According to a report published by Fact.MR, the global metal cleaning chemicals market is growing at a moderate pace, and is anticipated to record a CAGR of 3.4% from 2020 to 2030. One of the crucial drivers influencing the growth of the metal cleaning chemicals market is the rise in demand for aqueous metal cleaners from end-use industries requiring maintenance for their machinery.
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On the other side, several studies have shed light on the VOC contents of these metal cleaning chemicals that lead to the production of smog. Smog is found to have ill-effects on the bodies of animals and human beings. Given this influence, governments of numerous countries, especially developed ones, have imposed bans or imposed limitations on the production of metal cleaning chemicals.
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 2020 to 2030.
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.
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- 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.
Inorganic Growth to Remain Go-to Strategy for Market Players
As per the incisive insights included in the comprehensive report published by FACT.MR, the metal cleaning chemicals market has players operating at different tiers. Focus of significant players is on the development of products with high efficiency and green alternatives.
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Besides this, these players are also relying on inorganic growth strategies. Expansion of production capacity to push sales by meeting demand and acquisition of other companies to diversify product portfolio are likely to assist the advancement of players operating in the metal cleaning chemicals market during the forecast period.
For instance, Stephan Company has a dedicated research & development facility for brining science to sustainability. The company aims to invest nearly 80% in sustainable products as well as processes by 2023.
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