Automotive Chromium Market Size – Industry Structure Evaluation, Demand Drivers Analysis, Regional Growth Analysis and Identification, Competitive Positioning Review & Global Market Size Forecast to 2029
Overview
Automotive Chromium Market was valued at US$ 0.09 Bn in 2022 and is expected to reach US$ 0.13 Bn by 2029, at a CAGR of 5.30% during a forecast period.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Automotive Chromium market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focus on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies and regional presence. The report also provide PEST analysis, PORTER’s analysis, SWOT analysis to address question of shareholders to prioritizing the efforts and investment in near future to emerging segment in Automotive Chromium market.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
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Rising chromium plating demand from the passenger vehicles segment, on account of its superior corrosion resistance properties will enhance the market growth over the forecast period. Chrome plating is being gradually used for plating various passenger vehicle components such as bumpers, grills, mirror covers, inner & outer door handle, interior decorative parts, headrest and other parts. Additionally, the growing popularity of chrome plating in passenger vehicles, since it enhances aesthetics is expected to boost the market growth over the forecast period. Automotive manufacturers use thin coatings to cut costs and environmental impacts. These coatings look after automotive components from corrosion and other environmental conditions. They reduce the vehicle weight and increase the service life cycle and performance.
Decorative plating is a key development that succeeds in the automotive sector for coating a variety of vehicle components, which include interior & exterior trims, wheel covers, mirror housings, emblems & logos, and door handles. Usage of metals, such as steel, which contains chromium as an essential element, for decorative plating has increased tremendous traction over the past decade. Moreover, robust demand for End user chromium has been witnessed in piston rings and piston rods. These aspects coupled with robust sales of vehicles across the globe are expected to create high demand for chromium.
Based on application, the Decorative Plating segment is expected to contribute major revenue share to the global market and is expected to maintain its dominance over the forecast period. Decorative plating is projected to witness the fastest growth at a high CAGR owing to its superior corrosion and wear resistance properties. Decorative coatings are typically used for decorative applications. Nevertheless, exterior decorative coatings furthermore provide protection from various environmental conditions. These coatings are applied to local appliances for better looks and corrosion protection. Decorative coatings has extensive range of applications in new constructions and remodeling of older buildings. Decorative coatings certify that the buildings have the longest life span as possible. These coatings are highly useful for improving the sheet life, its usage and aesthetic value of the residential and commercial buildings.
Geographically, North America market is expected to witness significant market development and was estimated at high CAGR in 2022 on account of rising demand from the two wheelers and passenger vehicle segment. Demand in Asia Pacific was valued at high CAGR in 2017 and is likely to remain the second largest market during the period from 2022 to 2029. This development can be credited to the shift of production facilities in emerging markets such as China and India owing to the lower operational expenditure as compared to that in developed regions. This in-turn would result in significant demand for chrome plating in Asia Pacific over the forecast period.
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| Automotive Chromium Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2022 | Forecast Period: | 2023-2029 |
| Historical Data: | 2017 to 2022 | Market Size in 2022: | US $ 0.09 Bn. |
| Forecast Period 2023 to 2029 CAGR: | 5.30% | Market Size in 2029: | US $ 0.13 Bn. |
| Segments Covered: | by End User | • Two Wheelers • Passenger Vehicles • Commercial Vehicles |
|
| by Application | • Decorative Plating • Functional Plating |
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Automotive Chromium Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Automotive Chromium Market Key Players:
• Macdermid Enthone Inc.
• Kakihara Industries Co. Ltd.
• Sarrel
• MVC Holdings
• Lund International Inc.
• HELLA KGaA Hueck & Co
• Thule Group AB,
• Oakmore Pty Ltd
• Mont Blanc Industri AB
• Minth Group
• Magna
• Rotorua Electroplaters Ltd
• Chem Processing Inc.
• Hester Fabrication
• African Electroplating
• Allied Finishing, Inc
• Atotech Deutschland GmbH
• Borough Ltd
• Chromium, Inc
Frequently Asked Questions:
1. Which region has the largest share in Global Automotive Chromium Market?
Ans: North America region held the highest share in 2022.
2. What is the growth rate of Global Automotive Chromium Market?
Ans: The Global Automotive Chromium Market is growing at a CAGR of 5.30% during forecasting period 2023-2029.
3. What is scope of the Global Automotive Chromium Market report?
Ans: Global Automotive Chromium Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Automotive Chromium Market?
Ans: The important key players in the Global Automotive Chromium Market are – Macdermid Enthone Inc., Kakihara Industries Co. Ltd., Sarrel, MVC Holdings, Lund International Inc., HELLA KGaA Hueck & Co, Thule Group AB,, Oakmore Pty Ltd, Mont Blanc Industri AB, Minth Group, Magna, Rotorua Electroplaters Ltd, Chem Processing Inc., Hester Fabrication, African Electroplating, Allied Finishing, Inc, Atotech Deutschland GmbH, Borough Ltd, Chromium, and Inc
5. What is the study period of this Market?
Ans: The Global Automotive Chromium Market is studied from 2022 to 2029.