Rockville, Nov. 29, 2022 (GLOBE NEWSWIRE) -- The Trivalent Chromium Finishing Market revenues were estimated at US$ 316.9 Mn in 2021 and is anticipated to grow at a CAGR of 5.9% from 2022-2032, according to a recently published Fact.MR report. By the end of 2032, the market is expected to reach a valuation of US$ 586.5 Bn.
Chromium plating dominates the market revenue where the demand growth was recorded at 5.1% during 2017 – 2021, while it is expected to grow at CAGR of 6% during 2022 –2023.
The key revenue drivers which affect the Trivalent Chromium Finishing demand include an increase in the usage of trivalent chromium as it gets rid of the risks related to hexavalent plating in the manufacturing of heavy, hydraulic, and automotive equipment. The system also facilitates the formation of a layer of uniform thickness on the surface of the part with a higher throwing power, raising the productivity of metal and non-metal finishing operations. The market is also expected to benefit from the growing emphasis on preventive maintenance in the hydraulics sector, where chromium offers better wear resistance.
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The market for trivalent chromium finishing is being impacted by the surge in automobile sales since trivalent chromium is used to design the outside and inner bodies of cars. In the US, there has been a considerable increase in car sales as a result of the availability of cheaper fuel. Automakers provide a variety of incentive programs to promote the sale of their vehicles.
Key Takeaways from the Study
- Trivalent Chromium Finishing Market was valued at US$ 316.9 Mn in 2021. According to Fact.MR, Trivalent Chromium Finishing Market revenue would increase 1.8X between 2022 and 2032, reaching roughly US$ 586.5 Mn in 2032.
- In terms of Application, Functional application is projected to account for the highest projected CAGR of over 6.3%.
- In terms of type, Plating accounts for the highest CAGR of 5.1% during the historical period (2017-21).
- U.S. is the dominant country in Trivalent Chromium Finishing Market with an absolute dollar growth opportunity of over US$ 101.5 Bn.
Trivalent Chromium Finishing Market Segmentation
- By Type :
- Plating
- Conversion Coating
- Passivation
- By Application :
- Functional
- Decorative
- By End-Use :
- Automotive
- Oil & Gas
- Aerospace
- Hydraulic & Heavy
- Machinery
- Other End-Uses
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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By the end of 2032, the United States is anticipated to have the largest market, with US$ 180.2 Mn. It is anticipated to increase by an absolute monetary increase of $80.9 million. Environmental concerns over the proliferation of hexavalent chromium are expected to increase the country's consumption of trivalent chromium. In the US, there has been a considerable increase in car sales as a result of the availability of cheaper fuel. Due to the presence of firms like McDermid Incorporated, Chem Processing, Inc., Ronatec C2C, Inc., and Asterion LLC in the nation, the market is expected to expand.
Some of the recent developments in the Trivalent Chromium Finishing market are:
- In May 2019, Trion Coatings announced a strategic alliance with KCH Services to implement Safe Chrome, a new environmentally friendly chrome plating technology that uses trivalent chromium and a patented ionic liquid solution to provide enhanced galvanic plating. Hexavalent chromium is outperformed by speed, wear resistance, and performance.
- In February 2019, Cardinal Plating Solutions, a provider of chromium plating, installed a trivalent chromium line that is ready for production.
Key Companies Covered
- MacDermid Incorporated
- Atotech Deutschland GmbH
- Sarrel Group
- Chem Processing, Inc
- Kakihara Industries Co., Ltd
- Ronatec C2C, Inc
- Asterion LLC
- Electro Chemical Finishing Co
- Midland Polishing and Plating Ltd
- Poeton Industries Ltd.
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Trivalent Chromium Finishing Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Trivalent Chromium Finishing in terms of Type (Plating, Conversion Coating and Passivation), of Application (Functional and Decorative application), of end-use (Automation, Oil & Gas, Aerospace, Hydraulic & Heavy, Machinery and Other End-Uses) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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