Automotive Chromium Finishing Market to exceed $4.5 Bn by 2027
Published Date: February 1, 2021 Authors: Kiran Pulidindi, Akshay Prakash
Automotive Chromium Finishing Market size is likely to surpass USD 4.5 billion by 2027, according to a new research report by Global Market Insights, Inc.
The superior product characteristics are projected to increase sales of the automotive chromium finishing industry. Chromium finishing offers bright & shiny look and durability and decorative features to automotive interior and exterior parts. Additionally, carmakers are focusing on offering customized models, further propelling the industry advancement in the automobile sector.
Stringent government regulations over the usage of chromium chemicals are expected to negatively affect automotive chromium finishing market growth. Major government bodies including The European Chemicals Agency (ECHA), the U.S. Environmental Protection Agency (EPA), etc., have provided safety guidelines for classification, labeling, testing, and packaging of chromium chemicals. However, automobile companies are using substitutes, which will slowdown industry penetration. Increasing product penetration in the electric vehicles segment will enhance product demand.
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Plastic materials segment is poised to witness around 4% CAGR through 2021 to 2027. The growing trend of using lightweight materials in automobiles may drive penetration of plastics in the automobile sector.
Hard chrome is anticipated to hold a lower share through 2027 due to its increasing replacement with other finishing processes. Hard chrome is often applied to provide wear resistance and toughening properties onto automotive plated parts. These products are generally applied on parts with a thick layer of chrome ranging from 20 to 100 micrometers. Besides, hard chrome plating is substituted by thermal spray, nickel-tungsten plating, etc., which will be limiting its growth.
Browse key industry insights spread across 145 pages with 157 market data tables & 20 figures & charts from the report, “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” in detail along with the table of contents:
Aftermarket segment to bank upon increasing consumer spending on vehicle aesthetics
The automotive aftermarket is forecast to capture more than 80% share by 2027 driven by regular service and maintenance of automotive exterior parts. The rising number of car restoration centers across Asia Pacific is further fueling the demand of aftermarket segment.
LCV vehicle segment is projected to witness around 2.5% CAGR in automotive chromium finishing market during 2021 to 2027. Chrome-plated parts provide protection against rusting and are easier to clean, enhancing their penetration. The rising need for increasing performance and lifespan of various steel parts is predicted to drive market share.
Presence of multiple luxury vehicle manufacturers will drive regional penetration
Europe accounted for more than 25% of the automotive chromium finishing market revenue share in 2020. The presence of a large number of car making companies in Germany is driving product consumption across the region. German automakers in the luxury car segment reported an increase in the number of units sold in 2019. Mercedes Benz, Porsche, and BMW reported an average increase of 1.3%, 10%, and 2%, respectively, in sales of premium cars from 2018 to 2019. The rising penetration of premium cars across major countries will again drive the sales of automotive chromium finishing.
The key manufacturers in the global automotive chromium finishing market are Borogh, MacDermid, Synergies Casting, Valley Chrome Plating Inc., Atotech, U.S. Chrome, etc. Although the automotive chrome finishing market has huge upside potential, and many car manufacturers are looking for an alternative to meet the ever changing consumer demand. In November 2020, MG Hector planned to customize its SUV model using chrome delete concept India. However, superior product characteristics and rising demand for luxury car across the world will provide opportunity to new players in 2027.