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(Transportation-News.com, September 09, 2019 ) Market Overview
• Chrome plating is a technique of electroplating a thin layer of chromium onto a metal object. The chromed layer can be decorative, provide corrosion resistance, ease cleaning procedures, or increase surface hardness. Sometimes, a less expensive imitator of chrome may be used for aesthetic purposes.
• The report covers all the major trends and drivers playing a key role in the growth of the Automotive Chromium market.Automotive Chromium market is segmented by Product Type, Technology, End-user and Region.
Market Dynamics
• The global Automotive Chromium market is primarily driven by with growing automotive industry and rise in demand of chrome plating from developing countries such as India, and China. Chrome plating protects automotive components from corrosion, scratch, and wear and tear. It provides brightness and enhances their appearance. Hexavalent and trivalent chromium are popularly used for decorative chromium plating of automotive components. Decorative chrome plating is mainly applied to exterior automotive components or vehicle parts such as door handles.
• However, stringent environmental regulations led by various governments in matured economies is expected to pose a challenge to the growth of automotive chromium market.
Market Segmentation
• By vehicle type, the global Automotive Chromium market is segmented into Two-wheelers, Passengers vehicles, and Commercial Vehicles.Passenger vehicles accounted for the majority share in the market due to the rise in the demand for the chrome paints in passenger vehicles’ interior parts and exterior parts. Chromium paint is growing its popularity as it gives great appearance to the part painted coupled with the corrosion resistance property increase its life. With its property of corrosion resistance, the demand of it in two-wheeler segment is boosting, due to the more exposed parts. Therefore, increasing the automotive chromium market for the two-wheeler segment in the forecast period.
• By application, the global Automotive Chromium market is segmented into Decorative plating and Functional plating. plating segment accounted for the largest share in the market. The decorative plating is being increasingly used on account of its beneficial properties such stain and abrasion resistance, which is expected to have positive impact on market. This type of plating is usually applied in the range of 0.1 - 2.0 μm, and hence is used mostly for plating exterior automotive components. The properties such as abrasion and stain resistance are expected to fuel the demand for this application over the forecast period.
Geographical Analysis
• By geography, the global Automotive Chromium market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
• In 2018, European countries are engaged in manufacturing passenger and commercial vehicle on large scale. The innovative use of chromium to provide quality components as per the industry requirement is expected to have a positive impact on the market during the forecast period.
• Demand in Asia Pacific is expected to increase and will be the second largest market during the period from 2019 to 2026. This growth can be attributed 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.
• It is expected to witness significant growth, owing to high government spending on the infrastructure sector and rising opportunities for Foreign Direct Investment (FDI), especially in countries like in China and India. Moreover, the demand for Automotive Chromium in APAC is largely driven by the growing automotive sector. The rise in population and increase in income per capita income are majorly driving the automotive industry in the region.
Competitive Trends
• Automotive Chromium market is highly competitive, and thus, manufacturers continuously focus on developing new strategies to grab more number of customers across the globe. Over the coming years, companies are expected to focus on potential growth markets for Automotive Chromium. To that end, besides expanding their presence, companies are expected to formulate effective distribution strategies to make their presence felt in the upcoming markets for Automotive Chromium. Merger, acquisition, and product development are key strategies adopted by leading players.
• The major players in the market are Atotech, Kakihara Industries, MVC Holdings, Platform Specialty Products Corporation, and SARREL. Other prominent players in the market are MacdermidEnthone Inc., American Electroplating Company, Borough Ltd, Customchrome Plating Inc, and Rotorua Electroplaters Ltd.
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