The global automotive chromium market
is expected to reach USD 2.54 billion by 2025, according to a new report by Grand View Research, Inc. Rising chromium plating demand from the passenger vehicles segment, on account of its superior corrosion resistance properties, will augment the market growth over the next nine years.
The passenger vehicle segment held the largest market share. Chrome plating is being increasingly used for plating various passenger vehicle components such as bumpers, grills, mirror covers, inner & outer door handle, interior decorative parts, headrest, and other parts. In addition, the growing popularity of chrome plating in passenger vehicles, since it enhances aesthetics is expected to propel the market growth over the forecast period.
The decorative plating application segment accounted for the largest share in the global automotive chromium market. The decorative plating is being increasingly used on account of its beneficial properties such as stain and abrasion resistance, which is expected to have a positive impact on the market. However, stringent environmental regulations laid by various governments in matured economies are expected to pose a challenge to the growth of the automotive chromium market over the next nine years.
Increasing chrome plating on two-wheelers on account of enhanced corrosion and wear resistance offered; would propel the industry development. The rise in the manufacturing of vehicles in North America and the Asia Pacific region is anticipated to fuel the demand for automotive chromium over the forecast period. The increasing number of two-wheelers, in North America, is expected to boost the chromium plating for various components including headlight, frame, nuts & bolts, wheels, and others. The benefit of improved two-wheeler aesthetics on account of chrome plating would propel the market from 2016 to 2025.To request a sample copy or view summary of this report, click the link below:www.grandviewresearch.com/industry-analysis/automotive-chromium-marketFurther key findings from the report suggest:
- The market is expected to grow at a CAGR of 5.93% from 2016 to 2025 on account of increasing use in passenger vehicles. Decorative plating is projected to witness the fastest growth at a CAGR of 6.4% from 2016 to 2024 owing to its superior corrosion and wear resistance properties
- North America market is expected to witness significant market development and was estimated at over USD 790 million in 2015 on account of rising demand from the two-wheelers and passenger vehicle segment.
- Key participants include Macdermid Enthone Inc., Kakihara Industries Co., Ltd., Sarrel, and MVC Holdings, LLC. Major market players are focused on research and development for product differentiation to maintain their market share along with achieving sustainable growth.
- In March 2016, MacDermid Enthone Industrial Solutions was given membership by High-Density Packaging (HDP) User Group which focuses on addressing technical issues faced by the electronic packaging and assembly industry.
Grand View Research has segmented the global automotive chromium market on the basis of application, end-use, and region:Automotive Chromium Application Outlook (Revenue, USD Million, 2014 - 2025)
Automotive Chromium End-Use Outlook (Revenue, USD Million, 2014 - 2025)
- Decorative Plating
- Functional Plating
Automotive Chromium Regional Outlook (Revenue, USD Million, 2014 - 2025)
- Two Wheelers
- Passenger Vehicles
- Commercial Vehicles
About Grand View Research
- North America
- Asia Pacific
- South & Central America
- Middle East & Africa
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.