Size | 2030: 4,93,297.7 million |
CAGR | 4.98 % CAGR (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type and Application |
Geographies Covered | North America ,Europe, Asia-Pacific,South America, Middle East ,Africa |
Key Vendors | Bodycote, DOWA Thermotech Co., Ltd., Schaeffler Group, Linde Plc, Aalberts Surface technology, Guangdong Strong Metal Technology Co., Ltd, Harterei Reese, FPM Heat Treating, Paulo, Surface Technology, Inc. |
Key Market Opportunities | Surface technology for additive manufacturing |
Key Market Drivers | Use in the automotive industry |
The global surface technology market would register a growth of 4.98%.
Automotive industry, will play a crucial role in taking the surface technology market ahead
Fluctuations in raw material availability, is the key restraining factor for the global surface technology market
China would set the trend in the surface technology market