Selbyville, Delaware, Feb. 09, 2021 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on the automotive chromium finishing market which estimates the market valuation for automotive chromium finishing will cross US$ 4.5 billion by 2027. The rising chrome finishing usage in passenger cars and commercial vehicles will propel industry development.
The automotive chromium finishing market will showcase substantial growth over the projection timeframe due to rising sales of sports & premium cars in major parts of the world. The global luxury car market is led by the U.S., China, and European countries. Further, increasing share of EV technology in the automotive sector in these regions will be propelling chrome finishing demand in near future. Many manufacturers are implementing innovation by providing lustrous and bright finish on automotive parts & body. These trends will drive industry development in near term.
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Steel will witness over 2.5% CAGR in metal segment of the global automotive chromium finishing industry over the anticipated timeframe. An average passenger car weighing approximately 1.4 tons consumes around 75% of steel products, which is the key factor behind the higher share in the overall market.
Decorative chrome will be the leading process segment of the global automotive chromium finishing market, which is subjected to the rising demand for better appearances and shiny polishes on vehicle parts. The increasing demand for electric cars is likely to advance the share of decorative chrome finishing in the automotive industry during the anticipated timeframe.
Automotive OEM will occupy a limited stake of the overall chrome finishing sector which can be contributed to longer lifespan of automotive parts. For instance, piston rings of a sports car can work upto 300,000 miles, that will be further subjected to vary for different vehicle categories. This factor elongates replacement frequency of OEM parts, eliminating the need for chrome finishing on existing parts on a short interval.
Two-wheelers will account for around 5% share in automotive chromium finishing market throughout the anticipated timeframe. However, growth in premium motorcycles sales will increase product usage over the coming years.
North America automotive chromium finishing market size will experience around 2.5% CAGR over the anticipated timeframe. The U.S. is leading the overall luxury car market and is witnessing a huge growth in the number of electric vehicles on road. However, government intervention over the usage of hazardous chromium chemicals may halt chromium finishing market growth rate across North America.
Some major findings of the automotive chromium finishing market report include:
- Proliferation in luxury vehicles demand will attract chromium finishing demand across many countries.
- The passenger car segment will lead the overall industry revenue during the estimated timeframe. Trending affinity toward pre-owned vehicles along with increasing disposable income of people will drive the automotive chromium finishing demand.
- The highly fragmented nature of the industry and unfavorable government norms related to chromium finishing may alter market entry of new players.
- Lightweight materials and efforts to reduce carbon emissions will enhance electric vehicle sales, propelling automotive chromium finishing demand.
- Asia Pacific will govern the overall market behavior, since china accounts for a considerable portion of the number of car units sold globally.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Automotive chromium finishing market industry 360° synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Base material trends
2.1.3 Process by end-user trends
2.1.4 End-user trends
2.1.5 Vehicle trends
2.1.6 Regional trends
Chapter 3 Automotive Chromium Finishing Industry Insights
3.1 Industry segmentation
3.2 COVID-19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.2 Service providers
3.3.3 Profit margin analysis
3.3.4 Value addition at each stage
3.3.5 Distribution channel analysis
3.3.6 Vendor matrix
3.3.6.1 List of key raw material suppliers
3.3.6.2 List of key product manufacturers/suppliers
3.3.6.3 List of key/potential customers
3.7 Industry mega trends
3.8 Innovation & sustainability
3.8.1 Technology landscape
3.8.2 Future trends
3.8 Regulatory landscape
3.9 COVID-19 impact on automotive industry
3.10 Industry impact forces
3.10.1. Growth driver
3.10.1.1 Rising penetration of electric vehicles worldwide
3.10.1.2 Increasing repair and maintenacne actitivities in automotive sector
3.10.2. Industry pitfalls & challenges
3.10.2.1 Stringent regulations over the usage of chrome chemicals
3.10.2.2 Adverse impact of coronavirus pandemic on industry revenue
3.11 Growth potential analysis, 2020
3.12 Competitive landscape
3.12.1. Top player's analysis, 2020
3.12.3. Strategy dashboard
3.13 Porter’s analysis
3.13.1. Supplier power
3.13.2. Buyer’s power
3.13.3. Threat of new entrants
3.13.4. Threat of substitutes
3.14 Cost structure analysis
3.14.1. R&D cost
3.14.2. Raw material cost
3.14.3. Manufacturing & equipment cost
3.14.4. Operating cost
3.14.5. Miscellaneous cost
3.15 PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.