In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Metal polishing is a finishing process wherein abrasive materials are used to smoothen metal surfaces. Polishing of a metal results in the production of a smooth and shiny metal surface, which is durable and resistant to external weather and other physical conditions. The growth in the polishing industry is majorly on the back of growing consumer demand for aesthetics in various industries. The process is carried out using an extractible abrasive, which is mounted on a spinner, along with a motor unit, power source, and gearbox. In 2019, the North America metal polishing market accounted for a market value of USD 13,251.0 million and is expected to grow at a CAGR of around 9%, over the forecast period, i.e., 2021-2027. The market is bifurcated by country into the U.S. and the Canada. The U.S. metal polishing market garnered the highest market value of around USD 11,760 Million in 2019, and the metal polishing market in Canada crossed market valuation of USD 1,475 Million in the same year.
The North America metal polishing market is segmented by finishing type into metal plating, anodizing, passivation, powder coat, and others. Metal plating is the largest finishing-type segment in the market which accounted for a market share of 35.4% in 2019. It is used to build the surface thickness and thereby provide numerous benefits to the products made from metals. On the other hand, powder coat segment held a market value of USD 2,264.4 million in the year 2019. It is used on a variety of metal surfaces on account of its durability and resistance to moisture, chemicals, UV light, and other extreme weather conditions. Few other commonly used processes in metal polishing and finishing include vacuum impregnation, abrasive blasting, and shot peening. CLICK TO DOWNLOAD SAMPLE REPORT
The North America metal polishing market is segmented by substrate into steel, iron, aluminum, copper, nickel, and others. A wide variety of metal substrates are polished in order to protect, enhance appearance, and improve the overall performance of the product. Steel segment held a market share of 9.47% in the year 2019 and is expected to grow at a significant CAGR over the forecast period. Various mechanical abrasives such as alumina, zirconia, and ceramics are used for the polishing of steel and stainless-steel products utilized in various end-use sectors such as automotive, electronics, aerospace, and medical. Copper is the fastest growing substrate segment in the North America metal polishing market owing to the increasing number of applications of copper metal in the electronics industry.
The North America metal polishing market is segmented by application into mold polishing, wheels, discs & belts, surface finishing, and others, out of which, surface finishing segment held the highest market share in 2019. The primary purpose of metal polishing is to improve the surface finish of the metal product and thereby increase its durability and strength. Wheels are the fastest-growing application segment in the North America metal polishing market. These abrasive wheels are primarily used for deburring and finishing.
The North America metal polishing market is segmented by end use into residential, commercial, and industrial segment, out of which, the industrial segment is the largest end-use segment in the North America metal polishing market. Increasing adoption of metallic products in residential buildings is expected to strengthen the market growth in the forthcoming years. Some of the common applications of metal products in residential sector include home appliances, utensils, sculptures, and others. The industrial end-use segment is further segmented into marine, aircraft, medical, automotive, electronics and others. Among these segments, the automotive segment is estimated to cross market valuation of USD 2,750 Million by 2020. Metal polishing is an essential step in vehicle manufacturing, which not only provides the surface a glossy shine but also resists the corrosion of the surface, making it extremely durable to external weather conditions, thereby driving the demand for metal polishing in this sector.
Metal polishing is extensively used in the automotive sector. It provides a protective layer on the metal components of vehicles. It is used in polishing of engines, power-steering components, brake parts, chassis hardware, fuel systems, and other vehicle parts. Therefore, rapidly increasing demand for metal polishing from the automotive industry is a key factor which is anticipated to propel the market growth over the forthcoming years.
The growing demand for durable metal products in various end-use sectors such as aerospace, electronics, medical, and energy sector is another notable factor projected to strengthen market growth. Metal polishing prevents oxidation, corrosion, and contamination on the surface of all types of metals such as silver, gold, copper, brass, aluminum, iron, chrome, and steel, thereby, boosting the market growth.
COVID-19 has a severe impact on the supply chain of North America metal polishing market and has made disruption in the metal polishing operations and services provided by its market players.
78.3% manufacturers are anticipated to witness financial impact, 53.1% manufacturers are anticipated to witness change in operations, and 35.5% of the manufacturers are facing supply chain disruptions.
Moreover, the availability of high-performance polymers as a substitute for metal for various end-use industries such as automotive, aerospace, electronics, and energy is a major limiting factor which is expected to restrain the market growth over the forecast period.
Ans: Increasing demand for wear resistant metal products from various end use sectors such as automotive, medical, aerospace, and others, is anticipated to drive the market’s growth.
Ans: The market is anticipated to attain a CAGR of around 9% over the forecast period, i.e. 2021-2027.
Ans: The major players in the market are Ferro Corporation, Honeywell International Inc., Ultra Polishing Inc., American Plating Company, Praxair S.T. Technology Inc., Universal Photonics, Micro Abrasives Corporation, Four Star Group of Companies Inc. (Four St
Ans: The North America metal polishing market is majorly segmented by finishing type, substrate, application, and by end use.
Ans: The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: Availability of high-performance polymers as a substitute for metal for various end-use industries is estimated to act as a barrier to the growth of the market.