Phosphate Conversion Coatings Industry Size, Share, Demand & Growth by 2028
Future Market Insights (FMI), Dubai: As per exhaustive research by FMI, the global phosphate conversion coatings market is poised to total US$ 1.86 Billion 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 surface. 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.
Consecutively, increasing demand for automotive vehicles across the countries such as the USA, 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 a 4% CAGR, surpassing US$ 2.36 Billion 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.
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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.
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.
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing — ‘The Way Forward’.
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