Chrome Plating Market Share 2022, Global Industry Demand, Top Players, Industry Size, Future Growth by 2030
Market Forecast
The global Chrome
Plating Market Share 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 share 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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