Chrome Plating Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2022

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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