Published Date: 2021-03-09
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European Automotive Chromium Finishing Market size is anticipated to reach USD 1.2 billion by 2027, according to a latest forecast report by Graphical Research.
The growth of the market is owing to the superior characteristics of the automotive chromium. The boosting product demand is also attributed to the bright and shiny finish offered by chromium along with durability and aesthetic appeal to the interior and exterior of the automobile. Moreover, a rising preference for customized vehicles and increasing production is further fueling the consumption of automotive chromium finishing.
On the other hand, stringent regulations governing the application of chromium chemicals are likely to create a hindrance to industry growth. Government bodies, such as European Chemicals Agency (ECHA) have issued guidelines for labeling, classification, testing, and packaging of chromium chemicals. Additionally, a decline in the revenue has been observed primarily due to the crisis caused by COVID-19 disease. The European automotive chromium finishing market witnessed a dip of over 12%, which can be ascribed to the declined automobile production and plunged consumer spending on automobiles. However, the industry is entering into the recovery phase which is also supported by the revival of economic activities.
Plastic will be a popular material for chromium finishing and is expected to gather considerable gains of over 4% through 2027. The plastic penetration is majorly driven by the rising need to reduce the vehicle weight in order to improve enhance fuel efficiency and improve vehicle performance.
Browse detailed statistical insights from the report, “Europe Automotive Chromium Finishing Market Size By Process (Hard chrome, Decorative chrome), By Base Material (Plastics, Metal {Aluminum, Steel, Others}), By End-user (Automotive Aftermarket, Automotive OEM), By Vehicle (HCV, LCV, Two-wheelers Passenger Cars), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027” along with the table of contents (ToC) @
https://www.graphicalresearch.com/industry-insights/1689/europe-automotive-chromium-finishing-market
Based on the metal base material, aluminum will observe significant growth over the coming years. Chromium plating is one of the most preferred options by automotive manufacturers since its unique metallurgical values make chromium an ideal surface finishing choice. Additionally, the surging production of electric vehicles is further propelling product consumption. The production of EVs is projected to escalate from around 0.75 million in 2019 to 4 million in 2025. Moreover, government initiatives and favorable government norms will fuel the consumption of EVs.
The automotive aftermarket segment is estimated to witness over 80% CAGR till 2027. This is due to the regular maintenance and service of exterior automotive parts majorly owing to constant wear & tear and damage sustained by extreme weather conditions. Additionally, the growing number of car restoration facilities across Europe will further fuel the market demand.
Among the vehicle types, passenger cars is predicted to register a growth of over 2.9% during the forecast period. Chrome finishing offers protection to vehicles against rust and environmental factors. Therefore, the increasing need to improve the performance and lifespan of vehicle parts will drive the demand for automotive chromium finishing for the passenger vehicle segment.
Prominent manufacturers involved include Borough Ltd., Atotech Deutschland GmbH, Metzka GmbH, Andritz Group, Allenchrome Electroplating Ltd., Reeve Metal Finishing Company, Silchrome Plating Ltd., VERBRUGGE, Graindorge, Satis Group, IHI HAUZER B.V., GALVANICA ITALIA srl, C.F.G. Rettifiche Srl, and STELMI ITALIA SpA.
The European automotive chromium finishing market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027, for the following segments:
Europe Market, By Process
Europe Market, Base Material
Europe Market, By End-user
Europe Market, By Vehicle
The above information has been provided for the following countries:
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