The latest study on phosphate conversion coatings market by the FMI provides insights into the critical opportunities facilitating the growth in the market. It examines growth prospects for the market across various segments on the basis of product type, substrate, and end use industry. The report also uncovers challenges posing threats and highlights prospects for market growth in the coming ten years.
DUBAI, U.A.E, Dec. 13, 2021 /PRNewswire/ -- Future Market Insights (FMI), Dubai: As per exhaustive research by FMI, the global phosphate conversion coatings market is poised to total US$ 1.86 Bn 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 surfaces. 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 U.S., 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 at 4% CAGR, surpassing US$ 2.36 Bn over the forecast period between 2022 and 2028.
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