The global metal cleaning chemicals market is estimated at USD 13.3 Billion in 2022 and is forecast to surpass USD 18.9 Billion by 2032, growing at a CAGR of 3.5% from 2022 to 2032.
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Opportunities await for the metal cleaning chemicals market in the form of green and clean alternatives. Manufacturers have been considering the gravity of these impositions, and are striving to develop bio-based alternatives that are friendly to human beings and the environment. As a result, the metal cleaning chemicals market could witness an uptick in sales during the forecast period of 2022 to 2032.
Key Takeaways from Metal Cleaning Chemicals Market Study
- Among the metals, steel is set to contribute a significant share to the metal cleaning chemicals market during the forecast period, on account of the cleaning requisites for household and industrial machinery and equipment.
- Aqueous metal cleaning chemicals are likely to remain preferred cleaning agents over the solvent ones, owing to their degreasing and anti-corrosive properties, which are found to be favorable for cleaning hard surfaces and stains.
- Asia Pacific is anticipated to hold optimum opportunities for the advancement of the metal cleaning chemicals market during the forecast period. Growth will be underpinned by rapid rise in industrialization.
- The metal cleaning chemicals market will grow at a slow pace in North America and Europe, owing to strict impositions regarding the production of toxic cleaners that have an adverse impact on the surroundings.
- Increasing importance of hygiene, owing to the spread of coronavirus, is expected to push the growth of the metal cleaning chemicals market to a positive scale. On the flip side, lockdowns could deter demand coming in from various end-use industries.
“Looking at the current market scenario, growth of the metal cleaning chemicals market seems steady under the effect of the pandemic. However, green alternatives to these products and demand for metal cleaning chemicals from the transportation industry upon the commencement of industrial operations are likely to boost opportunities for the market,”opines a seasoned analyst at FACT.MR.
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Metal Cleaning Chemicals Market: Key Players
Chemicals market players have been leveraging both, organic as well as inorganic growth strategies to survive and grow in the industry. Organic strategies adopted by players in the metal cleaning chemicals market include product launches, development of patents, product approvals, and organization of events.
- For instance, Eastman Chemical Company has been operating as a specialist for the production of hard surface cleaners and industrial metal cleaners with its wide range of solvents used for metal cleaning.
Moreover, inorganic means of growth in the metal cleaning chemicals market are in the form of acquisitions, expansion, mergers, and increase in production capacity.
- For instance, Stephan Company has zoomed-in its focus on the acquisition strategy to supply the growing demand for the product. In March 2020, it announced that it had acquired NatSureFact Business from Logos Technologies for its rhamnolipid-based product line of bio-surfactants that are obtained from renewable sources.
- In addition, Evonik Industries, another key player operating in the metal cleaning chemicals market, announced that it had doubled its production capacity of polyamide Trogamid CX at its Marl facility based in Germany, as of April 2020.
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