The size of automotive chromium finishing market was registered at USD 3.908 million in the year 2020 and is anticipated to cross USD 4.748 billion by 2027. Between the period 2021-2027, the market is expected to register a CAGR of 3.0%.
Rising sales of sports & premium cars across major parts of the world coupled with increasing share of EV technology in automotive sector in these regions has evoked the demand for chrome surface finish. Besides, rising propensity towards pre-owned vehicles and growing disposable income is favoring the demand for chromium plated finish further.
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Growing adoption of steel as the base material in cars is driving the adoption of automotive chromium finishing. Reportedly, an average passenger car weighing nearly 1.4 tons requires about 75% of steel products. Moreover, steel has higher strength and offers durability which makes it suitable for cars.
As the preference for better aesthetic appearances and shiny polishes on automobile parts is rising, demand for automotive chromium finishing has increased considerably over time. Besides, growing proclivity for electric cars is anticipated to impel the product application further. Considering these factors, decorative chrome is estimated to dominate the process segment across the global automotive chromium finishing market over the coming years.
With increasing demand for premium motorcycles and their growing sales, demand for automotive chromium is elevating significantly. Given that, two-wheelers segment across the overall automotive chromium market is expected to secure a market share of around 5% by 2027.
The North America automotive chromium finishing market is expected to record an appreciable CAGR of around 2.5% through 2027. According to reliable sources, luxury cars outperformed the mainstream cars in the US market despite the COVID-19 crisis. Dominated by Mercedes-Benz, Tesla and Toyota models, the luxury segment recorded a significant growth of 44.3% growth over the span of first nine months of 2020 as against the 40% during the same period in the previous years. This is anticipated to impel the demand for automotive chromium in the region
Expanding automotive industry in the U.S. coupled with increasing consumer preference for overall luxury cars as well as electric vehicles is fostering the growth of automotive chromium finishing market in North America.
Shifting inclination towards chrome finishing usage in passenger as well as commercial vehicles coupled with the accelerating demand for luxury vehicles has fueled the demand for chromium finishing across the globe. Considering the increasing product demand, automotive chromium finishing market is projected to grow exponentially over the ensuing years.
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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 industry 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 industry 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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