Automotive Chromium Finishing Market Emerging Trends and Global Industry Forecast 2027
Automotive chromium finishing market is projected to grow exponentially over the ensuing years. Shifting inclination towards chrome finishing usage in passenger as well as commercial vehicles coupled with the accelerating demand for luxury vehicles has fueled the demand for chromium finishing across the globe.
Expanding automotive industry in the U.S. coupled with increasing consumer preference for overall luxury cars as well as electric vehicles is fostering the growth of automotive chromium finishing market in North America. According to reliable sources, luxury cars outperformed the mainstream cars in the US market despite the COVID-19 crisis. Dominated by Mercedes-Benz, Tesla and Toyota models, the luxury segment recorded a significant growth of 44.3% growth over the span of first nine months of 2020 as against the 40% during the same period in the previous years.
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Growing adoption of steel as the base material in cars is driving the adoption of automotive chromium finishing. Reportedly, an average passenger car weighing nearly 1.4 tons requires about 75% of steel products. Moreover, steel has higher strength and offers durability which makes it suitable for cars. According to the report, steel segment in overall automotive chromium finishing market is projected to register a notable CAGR of over 2.5% through 2027.
Application of chromium finishing components across the automotive OEM sector will be responsible for considerable a growth rate in the coming years considering the longer lifespan of the automotive parts. Citing this with an example, the piston rings of a sports car operate at close to 300,000 miles and are further subject to change across various vehicle categories. This increases the replacement frequency of the OEM parts apart from cutting down the need for chrome finishing on the existing parts in short intervals.
As the preference for better aesthetic appearances and shiny polishes on automobile parts is rising, demand for automotive chromium finishing has increased considerably over time. Besides, growing proclivity for electric cars is anticipated to impel the product application further. Considering these factors, decorative chrome is estimated to dominate the process segment across the global automotive chromium finishing market over the coming years.
Prominent industry players are now inclined on developing innovative finishing products for automotive parts and body and are also focusing on strategic alliances which is anticipated to open new growth avenues for the business in near future. Quoting an instance, in 2020, prominent manufacturer of Aluminum alloy wheel, Synergies Castings Limited, announced the launch of its product Magic Black which is considered to be the first ever black chrome-plated wheels in the world. According to the company, the product has been designed especially for luxury cars.
The automotive chromium finishing market size for the North American region could observe a CAGR of 2.5% up to 2027. This is owing to the presence of a prominent luxury car market in the U.S. and the surge in the number of electric vehicles operating on the road.
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Partial Chapter of the Table of Content
Chapter 4 Automotive Chromium Finishing Market, By Base Material
4.1 Global market base material insights
4.2 Metal
4.2.1 Market estimates and forecast, 2017 - 2027
4.2.2 Market estimates and forecast, by region, 2017 - 2027
4.2.2 Steel
4.2.2.1 Market estimates and forecast, 2017 - 2027
4.2.2.2 Market estimates and forecast, by region, 2017 - 2027
4.3.2 Aluminum
4.3.2.1 Market estimates and forecast, 2017 - 2027
4.3.2.2 Market estimates and forecast, by region, 2017 - 2027
4.3.3 Others (zinc, nickle. non-ferrous metals, etc.)
4.3.3.1 Market estimates and forecast, 2017 - 2027
4.3.3.2 Market estimates and forecast, by region, 2017 - 2027
4.4 Plastics
4.4.1 Market estimates and forecast, 2017 - 2027
4.4.2 Market estimates and forecast, by region, 2017 - 2027
Chapter 5 Automotive Chromium Finishing Market, Process By End-user
5.1 Global market process by end-user insights
5.2 Decorative chrome
5.2.1 Market estimates and forecast, 2017 - 2027
5.2.2 Market estimates and forecast, by end-user, 2017 - 2027
· Automotive OEM
· Automotive aftermarket
5.2.2 Market estimates and forecast, by region, 2017 - 2027
5.3 Plastics
5.3.1 Market estimates and forecast, 2017 - 2027
5.3.2 Automotive chromium finishing market estimates and forecast, by end-user, 2017 - 2027
· Automotive OEM
· Automotive aftermarket
5.3.2 Market estimates and forecast, by region, 2017 - 2027
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