North America Automotive Chromium Finishing Market size crossed USD 325 million in 2020 and is poised to exhibit a CAGR of 2.4% between 2021 and 2027. Increasing automotive production coupled with steady growth in the transportation sector will boost the market demand.

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The U.S. automobile production reached approximately 8.8 million units in 2020, which is estimated to grow at a gradual rate during 2017-2027. The country also experienced tremendous growth in terms of electric car deployment over the last five years. Stringent government regulations and changing consumer perception toward greenhouse gas (GHG) emissions have stimulated the sales of electric cars in the U.S. Such trends are expected to enhance the need for chromium finishing in the automotive sector.

North America Market, By Base Material

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The steel segment will hold over 65% market share by 2027. On an average, a vehicle consumes over 900 kilogram of steel in various components including body structure, drive train, suspension, braking & steering systems, fuel tanks, etc. The chromium finishing serves functional purposes including resistance against wearing of a component, which is a key reason behind its growing usage in car production.

North America Market, By End-user

The OEM segment will capture a limited share of the North America automotive chrome finishing market in the coming years. This is mainly due to the low penetration of chrome plated parts in vehicle production. Growing product acceptance in the premium category of the automotive sector and increase in the number of electric vehicle sales around the globe are estimated to increase the popularity of automotive chromium finishing among OEMs.

North America Market, By Vehicle

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Passenger cars will dominate more than 85% market share during the forecast timeframe. This can be attributed to changing consumer mindset toward privately-owned cars over recent years. The passenger car segment holds a majority share in global vehicle sales.