DUBLIN, Oct. 5, 2023 /PRNewswire/ — The “Automotive Chromium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
In 2022, the global automotive chromium market achieved a significant size, reaching US$ 1.8 Billion. Projections indicate robust growth in the coming years, with the market expected to reach US$ 2.3 Billion by 2028. This growth trajectory reflects a steady Compound Annual Growth Rate (CAGR) of 4.9% during the period from 2023 to 2028.
Chromium (Cr), an essential trace metal with a distinctive blue tinge, is produced through the reduction of chromite with carbon in an electric arc furnace. The electroplating technique is employed to add a thin layer of chromium to various metal objects, enhancing their surface appearance and hardness.
Moreover, it contributes to the durability, metallurgical properties, and corrosion resistance of the product. Automotive manufacturers widely employ chromium in decorative or functional plating on various interior and exterior vehicle components, including bumpers, grilles, logos, headlights, wheel skins, handles, and fuel doors.
Market Trends:
The expanding automotive sector has generated a growing demand for decorative chrome plating, protecting conventional and passenger vehicles from corrosion and scratches while providing a glossy finish. Chromium’s resistance to oxidation, rust, and tarnish makes it a preferred choice for automobile manufacturers as a decorative topcoat on stainless steel or nickel-plated parts.
Furthermore, the market is driven by the need for lightweight vehicle components to enhance vehicle lifespan and performance, rising disposable incomes, and evolving consumer preferences.
Technological advancements and the establishment of smart automobile production facilities with reduced operational costs are additional contributors to market growth. Consumers are increasingly drawn to aesthetically appealing vehicles adorned with trendy chrome finishes. The market is also influenced by the customization trend and strategic collaborations among key players to introduce innovative product variants that cater to evolving consumer needs.
Key Market Segmentation:
The report provides an in-depth analysis of key trends within each sub-segment of the global automotive chromium market, offering forecasts at the global, regional, and country levels from 2023 to 2028. The market is segmented based on application and end-user.
Application Insights:
- Decorative Plating
- Functional Plating
End-User Insights:
- Passenger Vehicles
- Commercial Vehicles
The report includes a detailed breakdown and analysis of the automotive chromium market by application and end-user, with decorative plating representing a substantial share.
The report also features a comprehensive analysis of major regional markets, encompassing North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. According to the report, Asia-Pacific leads the global automotive chromium market, driven by increasing demand across various industries and technological advancements.
Competitive Landscape:
The report provides an in-depth analysis of the competitive landscape in the global automotive chromium market. It covers market structure, market share held by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant.
Additionally, the report includes detailed profiles of major companies in the industry, such as Allied Finishing Inc., American Electroplating Company, Arlington Plating Company, Atotech, Borough Ltd., Chem Processing Inc., Douglas Metal Finishing Limited, Galva Decoparts Pvt. Ltd., Kakihara Industries Co. Ltd., MacDermid Inc. (Element Solutions Inc.), Plamingo Ltd., and Sarrel, among others. Please note that this represents only a partial list of companies, and the complete list is available in the report.
Key Questions Answered in This Report:
- What was the size of the global automotive chromium market in 2022?
- What is the expected growth rate of the global automotive chromium market during 2023-2028?
- What are the key factors driving the global automotive chromium market?
- What impact has COVID-19 had on the global automotive chromium market?
- What is the breakdown of the global automotive chromium market by application?
- What is the breakdown of the global automotive chromium market by end-user?
- What are the key regions in the global automotive chromium market?
- Who are the key players/companies in the global automotive chromium market?
For more information about this report visit https://www.researchandmarkets.com/r/id6pc8
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SOURCE Research and Markets
