The Global "Automotive Chromium Market" is expected to grow at a CAGR of 7.1% during the forecasting period (2022-2029).
Due to rising chromium plating demand from the passenger vehicles segment, its superior corrosion resistance properties will augment the market growth during the forecast period.
Chrome plating is a technique of electroplating a thin layer of chromium onto a metal object. The chromed layer can be decorative, corrosion resistance, ease cleaning procedures, or increase surface hardness. Sometimes, a less expensive imitator of chrome may be used for aesthetic purposes.
The report covers all the major trends and drivers playing a key role in the growth of the Automotive Chromium market. The automotive Chromium market is segmented by Product Type, Technology, End-user and Region.
The global Automotive Chromium market is primarily driven by the growing automotive industry and the rise in demand for chrome plating from developing countries such as India and China. Chrome plating protects automotive components from corrosion, scratch, and wear and tear. It provides brightness and enhances their appearance. Hexavalent and trivalent chromium are popularly used for decorative chromium plating of automotive components. Decorative chrome plating is mainly applied to exterior automotive components or vehicle parts such as door handles.
However, stringent environmental regulations led by various governments in matured economies are expected to pose a challenge to the growth of the automotive chromium market.
The global Automotive Chromium market is segmented into Two-wheelers, Passenger Vehicles, and Commercial Vehicles by vehicle type. Passenger vehicles accounted for the majority share in the market due to the rise in the demand for chrome paints in passenger vehicles’ interior parts and exterior parts. Chromium paint is growing its popularity as it gives a great appearance to the part painted coupled with the corrosion resistance property increase its life. With its corrosion resistance property, the demand for it in the two-wheeler segment is boosting due to the more exposed parts. Therefore, increasing the automotive chromium market for the two-wheeler segment in the forecast period.
By application, the global Automotive Chromium market is segmented into Decorative plating and Functional plating. The plating segment accounted for the largest share in the market. Decorative plating is increasingly used because of its beneficial properties such as stain and abrasion resistance, which is expected to impact the market positively. This type of plating is usually applied in the range of 0.1 - 2.0 μm and hence is used mostly for plating exterior automotive components. The properties such as abrasion and stain resistance are expected to fuel the demand for this application over the forecast period.
By geography, the global Automotive Chromium market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
In 2018, European countries were engaged in manufacturing passenger and commercial vehicles on a large scale. The innovative use of chromium to positively provide quality components as per the industry requirement is expected to impact the market during the forecast period positively.
Demand in the Asia Pacific is expected to increase and will be the second-largest market from 2019 to 2026. This growth can be attributed to the shift of production facilities in emerging markets such as China and India due to the lower operational expenditure than in developed regions.
Due to high government spending on the infrastructure sector and rising opportunities for Foreign Direct Investment (FDI), it is expected to witness significant growth, especially in countries like China and India. Moreover, the demand for Automotive Chromium in APAC is largely driven by the growing automotive sector. The rise in population and income per capita income are majorly driving the automotive industry in the region.
The automotive Chromium market is highly competitive, and thus, manufacturers continuously focus on developing new strategies to grab more customers across the globe. Over the coming years, companies are expected to focus on potential growth markets for Automotive Chromium. Besides expanding their presence, companies are expected to formulate effective distribution strategies to make their presence felt in the upcoming markets for Automotive Chromium. Merger, acquisition, and product development are key strategies adopted by leading players.
The major players in the market are Atotech, Kakihara Industries, MVC Holdings, Platform Specialty Products Corporation, and SARREL. Other prominent players in the market are MacdermidEnthone Inc., American Electroplating Company, Borough Ltd, Customchrome Plating Inc, and Rotorua Electroplaters Ltd.
For instance, Atotech recently launched the first trivalent chromium hard chrome-BluCr. With BluCr, Atotech is the first company in the electroplating industry to offer an industrial trivalent chromium hard chrome plating process. This means an alternative to hexavalent hard chrome plating.
**The Automotive Chromium Market report would provide access to an approx., 100 market data table, 135 figures, and 218 pages.
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