Global Automotive Chromium Market
Posted by Mayuri Kathade. on December 25th, 2020
Global Automotive Chromium Market was valued at US$ 1.50 Bn in 2019 and is expected to reach US$ 2.6 Bn by 2027, at a CAGR of 7.1 % during a forecast period.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Automotive Chromium market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focus on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies and regional presence. The report also provide PEST analysis, PORTER’s analysis, SWOT analysis to address question of shareholders to prioritizing the efforts and investment in near future to emerging segment in Automotive Chromium market.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Rising chromium plating demand from the passenger vehicles segment, on account of its superior corrosion resistance properties will enhance the market growth over the forecast period. Chrome plating is being gradually used for plating various passenger vehicle components such as bumpers, grills, mirror covers, inner & outer door handle, interior decorative parts, headrest and other parts. Additionally, the growing popularity of chrome plating in passenger vehicles, since it enhances aesthetics is expected to boost the market growth over the forecast period. Automotive manufacturers use thin coatings to cut costs and environmental impacts. These coatings look after automotive components from corrosion and other environmental conditions. They reduce the vehicle weight and increase the service life cycle and performance.
Decorative plating is a key development that succeeds in the automotive sector for coating a variety of vehicle components, which include interior & exterior trims, wheel covers, mirror housings, emblems & logos, and door handles. Usage of metals, such as steel, which contains chromium as an essential element, for decorative plating has increased tremendous traction over the past decade. Moreover, robust demand for End user chromium has been witnessed in piston rings and piston rods. These aspects coupled with robust sales of vehicles across the globe are expected to create high demand for chromium.
Based on application, the Decorative Plating segment is expected to contribute major revenue share to the global market and is expected to maintain its dominance over the forecast period. Decorative plating is projected to witness the fastest growth at a high CAGR owing to its superior corrosion and wear resistance properties. Decorative coatings are typically used for decorative applications. Nevertheless, exterior decorative coatings furthermore provide protection from various environmental conditions. These coatings are applied to local appliances for better looks and corrosion protection. Decorative coatings has extensive range of applications in new constructions and remodeling of older buildings. Decorative coatings certify that the buildings have the longest life span as possible. These coatings are highly useful for improving the sheet life, its usage and aesthetic value of the residential and commercial buildings.
Geographically, North America market is expected to witness significant market development and was estimated at high CAGR in 2017 on account of rising demand from the two wheelers and passenger vehicle segment. Demand in Asia Pacific was valued at high CAGR in 2017 and is likely to remain the second largest market during the period from 2017 to 2026. This development can be credited to the shift of production facilities in emerging markets such as China and India owing to the lower operational expenditure as compared to that in developed regions. This in-turn would result in significant demand for chrome plating in Asia Pacific over the forecast period.
Global Automotive Chromium Market, by End User:
• Two Wheelers
• Decorative Plating
• North America
• Macdermid Enthone Inc.
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About the AuthorMayuri Kathade.
Joined: August 26th, 2019
Articles Posted: 146
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