The automotive chromium finishing market size for the North American region could observe a CAGR of 2.5% up to 2027. This is owing to the presence of a prominent luxury car market in the U.S. and the surge in the number of electric vehicles operating on the road.
Constant demand and sales of sports & premium cars across various parts of the world will anchor the automotive chromium finishing market forecast. There is an extensive adoption of chrome finishing in passenger cars and commercial vehicles. The incessant efforts to curb carbon emissions have increased the preference for electric vehicles that are incorporated with lightweight materials.
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The expansion in the number of luxury vehicles will bolster the need for chromium finishing, mainly in the U.S., China, and various European countries. This has resulted in the higher deployment of EV technology across the automotive sector in these areas. Furthermore, numerous automotive manufacturers are coming up with innovations to offer a lustrous and bright finish on the vehicle body and parts. The global automotive chromium finishing market size will record more than USD 4.5 billion in annual estimation by 2027.
Global revenue from the steel segment for automotive chromium finishing solutions is expected to hit a 2.5% CAGR through the next few years. This can be owed to the increasing preference for this metal in comparison to others. It has been estimated that an average passenger car that weighs up to 1.4 tons makes use of over 75% of the steel products.
The value of decorative chrome processes in the industry is anticipated to hold a major revenue share through 2027. This is in line with the growing requirement to enhance the appearance and shiny polishes on the vehicle parts. Also, the rising adoption of electric cars will add positive impetus to the demand for decorative chrome finishing in automobiles.
Application of chromium finishing components across the automotive OEM sector will be responsible for considerable a growth rate in the coming years considering the longer lifespan of the automotive parts. Citing this with an example, the piston rings of a sports car operate at close to 300,000 miles and are further subject to change across various vehicle categories. This increases the replacement frequency of the OEM parts apart from cutting down the need for chrome finishing on the existing parts in short intervals.
Demand for automotive chromium finishing tools in passenger cars will gain substantial traction by 2027. This can be attributed to the higher preference for pre-owned vehicles and the surge in the household incomes of consumers.
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Some Point from Table of Contents:
Chapter 6 Automotive Chromium Finishing Market, By End-user
6.1 Global automotive chromium finishing market by end-user insights
6.2 Automotive OEM
6.2.1 Market estimates and forecast, 2017 - 2027
6.2.2 Market estimates and forecast, by region, 2017 - 2027
6.3 Automotive aftermarket
6.3.1 Market estimates and forecast, 2017 - 2027
6.3.2 Market estimates and forecast, by region, 2017 - 2027
Chapter 7 Automotive Chromium Finishing Market, By Vehicle
7.1 Global automotive chromium finishing market vehicle insights
7.2 Passenger car
7.2.1 Market estimates and forecast, 2017 - 2027
7.2.2 Market estimates and forecast, by region, 2017 - 2027
7.3.1 Market estimates and forecast, 2017 - 2027
7.3.2 Market estimates and forecast, by region, 2017 - 2027
7.4.1 Market estimates and forecast, 2017 - 2027
7.4.2 Market estimates and forecast, by region, 2017 - 2027
7.5.1 Market estimates and forecast, 2017 - 2027
7.5.2 Market estimates and forecast, by region, 2017 - 2027
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