USD 1.82 billion
Automotive Chromium Finishing Market Size, Share, Growth Analysis, By Material(Metal [Steel, Aluminum]), By Vehicle(Passenger Car, LCV), By End-user(Automotive OEM, Automotive Aftermarket) - Industry Forecast 2024-2031
Report ID:
SQMIG15E2458 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|
Tables:
90 |
Figures:
74
Automotive Chromium Finishing Market Insights
Global Automotive Chromium Finishing Market size was valued at USD 1.82 billion in 2022 and is poised to grow from USD 1.91 billion in 2023 to USD 2.83 billion by 2031, growing at a CAGR of 5.02% during the forecast period (2024-2031).
The global automotive chromium finishing market is experiencing notable trends driven by increasing demand for aesthetic enhancements and corrosion resistance in the automotive industry. Chromium finishing, often used for plating automotive components, offers a high level of durability and a sleek, reflective appearance that appeals to consumers. Manufacturers are increasingly focusing on eco-friendly and sustainable finishing processes to align with environmental regulations and consumer preferences.
Furthermore, the market is witnessing innovations in advanced finishing technologies, including hexavalent chromium alternatives, which promote both environmental sustainability and worker safety. Collaboration between automotive manufacturers and finishing suppliers continues to be a crucial factor in shaping the industry's growth and innovation.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Passenger Car
Fastest Growth
Passenger Car
Growth Rate
5.02% CAGR
Global Automotive chromium finishing market ($ Bn)
Country Share for NORTH AMERICA Region (%)
Global Automotive chromium finishing market by Vehicle ($ Bn)
Global Automotive chromium finishing market by Vehicle (%)
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Automotive Chromium Finishing Market Segmental Analysis
The global automotive chromium finishing market is segmented on the basis of material, vehicle, end-user, and region. Based on material the market is segmented as Metal [Steel, Aluminum], Plastics. On the basis of vehicle the market is segmented as Passenger Car, LCV, HCV, Two-Wheelers. Based on end-user, it is segregated into Automotive OEM, Automotive Aftermarket. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Material
Metals continue to dominate the global automotive finishing market due to their long-established use in various critical components and their exceptional durability. Many essential automotive parts, such as engine components, chassis, and structural elements, are traditionally made from metals like steel and aluminum. These materials provide the required strength and performance characteristics, making them indispensable in the automotive industry.
However, Plastics are emerging as the fastest-growing material in the automotive finishing market. This growth is attributed to several factors, including the increasing emphasis on lightweighting to improve fuel efficiency and reduce emissions. Plastics offer significant weight advantages over metals while maintaining structural integrity, making them a preferred choice for components like interior trim, bumpers, and under-the-hood parts. Additionally, plastics enable greater design flexibility, cost-efficiency, and enhanced aesthetics, aligning with the automotive industry's evolving needs for sustainability and innovation.
Analysis via Vehicle
Passenger Cars currently dominate the global automotive chromium finishing market. They represent the largest share due to their higher production volumes and the emphasis on aesthetic appeal in the passenger car segment. Consumer preferences for well-finished, corrosion-resistant exteriors and interiors have contributed to the prominence of passenger cars in this market.
Moreover, Two-Wheelers are the fastest-growing segment in the global automotive chromium finishing market. This growth can be attributed to the rising popularity of motorcycles and scooters, especially in emerging markets. Manufacturers are increasingly recognizing the importance of chrome finishing to enhance the visual appeal of two-wheelers, driving demand. Additionally, the relatively smaller size of two-wheeler components makes them cost-effective to chrome plate, further fueling growth in this segment.
Global Automotive chromium finishing market by Vehicle, 2023 (%)
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Automotive Chromium Finishing Market Regional Insights
North America stands out as the dominating region in the global automotive chromium finishing market. This dominance can be attributed to a mature automotive industry, stringent quality standards, and a strong emphasis on aesthetics in vehicle design, which drives the demand for high-quality chromium finishing.
However, the Asia Pacific region is the fastest-growing market for automotive chromium finishing. This growth is primarily propelled by the rapid expansion of the automotive sector in emerging economies like China and India. Increasing disposable income, urbanization, and a growing middle class in these regions are fueling the demand for automobiles, creating a substantial market for chromium finishing solutions as manufacturers seek to meet consumer preferences for enhanced aesthetics and durability.
Global Automotive chromium finishing market by Geography, 2024-2031
- Largest
- Fastest
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Automotive Chromium Finishing Market Dynamics
Drivers
Innovation in Environmental Sustainability
- As regulations become more stringent, manufacturers are increasingly adopting environmentally friendly chromium finishing processes that reduce or eliminate the use of hazardous hexavalent chromium. This shift toward sustainable practices not only aligns with regulatory requirements but also appeals to environmentally conscious consumers, driving market growth.
Restraints
Supply Chain Disruptions
- The industry relies on a complex supply chain that includes raw materials, chemicals, and specialized equipment. Factors such as geopolitical tensions, natural disasters, or global pandemics can disrupt the supply chain, leading to material shortages, delayed production, and increased costs. These disruptions can pose challenges to manufacturers and impact the timely delivery of finished products to customers.
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Automotive Chromium Finishing Market Competitive Landscape
The competitive landscape in the global automotive chromium finishing market is characterized by a diverse array of players ranging from established multinational corporations to smaller regional and niche companies. These entities compete vigorously to meet the growing demand for high-quality chromium finishing solutions in the automotive sector. Key competitive factors include technological innovation, product quality, pricing strategies, and environmental sustainability.
Manufacturers are continually striving to develop advanced finishing technologies, such as alternatives to hexavalent chromium, to stay ahead in the market. Additionally, partnerships and collaborations within the automotive supply chain are common strategies employed to strengthen market presence and expand customer reach.
Overall, the market's competitive dynamics are influenced by a balance between established industry leaders and innovative newcomers vying for market share.
Top Player’s Company Profiles
- Atotech (Germany)
- MacDermid, Inc. (US)
- U.S. Chrome Corporation (US)
- Borough (UK)
- Taiyo Technology of America Ltd (US)
- COLLINI GRUPPE (Germany)
- Valley Chrome Plating INC. (US)
- F.H. Lambert Limited (UK)
- SYNERGIES CASTINGS Ltd (India)
- Eakas Corporation (US)
- American Electroplating Company (US)
- Rotorua Electroplaters (New Zealand)
- OGAWA ASIA COMPANY LIMITED (Thailand)
- MVC Holdings, LLC (US)
- Micro Metal Finishing, LLC (US)
- Kakihara Industries Co.,Ltd. (Japan)
- Chromium Inc. (US)
- Chem Processing Inc. (US)
Recent Developments
- April 2023: Sarrel announced the development of a new chromium-free automotive finishing process that is compatible with electric vehicles. The new process is designed to provide the same level of corrosion resistance and durability as traditional chromium-based finishes, but without the risk of fire or explosion.
- May 2023: MVC Holdings, LLC. announced the launch of its new line of sustainable automotive finishing products. The new products are made from recycled materials and are designed to have a lower environmental impact than traditional automotive finishing products.
- June 2023: A group of automotive manufacturers announced the formation of a consortium to develop new and innovative chromium-free automotive finishing technologies. The consortium is funded by the European Union and is expected to develop new finishing technologies that are more environmentally friendly and sustainable.
Automotive Chromium Finishing Key Market Trends
- Shift Towards Hexavalent Chromium Alternatives: Regulatory pressures, environmental concerns, and the need for safer workplace environments are driving manufacturers to develop and adopt alternative finishing technologies that eliminate or reduce the use of hexavalent chromium. This trend aligns with the broader industry's focus on sustainability and is reshaping the way automotive components are finished, with a growing emphasis on greener and safer processes.
Automotive Chromium Finishing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to global automotive chromium finishing market analysis, the market has witnessed steady growth in recent years, driven by the automotive industry's relentless pursuit of aesthetics, corrosion resistance, and durability in vehicle design. As of the latest available data, North America remains a dominant force in the market, thanks to a mature automotive sector and stringent quality standards.
Simultaneously, the Asia Pacific region stands out as the fastest-growing market, fueled by the rapid expansion of the automotive industry in emerging economies. However, the market's landscape is evolving rapidly, with a key trend being the transition away from hexavalent chromium towards more sustainable finishing solutions. Environmental regulations and consumer preferences for eco-friendly products are compelling manufacturers to innovate and adopt greener processes. This shift towards sustainability is expected to reshape the industry significantly in the coming years.
Additionally, supply chain disruptions remain a persistent challenge, as demonstrated by recent global events. Ensuring a robust and resilient supply chain will be crucial for companies operating in this market. Looking ahead, the future of the automotive chromium finishing market will be characterized by continued advancements in environmentally friendly technologies, increased global collaborations within the automotive supply chain, and a growing emphasis on meeting the evolving demands of consumers for both performance and sustainability. Staying competitive in this evolving landscape will require adaptability, innovation, and a commitment to meeting the changing needs of the automotive industry and its customers.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.82 billion |
| Market size value in 2031 | USD 2.83 billion |
| Growth Rate | 5.02% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Chromium Finishing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Chromium Finishing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Chromium Finishing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Chromium Finishing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Chromium Finishing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Chromium Finishing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Automotive Chromium Finishing Market Report Snapshots
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