Chrome Plating Market - Demand and Sales Forecasts, Market Share, Market Size, Market Leaders
Market
Forecast
The global chrome plating market
is expected to exhibit a CAGR of over 4.0% to
reach a value of around USD 21.73
billion by the end of the forecast period.
Chrome plating is an
electroplating process that provides a protective coating and shiny luster on
metal parts and products when appliedto it.The chrome plating process are used
inconsumer goods, production, andmanufacturing industries, such asautomotive
components, machinery parts, and others. Chrome plating is segmented into two
types- decorative chrome plating and hard chrome plating. The difference
between hard chrome and decorative chrome platingis the thickness of the
plating. Decorative chrome finishes are thinner than hard chrome plating and is
used in many industrial applications for its strength, wear resistance,
corrosion resistance, and other beneficial properties.
Regulatory Framework
ASTM B-556 is an American Society for Testing and Materials (ASTM)
standards framework for thin chromium coatings.
For aerospace
applications, the aerospace system regulates and recommends specificationsfor
chrome plating.HS 246, PN 13.06, and PS 101 are some of Hamilton Sundstrand's
specifications applicable for chrome plating.
Impact of Coronavirus
Outbreak
The COVID-19 pandemic
has had a swift and severe impact globally, resulting in the imposition of
lockdown and travel restrictions worldwide. This has led to a decrease in the
demand for components and vehicles and has had a negative impact onautomotive
and aerospace industriesowing to the shutdown of production,whichcauses
shortages of materials, components, and finished goods along with low demand
from the consumer end areexpected to have a drastic impact on the industry in
the long run. The disruption in Chinese parts exports hasalso resulted in
large-scale manufacturing interruptions and decreased overall sales volume.
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Segmentation
By Type
- Based on the type, the global
chrome plating market is bifurcated into hard chrome plating and
decorative chrome plating.
- The market for decorative
chrome plating type is expected to register a higher CAGR, as this plating
is thinner than hard chrome and is primarily used for aesthetic appeal and
as a protective coating in many end-use industries.
- The decorative chrome plating
segment accountsfor more than 60% market share in terms of value owing to
its various benefits such as high strength, durability, and corrosion
resistance.
- The market for hard
chrometypes is expected to accountfor nearly 40% share and is likely to
witness stable growth during the assessment period. The hard chrome
plating segment isclassified into various types such as satin chrome,
bright chrome, brush chrome, and chrome flash. Among these, bright chrome
and satin chrome plating are commonly used in the automotive industry.
Thus, the hard chrome plating segment is expected to provide a lucrative
opportunity over the forecast period.
- Hard chrome plating is widely
used in the aerospace & defense industries due to its wear and
corrosion resistance property. These are commonly used for repairing
damaged material or products, worn or machined parts. The hard chrome
coating extends the lifespan of machine components and reduces maintenance
downtime and expenses.
By Application
- This segment is classified
into aerospace & defense, automotive, metal finishing, and others.
- Growing demand for
digitization, increasing automation, and new business models have
revolutionized the automotive industry. These will lead to a rise in four
disruptive technology-driven trends in the automotive sector, including
diverse mobility, autonomous driving, electrification, and connectivity.
Thus, the growth of the automotive industry will adversely drive the
market demand for the global chrome plating industry over the forthcoming
years.
- Decorative chrome plating is
used in theautomotive industry for automotive parts and components,
tooling, etc. It features many components such as bumpers, trim, rocker
panels, door handles, and grills.
- Rapid economic development
and growth in tourism and air passenger traffic are expected to drive the
global chrome plating market in the aerospace & defense industry.
Plating the aerospace component with chrome platingwill provide protection
from outside forces to help strengthen the underlying component and reduce
friction in moving parts.
- The metal finishing industry
is showing stagnant growth in the assessment period and is estimated to
boost the market demand over the forecast period.
- The others segment includes
the transportation and plumbing industry.
By Region
- North America:
The North American market is expected to dominate the global chrome
plating market over the forecast period. Upsurge in demand for chrome
plating in the automotive and aerospace industry in the US is showing a
promising growth to the global market
- Europe: Europe is
segmented into Germany, the UK, France, Italy, and other countries. The
rising manufacturers and suppliers of chrome plating areexpected to
provide an optimistic opportunity for market growth. Atotech Deutschl is
one of the leading key players in the European market and is anticipated
to account for maximum market share across various key players.
- Asia-Pacific: It
is the fastest-growing regional market.The improving economic conditions
in the region results in fast-paced industrialization, which is a prime
factor driving the global market growth.
- Latin America: Rapid
industrialization in Brazil and Mexico is anticipated to fuel the market
demand during the review period.
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