Automotive Chromium Finishing Market Size By Base Material (Metal [Steel, Aluminum], Plastics), By Process (Decorative Chrome, Hard Chrome), By End-user (Automotive OEM, Automotive Aftermarket), By Vehicle (Passenger Car, LCV, HCV, Two-Wheelers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Jan 2021  |  Report ID: GMI4923  |  Authors: Kiran Pulidindi, Akshay Prakash

Report Format: PDF   |   Pages: 145   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Automotive Chromium Finishing Market size exceeded USD 3.98 billion in 2020 and is poised to witness over 3% CAGR from 2021 to 2027. Superior aesthetic and functional characteristics of the product is escalating industry growth.
 

The automotive chromium finishing sector is likely to see significant growth owing to increasing sales of luxury vehicles across the world. Premium car manufacturers have reported a considerable increase in the number of cars sold over the past few years. This can be mainly attributed to the increasing number of High Net Worth Individuals (HNI) and Ultra High Net Worth Individuals (HNI) around the globe. The rising demand for aesthetically appealing colors along with trending chrome wrapping onto the exterior part of the vehicle is propelling industry development in this segment.
 

Automotive Chromium Finishing Market

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Another key growth enabling factor is increase in vehicle sales in Asia Pacific. Passenger car sales across countries including China, Japan, India, etc., have showcased stable growth over the past few years, which is mainly supported by increasing deployment of electric vehicles in these countries. China reported production of around 2.58 million units of battery-enabled vehicles and 0.77 million units of plug-in hybrid electric cars in 2019. These figures are increasing at a rapid rate due to rising concerns over carbon emission and increasing government focus on sustainability.
 

Ongoing coronavirus pandemic had slowed down the growth of automotive chromium finishing market between 2019 and 2020 impelled by the temporary suspension of repair shops and maintenance activities of vehicles. Globally, car manufacturers have faced significant losses in terms of revenue on account of international trade restrictions and stoppage in production. North America and Europe observed significant drop in growth rate of the automotive chromium finishing sector during the pandemic year. This will be subjected to vehicle output coupled with reopening of repair shops in their respective countries for 2020.
 

Automotive Chromium Finishing Market Report Coverage
Report Coverage Details
Base Year: 2020 Market Size in 2020: USD 3.908 Billion
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2027
Forecast Period 2021 to 2027 CAGR: 3.0% 2027 Value Projection: USD 4.748 Billion
Pages: 145 Tables, Charts & Figures: 177
Geographies covered (20): U.S., Canada, Germany, U.K., France, Spain, Italy, Russia, Poland, China, India, Japan, South Korea, Thailand, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE
Segments covered: Base Material, Process, End-user, Vehicle, Region
Companies covered (10): Atotech, MacDermid Inc., U.S. Chrome, Borogh UK, Taiyo Technology of America Inc., COLLINI GRUPPE, Valley Chrome Plating, Inc., F.H. Lambert Limited, Synergies Casting Inc., Eakas Corporation
Growth Drivers:
  • Rising penetration of electric vehicles worldwide
  • Increasing repair and maintenance activities in the automotive sector
Pitfalls & Challenges:
  • Stringent regulations over the usage of chromium chemicals
  • Adverse impact of coronavirus pandemic on industry revenue

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High popularity of plated parts will drive the demand in metal segment

The metal material segment generated over USD 3 billion in 2020. Chrome-plated parts are gaining attention from part manufacturers including alloy wheels, grills, fuel doors, piston rods, etc. Additionally, increasing product demand for decorative purposes is fueling the need for chrome finishing in the automotive sector. Rising vehicle sales along with increase in revenue of premium & luxury car is predicted to increase the product demand.
 

Decorative chrome segment to dominate global market

The decorative chrome segment is expected to hold more than 85% of the automotive chromium finishing market share through 2027 driven by increasing product consumption in the automotive aftermarket segment. The thickness of decorative chrome ranges between 0.05 and 0.5 microns and can be usually applied on bright copper or nickel plating. These products offer excellent corrosion protection and possess high durability, further increasing their popularity in the automotive chromium finishing sector.
 

Increasing car production will spur the revenue share of OEM end user

Automotive OEM segment is projected to expand at around 2% CAGR during 2021 to 2027. Car manufacturers including BMW, Ford, Daimler, Bentley, etc., utilize chrome finishing for both decorative as well as functional applications. The rising production of vehicles across the globe will boost the share of OEMs through 2027. Additionally, premium car manufacturers are also focusing on introducing electric cars in the market, which is supporting the product demand.
 

Passenger cars to occupy majority portion of global sales

Automotive Chromium Finishing Market Size

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Passenger cars segment is estimated to capture above 85% of the automotive chromium finishing market share in 2027. The rising disposable income in emerging economies is driving the sales of passenger cars. Chromium is well known for its superior characteristics including excellent hardness, high durability, superior corrosion resistance, etc., further enhancing its dominance in the industry. However, many car manufacturers are investing in alternative finishing methods owing to the hazardous nature of chrome. Such trends may hamper the overall growth rate of the automotive chrome finishing industry in the passenger car segment post 2027.
 

Expansion of repair shops to observe significant growth in APAC

Automotive Chromium Finishing Market Share

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Asia Pacific automotive chromium finishing market size is forecast to account for more than 50% share by 2027. Increasing sales of passenger cars and rising repair and maintenance activities of vehicles is fueling the regional market revenue.
 

The growing penetration of electric vehicles in Asia Pacific is anticipated to drive the revenue share of chromium finishing in the automotive sector by 2027. Japan has planned to impose ban on sales of new petrol cars by 2050, which is expected to increase the sales of hybrid and electric cars. Such trends will create the need for plated parts and car plating in the region, further increasing the share of chrome finishing in the long term.
 

Strategic expansion and product development may enhance top player’s market share

The automotive chromium finishing market is highly fragmented due to presence of multiple small-to-medium scale manufacturers. Some of the major market players are Atotech, MacDermid, Borogh, Synergies Casting, and U.S. Chrome. The key strategies adopted by these players include capacity expansion, new product launches, and strategic partnerships with industry participants.
 

The market research report on automotive chromium finishing includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2017 to 2027 for the following segments:
 

Market, By Base Material

  • Metal
    • Steel
    • Aluminum
    • Others (zinc, copper, non-ferrous metals, etc.)
  • Plastics

Market, Process By End-user

  • Decorative chrome
    • Automotive OEM
    • Automotive Aftermarket
  • Hard chrome
    • Automotive OEM
    • Automotive Aftermarket

Market, By End-user

  • Automotive OEM
  • Automotive Aftermarket

Market, By Vehicle

  • Passenger car
  • LCV
  • HCV
  • Two-wheelers

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Russia
    • Poland
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Thailand
  • LATAM
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • South Africa
    • Saudi Arabia
    • UAE
       

Frequently Asked Questions (FAQ) :

Automotive chromium finishing market share valued at over USD 3.98 billion in 2020 and is likely to expand at a CAGR of more than 3% through 2027.
Metal material segment surpassed USD 3 billion in 2020 owing to the increasing number of vehicle sales and increasing revenue of luxury and premium cars.
By 2027, decorative chrome is poised to capture over 85% market share driven by its benefits like high durability and excellent corrosion protection.
Passenger cars segment is forecast to account for over 85% of the automotive chromium finishing industry revenue by 2027 driven by the rising disposable incomes in developing nations.
Asia Pacific is set to hold over 50% market share by 2027 owing to the growing repair and maintenance activities.

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Premium Report Details

  • Published Date: Jan 2021
  • Pages: 145
  • Tables: 157
  • Charts / Figures: 20
  • Companies covered: 10
  • Countries covered: 20

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