The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Metal Cleaning Chemicals Global Market Report 2023, the metal cleaning chemicals market is expected to show significant growth in the forecast period.

Key insights from the metal cleaning chemicals market forecast include:

1. Market Size

The global metal cleaning chemicals market size is expected to grow from $16.16 billion in 2022 to $17.04 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. The global metal cleaning chemicals market size is expected to grow to $20.68 billion in 2027 at a CAGR of 5.0%. Asia-Pacific was the largest region in the metal cleaning chemicals market in 2022.

2. Major Driver

The surging demand for metals is expected to propel the growth of the metal cleaning chemicals market going forward. Metals are naturally occurring substances characterized by high electrical and thermal conductivity. Metal cleaning chemicals are used for cleaning and protecting the surface of metals from rusting and corrosion. Hence, metal cleaning chemicals find application in metal manufacturing processes. For instance, according to the World Bank, a US-based international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects, the global metal demand increased by nearly 4% in Q3 of 2021. The manufacturing PMI (Purchasing Managers Index) increased to 54.3 in October. Furthermore, according to Moody’s Investors Service, a US-based company providing bond credit rating services, steel demand in India is expected to increase by approximately 10% throughout 2022. Therefore, the increasing demand for metals is driving the growth of the metal cleaning chemicals market forward.

View More On The Metal Cleaning Chemicals Market Report 2023 – https://www.thebusinessresearchcompany.com/report/metal-cleaning-chemicals-global-market-report

3. Key Trend

Technology advancement is a key trend gaining popularity in the metal cleaning chemicals market. Major companies operating in the metal cleaning chemicals market are introducing new technologically advanced products to strengthen their market position. For instance, in July 2020, Evonik Industries AG, a Germany-based specialty chemicals company launched TOMADOL 904, a multifunctional surfactant for hard surface cleaning applications in North America. Multifunctional surfactant-enabled formulations can improve customer awareness of product composition by utilizing fewer chemicals. Excellent all-around performance is offered by TOMADOL 904, which effectively emulsifies soils and penetrates quickly. Customers may enhance the sustainability of their cleaning product compositions thanks to this product launch. Beyond only cleaning performance, TOMADOL 904 offers formulators many advantages because it can perform multiple functions in a formula. Multifunctional surfactants like TOMADOL 904 help ease the challenges of raw material inventory and related supply chain concerns by streamlining the creation of a cleaning recipe. Through the elimination of unnecessary components, it can also result in much cheaper overall formula costs.

4. Major Players

Major players in the metal cleaning chemicals market are Air Products and Chemicals Inc., DowDupont Inc., Emerson Electric Company, Houghton International Inc., Oxiteno S.A., Rochestor Midland Corporation, Stepan Company, The Chemours Company, BASF SE, NuGenTec Company, KYZEN Corporation, Lincoln Chemical Corporation, Delstar Metal Finishing Inc., Crest Chemicals, Zavenir Daubert, Modern Chemical Inc., Hubbard Hall, ICL Group Ltd., and PCC Chemax Inc.

5. Top Market Segments

1) By Ingredients: Chelating Agent, Surfactant, Solvents, Solubilizers pH Regulators, Other Ingredients
2) By Cleaner: Aqueous, Solvents
3) By Applications: Steel, Aluminum, Copper Alloys, Brass, Other Applications
4) By End-Use Industry: Automotive and Aerospace, Manufacturing, Healthcare, Other End-Use Industries

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The Metal Cleaning Chemicals Global Market Report 2023  provides an in-depth analysis on the metal cleaning chemicals market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the metal cleaning chemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Metal Matrix Composite Global Market Report 2023
Metal And Mineral Global Market Report 2023
Rare Earth Metals Global Market Report 2023

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