LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive chromium market to grow at a CAGR of more than 6% during the period 2018-2022, according to their latest market research report.
The rising demand for thin coatings in the automotive industry is one of the major trends being witnessed in the global automotive chromium market. 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.
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Technavio market research analysts highlight the increasing demand for decorative chrome plating as a key factor contributing to the growth of the global automotive chromium market:
Global automotive chromium market: Increasing demand for decorative chrome plating
Decorative chrome plating protects automotive components from corrosion, scratch, and wear and tear. It provides brightness and enhances their appearance. Hexavalent and trivalent chromium are popularly used for decorative chromium plating of automotive components. Decorative chrome plating is mainly applied to exterior automotive components or vehicle parts such as door handles.
According to a senior analyst at Technavio for research on metals and minerals, “Decorative chrome plating is thinner than functional chrome plating with the latter being used for protection from external conditions than appearance. The decorative chrome plating 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.”
Global automotive chromium market: Decorative plating segment leads the market
This market research report segments the global automotive chromium market into the following applications (decorative plating and functional plating), end-users (passenger vehicles, two-wheelers, and commercial vehicles), and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major applications, the decorative plating segment held the largest market share in 2017, contributing to over 70% of the market. This application segment will dominate the global market throughout the forecast period.
The Americas was the leading region for the global automotive chromium market in 2017. It accounted for a market share of approximately 45%. It was followed by EMEA and APAC. The Americas is expected to project the fastest growth during the period 2018-2022.
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Five Forces Analysis
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