The phosphate conversion coatings industry is experiencing significant growth in the automotive industry due to its ability to transform the metal surfaces of auto components into non-metallic crystalline surfaces. Companies operating in the global market are pulling up their socks and getting into mergers and acquisitions to increase their consumer base and promote product expansion in order to satisfy the increasing demands of consumers.
Future Market Insights (FMI), based in Dubai:The global phosphate conversion coatings market is anticipated to reach US$ 1.86 billion in 2022, according to FMI’s detailed research. Phosphate conversion coatings are in great demand because to their increasing application in casing connector construction to increase sealing performance.
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Phosphate conversion coatings change the surface of the base metal to a non-metallic crystalline surface. This improves the look, the corrosion resistance, and the adhesion and lubrication. As a result, these coatings are widely employed in the automobile industry to improve auto components such as car chassis, engine mounts, and wheels.
Increasing demand for automotive cars in nations such as the United States, China, Germany, and India is expected to assist market expansion. As a result, sales of phosphate conversion coatings are expected to grow at a 4.0% CAGR, surpassing US$ 2,359.6 million between 2022 and 2028.
Growing demand in the building and construction industry for the treatment of aluminum, zinc, and steel to provide a thin adherent layer as a foundation for further painting and coatings is driving market expansion. This has aided the market’s 4% year-over-year increase in 2021.
Manganese phosphate conversion coatings are expected to be the most popular coating type based on product category. According to FMI, the segment will increase at a 4.3% CAGR through 2028. Excellent oil retention and wear resistance qualities for corrosion resistance and lubricity are contributing elements to the segment’s growth.
“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.
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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 the 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 of the Asia Pacific market, owing to the increasing demand for automotive vehicles in the country.
- Based on the end-use industry, the automotive segment is estimated to register the fastest growth in the market, accounting for more than 2% of 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 sales across the manganese segment.
Key Restraints
- The 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 sales in the market.
Competitive Landscape
Key manufacturers in the phosphate conversion coatings market are investing in strategic collaborations, mergers, and acquisitions to expand their production capacities. Also, some of the companies are focusing on developing and launching new phosphate conversion coatings to expand their product portfolio.
For instance,
- In September 2020, PPG Industries, Inc, a global supplier of paints, coatings, and specialty materials announced showcasing its eco-friendly and high-performance coating products and technologies such as DESOTHANE® CA 9000 basecoat/clearcoat system, MASTER’S MARK™ ECO TOUCH™ interior latex coatings, ENVIROCRON® EXTREME PROTECTION EDGE powder coatings, and other to increase its market share.
- In January 2018, BASF’s coatings division, a leading conversion coatings manufacturer announced acquiring a global supplier of surface treatment technologies Chemetall. The acquisition assisted the company to expand its surface treatment product portfolio and strengthen its customer base in the coating market
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Top Key Player in the Global Industry
- Henkel AG & Co. KGaA
- PPG Industries, Inc
- The Sherwin-Williams Company
- Axalta Coating Systems, LLC
- Kansai Paint Co., Ltd.
- Chemetall GmbH
- Nihon Parkerizing Co., Ltd.
- Keystone Corporation
- Freiborne Industries, Inc.
- Hubbard-Hall Inc.
- Crest Industrial Chemicals, Inc.
- Westchem Technologies Inc.
Key Segmentation
By Product Type:
- Manganese Phosphate Conversion Coating
- Iron Phosphate Conversion Coating
- Zinc Phosphate Conversion Coating
By Substrate:
- Cast Iron
- Steel
- Others (Aluminum, Magnesium, Titanium)
By End-use Industry:
- Automotive
- Food & Beverages
- Consumer Appliances
- Others (Healthcare, Chemical/ Petrochemical, Aerospace, etc.)
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- China
- India
- Japan
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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