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

Automotive Chromium Finishing Market Size

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.
 

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 Analysis

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.
 

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.
 

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 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.
 

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.
 

Automotive Chromium Finishing 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
• 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:

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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