Automotive Chromium Finishing Market Forecasts Study 2027; Regional Trend & Business Opportunities
The automotive chromium finishing market is set to grow from its current market value of more than USD 3.908 billion to over USD 4.748 billion. 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. Considering the increasing product demand, automotive chromium finishing industry is projected to grow exponentially over the ensuing years.
Rising sales of sports & premium cars across major parts of the world coupled with increasing share of EV technology in automotive sector in these regions has evoked the demand for chrome surface finish. Besides, rising propensity towards pre-owned vehicles and growing disposable income is favoring the demand for chromium plated finish further.
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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.
The automotive chromium finishing market from steel segment is projected to register a notable CAGR of over 2.5% through 2027. 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.
With increasing demand for premium motorcycles and their growing sales, demand for automotive chromium is elevating significantly. Given that, two-wheelers segment across the overall automotive chromium market is expected to secure a market share of around 5% by 2027.
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. This is anticipated to impel the demand for automotive chromium in the region. According to the report, automotive chromium finishing market in North America is expected to record an appreciable CAGR of around 2.5% through 2027.
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Data Tables
TABLE 1 Global automotive chromium finishing market estimates and forecast, 2017 – 2027, (USD Million)
TABLE 2 Global automotive chromium finishing industry revenue by base material, (USD Million), 2017 – 2027
TABLE 3 Global automotive chromium finishing industry revenue process by end-user, (USD Million), 2017 – 2027
TABLE 4 Global automotive chromium finishing industry revenue by end-user, (USD Million), 2017 - 2027
TABLE 5 Global automotive chromium finishing industry revenue by vehicle, (USD Million), 2017 - 2027
TABLE 6 Global automotive chromium finishing market revenue by region, 2017 – 2027 (USD Million)
TABLE 7 Global automotive chromium finishing industry estimates and forecast for metal, 2017 – 2027, (USD Million)
TABLE 8 Global automotive chromium finishing industry revenue for metal, by region, 2017 – 2027 (USD Million)
TABLE 9 Global automotive chromium finishing industry estimates and forecast for steel, 2017 – 2027, (USD Million)
TABLE 10 Global automotive chromium finishing market revenue for steel, by region, 2017 – 2027 (USD Million)
TABLE 11 Global automotive chromium finishing market estimates and forecast for aluminum, 2017 – 2027, (USD Million)
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