Sudden boom in automotive surface treatment industry to benefit India
Recent reports have revealed that there’s an unexpected growth to be seen in the automotive surface treatment in the coming years.
Recent reports have revealed that there’s an unexpected growth to be seen in the automotive surface treatment in the coming years. The growth has already begun in 2019 and is said to go on till 2026. This article takes a close look at sudden boom in the automotive surface treatment and its effects over the Indian industries.
The automotive surface treatment segment includes major competitors such as USA, Europe, Japan, China, India and South East Asia. The types of products which are manufactured in these areas are- Anti-Rust Oil Treatment, Electric Galvanized, and Spraying etc.
Factors like MoUs, Joint Ventures, expansions, product launches, acquisitions, partnerships have played a role in the boom in the automotive surface treatment industry and big companies have used it to their advantage. The global market is highly split and companies from around the world are trying to make the most of surface treatment in one of the biggest industries in the world, which is automotive. Surface treatment services in automotive sector include work in passenger cars and commercial vehicles.
India is the 4th largest player when it comes to the automotive industry and is regularly providing new opportunities for thesurface treatment industries. Keeping in consideration the recent market boost, Indian companies working in surface treatment are set to acquire great profits. With many international companies manufacturing vehicles in India, and with the upcoming growth in electrical vehicles, surface treatments will be required more and more by not just Indian companies, but also with international companies such as Hyundai, Skoda, and Audi etc.
Jayant Joshi, MD, RS India, says, “The surface treatment industry wasn’t very prominent, talking about earlier times. Recently with the industries becoming more particular about the quality and consistency of the products they manufacture, surface treatment has come to light. With the ongoing growth in the industry, more opportunities coming our way in surface treatment. The industry is going to have a good time and become more prominent. New ventures are being started and companies are adopting new technologies to grow the reach and abilities of the surface treatment service.”
Investments have also increased in the past few years, and companies both in India and abroad are getting into international partnerships and ventures to increase the business. New technologies being introduced and with the new advancements, the industry is reaching new heights by providing better quality and better services. Commercialisation on the other hand is also increasing over time, and is set to benefit the industry in the coming years, by bringing it to everyone’s attention. More attention towards the industry will also increase the profitability, benefitting local companies to grow beyond expectations. The market is also set to expand, and become more welcoming to local companies.
Indian companies can easily benefit from the ongoing boom and can bring in profits by expanding their reach to international companies. India has the advantage of being home to lakhs of skilled workers, companies can hire such workers and can get the work done by professional and experienced people. India can rise up as a strong player in the surface treatment industry and change the market dimensions through its workforce.