The chemical surface treatments market is projected to grow from USD 11.18 billion in 2017 to USD 14.74 billion by 2022, at a CAGR of 5.7% from 2017 to 2022. Companies such as Platform Specialty Products Corporation (US), NOF Corporation (Japan), Atotech Deutschland GmbH (Germany), Henkel AG & Co. KGaA (Germany), Chemetall, Inc. (Germany), Nihon Parkerizing Co., Ltd. (Japan), and PPG Industries, Inc. (US) have adopted both, organic as well as inorganic strategies such as new product & technology launches, joint ventures & acquisitions, investments & expansions, and agreements to serve their customers efficiently and increase their market shares in the chemical surface treatment market.
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The plastics base material segment is projected to lead the chemical surface treatments market between 2017 and 2022. Plastics are replacing metals in various industries such as transportation and general industry, owing to various advantages offered by them that include lower costs, lower maintenance requirements, simplified designs, lightweight, and better chemical resistance over metals. Due to these properties, several end-use industries consider plastics more sustainable option than metals.
New product & technology launches were among the key strategies adopted by the major players to strengthen their position in the chemical surface treatments market between 2015 and 2017. This strategy accounted for a share of 35.7% of the total growth strategies adopted by the leading market players between 2015 and 2017. Companies operating in the chemical surface treatments market adopted the strategy of investments & expansions to expand their regional presence. This strategy accounted for a share of 21.4% of the total growth strategies adopted by the leading market players between 2015 and 2017. The strategy of joint ventures & acquisitions accounted for a share of 32.1% of the total growth strategies adopted by the market players between 2015 and 2017. The strategy of agreements accounted for the share of 10.7% of the total growth strategies adopted by the market players between 2015 and 2017.
Platform Specialty Products Corporation (US), which is one of the leading manufacturers of chemical surface treatments, adopted the strategy of joint ventures & acquisitions as its primary growth strategy. The company offers chemical surface treatments through its performance solutions business segment. The company is strengthening its foothold in the chemical surface treatments market and has adopted the strategy of joint ventures & acquisitions for the same. In December 2015, the company acquired Alent plc (UK). This acquisition aimed at helping Platform Specialty Products Corporation become a global diversified specialty chemicals company. This acquisition expanded the existing surface treatment operations of the company across the globe. In October 2015, the company acquired OM Group, Inc. (US). This acquisition helped the company in enhancing its chemical and material sciences product portfolio. These strategies helped the company to strengthen its position in the chemical surface treatments market.
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Atotech Deutschland GmbH (Germany) is also one of the leading manufacturers of chemical surface treatments across the globe. The company has a strong client base. It is continuously expanding its distribution networks to serve its customers efficiently. The company offers its customized products across the globe. It is focused on strengthening its position in the chemical surface treatments market by adopting various inorganic and organic growth strategies. In September 2017, the company introduced a new activation system to ensure cost saving during palladium processing of base materials as compared to conventional processing. It broadened the product portfolio of the company for chemical surface treatments. Similarly, in January 2017, it acquired plating on plastics technology of Pegastech (France). This acquisition helped the company in promoting its sustainable surface finishing technologies.
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