Published Date : Nov 08, 2016
The metal cleaning equipment market in Europe is moderately fragmented. The established players operating in the market are resorting to mergers and acquisitions to gain a stronghold in the market. They have been significantly investing in research and development to design advanced metal cleaning equipment.
A majority of the demand for metal cleaning equipment stems from manufacturing and processing industries, which is catered by a handful of companies in Europe. In the coming years however, the scenario is projected to change, as the market shifts from solvent-based to aqueous-based metal cleaning solutions. While this would create growth opportunities for enterprises operating in the market, it will also require adequate investment for the research and development of aqueous-based metal cleaning equipment.
As per a new report by Transparency Market Research (TMR), the Europe metal cleaning equipment market, which stood at US$731.7 mn in 2015 is projected to reach US$1.2 bn by the end of 2024. If the figures hold true, the market will exhibit a CAGR of 6.2% between 2016 and 2024.
Demand for Aqueous-based Metal Cleaning Equipment Projected to Increase
Currently, the segment of water-based metal cleaning equipment is exhibiting immense growth opportunities as industries look for alternatives to solvent-based equipment. Harmful emissions from chemicals used in solvent-based metal cleaning equipment have been linked to negative effects on environments and health concerns among workers. Considering the implications, stringent regulations are implemented to curb the use of solvent-based equipment will encouraging proliferation of aqueous-based solutions.
While the solvent-based metal cleaning equipment segment holds leading share in the market, it is soon expected to lose its share to the aqueous-based metal cleaning equipment segment.
Germany Dominates Metal Cleaning Equipment Market in Europe
Regionally, Germany is the largest revenue generator in the metal cleaning equipment market in Europe. Many small and medium scale companies are domiciled in Germany, which has considerably aided the expansion of the metal cleaning equipment market in the country. Besides this, several leading metal cleaning equipment manufacturers are present in the country. This, combined with the rising number of start-ups, is boosting the metal cleaning equipment market in Germany. In 2015, the country held a dominant share of 24.6% in the Europe metal cleaning equipment market. Over the forecast period, the market is also expected to witness significantly rising opportunities in Russia.