Pune, India, Sept. 07, 2021 (GLOBE NEWSWIRE) --
The global automotive chromium finishing market size is anticipated to witness substantial growth during the forecast period, owing to the rising sale of luxury cars and demand for chromium plating. Some of the top trends focused on boosting the industry potential are as follows:
Aftermarkets are an important end user in Europe:
Europe automotive chromium finishing market size is projected to reach a valuation of $1.2 billion by 2027. The regional industry share from aftermarkets segment is set to expand at 3.1% CAGR through 2027. The number of repair and maintenance centers are growing across the region and so is the percentage of people owning private vehicles like cars. People owning high-end vehicles are increasingly demanding chromium-plated parts, thereby driving the production of the same across automotive manufacturing plants in Europe. Car producers like BMW, Ford, Daimler, and Bentley are the major users of chromium-finished components in their luxury automobiles.
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Metals are the key base material in Europe:
While both plastics and metals are popular base materials in chromium finishing process, metals segment will capture more than 80% share of Europe market by the year 2027. A major reason behind this is the rising demand for chromium plated parts from manufacturers of fuel doors, alloy wheels, grills, and piston rods.
When certain parts of the vehicle are plated with chrome, they not only elevate the vehicle’s aesthetic appeal, but protect the components from external factors like rust and scratches. The sale of premium vehicles is on the rise, with many customers shifting their focus towards not just owning a robust functioning vehicle but an attractive one.
Germany automotive chromium finishing market:
Germany has a strong presence of some of the most reputed automakers in the world. This is why the country is predicted to hold nearly 35% share of market in Europe by 2027. The automakers are extensively using chrome-based components in their vehicles to enhance the overall look of their cars. The number of luxury cars sold in the nation was higher as compared to 2019. Auto manufacturers like BMW, Porsche, and Mercedes Benz recorded a rise of 2%, 10% and 1.3% in the sale of luxury cars respectively in the years 2018 and 2019.
Sale of passenger cars rises in Asia Pacific:
Asia Pacific automotive chromium finishing market size is projected to cross $2.6 billion by 2027. The region –is witnessing a notable rise in the number of passenger cars being sold in the region. An important factor behind this is the growing disposable income of the regional population. As urbanization grows at a promising rate, more and more people are moving to cities, thereby increasing the demand for high-quality passenger cars. The percentage of passenger car owners opting for chrome-finished parts in their vehicles has multiplied because the finishing not only enhances the aesthetic appearance of the car but protects it from rust and scratches.
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Decorative chrome process gains momentum in Asia Pacific:
Asia Pacific market share from decorative chrome process is anticipated to register a CAGR of 3.5% through 2027. Decorative chrome process involves using plating that has a thickness between 0.05 to 0.5 microns which can be easily applied to copper or nickel plating. Since chrome plating has many supreme features like corrosion resistance, great performance, and high durability, the plating process is highly preferred by customers in APAC region.
Electric vehicle production increases in North America:
North America automotive chromium finishing market revenue is anticipated to become worth more than $380 million by 2027. Electric vehicles are undergoing some major transformations in terms of their appearance to give them a look that is as attractive as that of conventional cars. Many EV manufacturers are using chromium-based parts to enhance the overall aesthetic appeal of their vehicles and increase their customer base.
The strict regulations set by governments across North America regarding the emission rates of industries, especially automotive, have driven the production and sale of electric vehicles in the region. Consumers in North America are becoming increasingly aware about the detrimental effects of GHG emissions on the environment and are now opting for electric vehicles.
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COVID-19 impact on North America market:
The US saw an exponential rise in the number of COVID-19 cases, thereby impacting the sale of automobiles in the country. This aspect had a major impact on the demand for chromium-plated parts because of severe lack of raw materials and manpower. The lockdowns imposed by governments across North America heavily impacted the automobile manufacturing plants, which were forced to shut down briefly.
However, the current scenario is gradually changing for the better in North America with automotive factories restarting their operations to cater to the high demand for automobiles. This factor will have a positive impact on the development of regional industry.
High use of steel in North America:
Steel as base material will hold more than 65% share of North America market through 2027. A major reason behind this is that a vehicle may use more than 900 kgs of steel for various parts like drive train, body structure, braking & steering systems, suspension, and fuel tanks. When chrome is used in these parts, it improves their lifespan to a great extent and provides functional benefits like resistance to wear and tear. The region is witnessing great rise in the number of vehicles being manufactured and sold along with growing use of chrome-based automotive parts.
Automotive chromium finishing market across the world has great potential for progress as the percentage of people buying passenger cars will grow at a substantial rate. Chromium-based body parts are being produced on a large scale today as the demand for attractive looking cars is growing in many regions across the world. With the introduction of metals like steel and aluminum to produce high-quality chromium products, customers across the world will opt for chromium finishing process in their vehicles.
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