Automotive Chromium Finishing Market Size

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.

To get key market trends

  Download Free Sample

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.