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The automotive chromium market size is forecast to increase by USD 443.1 million, at a CAGR of 4.5% between 2023 and 2028. The automotive chromium market is experiencing significant growth due to the increasing demand for decorative chrome plating in the industry. This trend is driven by consumer preferences for aesthetically pleasing vehicles and the durability of chrome plating. Furthermore, the use of chromium in wear-resistant and durable automotive components is on the rise, as manufacturers seek to improve the longevity and performance of their products. The automotive industry's reliance on chromium is increasing, making it a valuable commodity in this sector. Overall, the demand for chromium in the automotive industry is expected to continue growing, driven by consumer preferences and the need for durable, high-performance components.
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In the realm of vehicle ownership, the space race has spurred innovation not only in technology but also in automotive styling. Popular models reflect influences from aerospace with fins resembling rocket fins and lights inspired by rocket exhausts. Brand insignia and model names evoke a sense of futuristic exploration, often achieved through plasma-based technologies like magnetron sputtering. This process coats automotive parts with chrome atoms, creating a durable and visually striking finish. Manufacturers employ batch processes or continuous production lines for PVD coating, reducing waste and packaging while limiting exposure to toxic materials. Innovations in densified plasma and magnet technology enhance the efficiency of side-view mirrors and other components. As carmakers strive for sustainability, advancements in energy-efficient materials and processes redefine automotive design, aligning with environmental and technological trends driven by the space industry's quest for excellence.
The increasing demand for decorative chrome plating is one of the key drivers supporting the automotive chromium market growth. Decorative chrome plating protects automotive components from corrosion, scratch, and wear and tear. It offers brightness and enhances their appearance. It is mainly applied to exterior automotive components or vehicle parts, including door handles, wheels trim, and others. Furthermore, decorative chrome plating is thinner than functional chrome plating, with the latter being used more for protection from external conditions than appearance. The technology yields favorable results when applied over a layer of nickel or copper. It is extensively used in automotive applications as it imparts a unique bluish-white luster to decorative parts. These factors will drive the automotive chromium market growth during the forecast period.
Significant Market Trends
The rising demand for thin coatings in the automotive industry is one of the key automotive chromium market trends that is contributing to the market growth. Automotive manufacturers use thin coatings to reduce costs and environmental impacts. These coatings protect automotive components from corrosion and other environmental conditions. They reduce the overall vehicle weight and increase the service life and performance. A thin layer of chromium plating is applied as a decorative topcoat to stainless steel or nickel-plated components. This layer protects automotive components from oxidation, rust, and tarnish. It also imparts a bright bluish color to the surface. In view of this, automotive manufacturers are focusing on lightweight vehicles by developing new solutions that can involve thin metal plating for various decorative and functional applications. Such increasing demand will boost the automotive chromium market growth during the forecast period.
Major Market Challenge
The hazardous effects of chrome plating is one of the factors hindering the automotive chromium market growth. Although chromium plating is extensively used for decorative and functional plating in the automotive industry, it poses several environmental and health hazards. The principal ingredient used in hexavalent chromium plating solutions is chromic acid, which contains approximately 52% of hexavalent chromium. Hexavalent chromium coatings produce several byproducts. Chromium-containing hexavalent chromium is known to be carcinogenic. Moreover, pollution is a major concern as the byproducts generated by the chromium plating process are hazardous. Discharged hexavalent chromium concentrates in wastewater and affects groundwater. Thus, the high concentration or high toxicity of hexavalent chromium in water bodies like rivers, ponds, and lakes can adversely affect fish and other aquatic organisms. These hazardous effects are impeding the automotive chromium market growth.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
American Electroplating Co. - The company offers automotive chromium product known as chrome plating for engine parts and bumpers.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The decorative plating segments is estimated to witness significant growth during the forecast period. Chromium plating is extensively used for decorative purposes in the automotive industry. Decorative chromium plating resists stains, abrasion, and corrosion. In addition, it protects automotive components from wear and tear and increases their durability.
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The decorative plating segments accounted for USD 1.12 billion in 2018. The use of decorative chromium plating in the automotive industry helps manufacturers improve the performance of several components, such as tool and dies, printing wear roll surfaces, brake discs, auto engine and suspension parts, motor shafts and other components, machinery parts, medical devices, fasteners, and commercial firearm components. It consists of unique properties such as hardness, durability, high strength, and corrosion resistance. In addition to offering corrosion resistance, chrome plating offers good lubricity and chemical resistance. Chromium imparts a bluish-white color to various decorative, automotive components. In decorative applications, chromium is plated as a thin layer (0.25- 0.8 µm) on nickel. Hence, the use of chromium for electroplating automotive components is expected to increase during the forecast period.
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APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The automotive manufacturing sector in Europe is thriving. Globally, the European Union (EU) is one of the largest producers of motor vehicles, and the automotive industry is assumed to be the largest investor in R and D activities.
Moreover, the growth of the European automotive chromium market is attributable to the rising sales of luxury vehicles across the region. The rising utilization of chrome plating for superior aesthetic appeal for luxurious vehicles has propelled premium vehicle consumption in this region. Manufacturers in this region also have been seeing a significant ascent in the deals of extravagant vehicles. This can be attributed to the increasing number of high-and super high-total assets people around the region.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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In the automotive industry, interior components and exterior components play pivotal roles in defining both the aesthetics and functionality of vehicles. Interior elements are often crafted from molded plastic for lightweight and customizable designs, while pressed steel forms the basis for robust exterior components like the chassis and panels. Visual appeal is heightened through visual highlights and a luxurious finish, enhancing the overall appeal for owners seeking quality and style. The production of these components involves stringent adherence to regulations concerning raw materials, particularly concerning hexavalent chromium compounds, to minimize environmental impact and ensure safety.
Moreover, techniques like physical vapor deposition (PVD) in a vacuum chamber enable the application of coatings such as pure chromium in a high vacuum environment, reducing contaminants and improving adhesion. Inert sputter gas like argon aids in ionization and ejection of positive sputter gas ions, crucial for achieving precise layer stacks with micrometer and nanometer precision. Interior finishes are enhanced by technologies like two-way mirrors and ambient interior lighting, utilizing LED lights for customizable reflection and transmission of electromagnetic waves. Meanwhile, vehicle exteriors integrate advanced features like daytime running lights, radar systems for adaptive cruise control, and emergency braking systems, particularly in electric drivetrains that redefine radiator grille design and brand identity. Concept designs and digital display panels are crafted by skilled designers and engineers, ensuring innovation and functionality meet in modern automotive offerings.
Market Scope |
|
Report Coverage |
Details |
Page number |
140 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
Market growth 2024-2028 |
USD 443.1 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.23 |
Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 44% |
Key countries |
US, Germany, China, UK, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
American Electroplating Co., Arlington Plating Co., Ashford Chroming Ltd., Atotech, Borough, Douglas Metal Finishing Ltd., Element Solutions Inc., Elsyca NV, Galva Decoparts Pvt. Ltd., Kakihara Industrial Co. Ltd., Koch Industries Inc., Metzka GmbH, Novex cz, Plamingo Ltd., Royal Plating, SARREL, SYNERGIES CASTINGS Ltd., TFC Group LLC, US Chrome Corp., and Valley Chrome Plating Inc. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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