USD 1.7 billion
Global Automotive Chromium Market Size, Share, Growth Analysis, By Application(Decorative Plating, Functional Plating), By End - Use(Two Wheelers, Passenger Vehicles) - Industry Forecast 2024-2031
Report ID:
SQMIG15A2299 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|
Tables:
62 |
Figures:
65
Global Automotive Chromium Market Insights
Automotive Chromium Market size was valued at USD 1.7 billion in 2021 and is poised to grow from USD 1.8 billion in 2022 to USD 2.66 billion by 2030, growing at a CAGR of 5% in the forecast period (2023-2030).
The automotive sector has witnessed a surge in demand for decorative plating due to its application in coating a diverse array of vehicle components including wheel covers, logos & emblems, door handles, interior & exterior trims, mirror housings, among others. The escalating preference for chrome finishes has not only driven the need for advanced production facilities but is also projected to steer market expansion in the coming nine years. Furthermore, the growth trajectory can be attributed to functional chromium, primarily employed in piston rods and piston rings. The burgeoning vehicle demand, particularly in North America and Europe, is poised to exert a positive influence on market dynamics. Within this landscape, decorative plating emerges as the largest application segment, set to garner a significant market share due to the escalating appetite for chroming. The application of decorative chromium atop nickel or copper plating is favored for its strong adhesion, offering robust corrosion protection. With the vehicle count on the rise globally, this trend is anticipated to catalyze market growth over the subsequent nine years.
The passenger vehicle segment's upsurge, facilitated by accessible credit facilities, is anticipated to fuel industry expansion. This, in turn, will amplify the need for chroming in both interior and exterior automobile components. Additionally, the prevalence of chromium extends to two-wheeler components, where its incorporation enhances aesthetics, while also delivering corrosion resistance and wear resilience.
US Automotive Chromium Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Passenger Car
Fastest Growth
Passenger Car
Growth Rate
5% 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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Global Automotive Chromium Market Segmental Analysis
The global automotive chromium market is segmented on the basis of application, end -use, region. By application, the market is segmented into decorative plating, functional plating. By end - use, the market is segmented into two wheelers, passenger vehicles, commercial vehicles. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Automotive Chromium Market Analysis By Application
In 2022, the dominant application segment was decorative chromium, capturing a significant share of over 69% in the global market. In North America, the decorative chromium market was valued at more than USD 440 million. Within this region, it enjoys widespread utilization across components of two-wheelers and passenger vehicles. The scope of plating extends to items like swing arms, wheels, timing covers, frames, kickstands, handlebar hardware, headlights, tail light hardware, nuts & bolts, fork legs, and various other exterior parts. With the burgeoning growth of the two-wheeler industry, a positive influence on the market is anticipated.
Furthermore, the surge in demand for functional chrome plating is predominantly underpinned by the expansion of the commercial and passenger vehicle sectors. The augmented requisition from commercial vehicles, driven by attributes such as heightened strength and enhanced processes, is poised to foster favorable market conditions over the ensuing nine-year period.
Global Automotive chromium finishing market by Vehicle, 2023 (%)
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Global Automotive Chromium Market Regional Insights
In 2022, the combined contributions of Germany and the UK constituted a significant share of more than 35% in the European market. This achievement was primarily attributed to the upward trajectory of automotive vehicle production within this geographical domain. Both nations have established themselves as formidable players, engaging in the large-scale manufacture of both passenger and commercial vehicles. The strategic incorporation of chromium, employed innovatively to yield superior components aligned with industry standards, is projected to wield a constructive influence on the market's trajectory over the ensuing nine-year period. This statistical achievement mirrors the substantial manufacturing prowess of Germany and the UK. The symbiotic growth of these countries and the automotive industry is unmistakably linked. Their reputation as leaders in vehicle production stems from their commitment to innovation and efficiency. Notably, their utilization of chromium to enhance components demonstrates a keen focus on quality and adherence to industry demands, giving them a competitive edge on a global scale.
Looking forward, this strategic approach to incorporating chromium holds the potential to steer the European market's growth trajectory in a favorable direction. By continuously delivering high-quality components that align with industry needs, Germany and the UK are poised to contribute to the advancement of the automotive chromium sector over the next nine years, effectively shaping the market landscape.
The Asia Pacific region demonstrated a demand amounting to USD 343.5 million for automotive chromium. Projections indicate that this demand will persist, positioning the region as the second-largest market from 2016 to 2025. This upward trajectory finds its roots in a key driving force—a strategic reconfiguration of production hubs towards emerging economies, most notably China and India. The catalyst behind this transition lies in the cost-effectiveness offered by these markets in contrast to more developed counterparts. This pivotal shift is poised to trigger a substantial upsurge in the call for chrome plating throughout the expansive Asia Pacific landscape over the span of the ensuing nine years.
This trend illuminates a broader narrative of globalization and the intricate dynamics of international business strategies. Corporations are capitalizing on the economic incentives presented by growing markets, as these regions provide opportunities for cost savings due to lower operational expenses. The allure of an abundant workforce, coupled with favorable economic climates, makes China and India particularly appealing destinations for manufacturers, especially within the automotive sector.
The ripple effect of this manufacturing shift will extend to the chrome plating sector, amplifying the Asia Pacific's role as a pivotal player in the global automotive chromium market. This dynamic presents a compelling intersection of economic motivations, industry adaptations, and market developments, all coalescing to shape the trajectory of the industry across the upcoming nine-year period.
Global Automotive chromium finishing market by Region, 2024-2031
- Largest
- Fastest
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Global Automotive Chromium Market Dynamics
Automotive Chromium Market Drivers
Corrosion Resistance and Durability
- Chromium's properties of corrosion resistance and durability make it essential for components exposed to harsh environmental conditions, extending the lifespan of vehicles.
Automotive Production Growth
- The expanding global automotive industry, especially in emerging markets, drives the demand for automotive chromium. Increased vehicle production directly correlates with the need for chromium-plated components.
Automotive Chromium Market Restraints
Cost Fluctuations
- Chromium prices are subject to volatility due to factors like mining conditions, geopolitical tensions, and market demand, affecting the overall cost structure for manufacturers.
Stringent Environmental Regulations
- Regulations aimed at reducing the use of hazardous materials like hexavalent chromium pose challenges to the traditional chrome plating industry, requiring players to adapt to new processes.
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Global Automotive Chromium Market Competitive Landscape
The industry's competitive scenario has undergone thorough evaluation, encompassing a comprehensive analysis of prominent players. Among these key participants are 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. Each player's profile offers insights into their market presence, strategic focus, and contributions to the automotive chromium sector. Allied Finishing Inc., American Electroplating Company, and Arlington Plating Company are recognized for their expertise in delivering high-quality chrome-plated components. Atotech, a significant player, is at the forefront of innovation in eco-friendly plating solutions. Meanwhile, Borough Ltd. and Chem Processing Inc. have displayed prowess in adapting to stringent environmental regulations while maintaining competitiveness.
MacDermid Inc. (Element Solutions Inc.) stands out as an influential entity, leveraging its technological advancements to offer advanced plating solutions. Galva Decoparts Pvt. Ltd. and Kakihara Industries Co. Ltd. are noteworthy contributors, catering to the evolving needs of the automotive industry in terms of aesthetics and durability.
Automotive Chromium Market Top Player’s Company Profiles
- BASF SE (Germany)
- Solvay SA (Belgium)
- Elementis plc (United Kingdom)
- Orion Engineered Carbons SA (Luxembourg)
- Lanxess AG (Germany)
- Huntsman Corporation (United States)
- Akzo Nobel N.V. (Netherlands)
- Clariant AG (Switzerland)
- Cabot Corporation (United States)
- Oxkem Limited (United Kingdom)
Automotive Chromium Market Recent Developments
- On May 4 2022, At the cutting-edge plant now under development in the United States (US), Atotech and Schweitzer Engineering Laboratories established a partnership.
Global Automotive Chromium Key Market Trends
- Shift Towards Eco-Friendly Processes: Increasing environmental concerns are driving the adoption of trivalent chromium plating methods, reducing the reliance on hexavalent chromium. This trend aligns with global sustainability goals.
- Electrification and Design: The growing market for electric vehicles (EVs) and their unique design requirements could reshape the demand for chromium. EVs might focus less on decorative elements, impacting chromium consumption patterns.
Global Automotive Chromium Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our automotive chromium market analysis, the global automotive chromium market is poised for notable growth due to its crucial role in enhancing vehicle aesthetics, corrosion resistance, and durability. With increasing automotive production and consumer preference for visually appealing vehicles, the demand for chromium-plated components is expected to rise. However, stringent environmental regulations and the shift towards sustainable manufacturing practices might influence market dynamics. Hexavalent chromium, a toxic byproduct of traditional chrome plating processes, has prompted the industry to explore alternative, eco-friendly methods like trivalent chromium plating. This transition can mitigate environmental concerns while maintaining product quality. Moreover, the rise of electric vehicles and their unique design requirements could impact chromium consumption patterns, as EVs might necessitate fewer decorative elements.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.7 billion |
| Market size value in 2031 | USD 2.66 billion |
| Growth Rate | 5% |
| 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 Global Automotive Chromium 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 Global Automotive Chromium 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 Global Automotive Chromium 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 Global Automotive Chromium 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 Global Automotive Chromium Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Automotive Chromium 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.
Global Automotive Chromium Market Report Snapshots
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