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