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Asia Pacific Automotive Chromium Finishing Market Analysis and Value to High USD 2.6 Billion by 2027

Author : Ronak Bora | Published Date : 2021-09-07 

The exemplary resilience of the regional automotive industry during the COVID-19 pandemic is ensuring that Asia Pacific automotive chromium finishing market forecast makes considerable strides over the coming years. India is likely to make a breakthrough in terms of revenue generation, thanks to the trends such as growing middle class incomes, high percentage of millennials, and surging consumption of passenger cars.

As per the data published by India Brand Equity Foundation (IBEF), passenger vehicles accounted for over 80.80% of the total vehicles production in India in FY2020. The luxury car sales were projected to increase from a sale of 20,000-21,000 units during 2020 to 28,000-33,000 units in 2021, according to the report.

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With the volume of car ownership on the ascent, Asia Pacific automotive chromium finishing market size is projected to rise beyond $2.6 billion by 2027. The growing disposable income of Asians has been empowering them to purchase and maintain high-end luxury cars and electric cars.

From 2020 to 2027, the market is set to attain a significant chunk of the global figures, sparked by the following developments:

Popularity of decorative chrome

By process, the automotive chromium finishing market share is divided into decorative chrome and hard chrome. The preference for decorative chrome plating process has been rising across the region due to its aesthetic benefits, corrosion resistance, hardness, and durability. EV manufacturers are opting for decorative chrome plating process to cater to the customer demand for smooth, shiny, and aesthetic finishing of car parts.

Delivering a superior shiny surface that can be cleaned in a hassle-free way, nickel-chrome plating efficiently adds to the appearance and life of door handles, rocker panels, bumpers, grill, trim, and other automotive parts. The focus toward high wear resistance of components is accelerating Asia Pacific automotive chromium finishing market trends. The industry share from decorative chrome segment is set to grow at a 3.5% CAGR through the assessment timeframe in APAC.

Urgent need to address environment concerns

Over the past decade, the rate of urbanization and industrialization has constantly stoked the degree of pollution across Asian countries. The sales of electric cars are expected to shoot up dramatically, thanks to the growing awareness regarding the advantages of carbon and weight reduction amongst both consumers and manufacturers.

Asia Pacific automotive chromium finishing market outlook signifies a move toward sustainable technologies. As automakers are finding new solutions to address the environmental concerns by adhering to government mandates, owing to the urgency to address the growing GHG emission rates. Weight reduction of components is a key contribution of chromium finish, along with low VOC content.

Luxury car demand in China

China held over 32% of the global luxury car industry share in 2020. With the Chinese aiming to dominate the global automotive industry, the mass production of electric vehicles and passenger cars is setting the tone for a steady advancement. China automotive chromium finishing industry outlook unfolds a remarkable picture.

Through 2027, Chinese market is expected to exhibit a 3.9% CAGR, underpinning the anticipated investments by international automotive companies. BMW, Audi, Mercedes-Benz, Lamborghini, and Maserati have particularly been captivating whole slews of customers over the past few months. In 2020, China claimed 60% of the Asia Pacific automotive chromium finishing market.

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Veer industries, Mitsuya Co., Hardchrome Engineering, Atotech Deutschland GmbH, Highnic Group, Synergies Castings Limited, Phiew Seng, and Toyoriko CO., Ltd. are some leading automotive chromium finishing manufacturers and suppliers in Asia.

Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Research Methodology

1.2    Market estimation & forecast parameters

1.3    List of Data sources

1.3.1    Primary

1.3.2    Secondary

Chapter 2   Executive Summary

2.1    Asia Pacific Automotive Chromium Finishing market snapshot

Chapter 3   Asia Pacific Automotive Chromium Finishing Industry Insights

3.1    Industry coverage

3.2    Industry size and forecast, 2016 – 2026

3.3    Industry ecosystem analysis

3.3.1    Vendor matrix

3.4    Future trends

3.4.1    Innovation Landscape

3.5    Raw material analysis

3.6    Regulatory norms & directives

3.7    Drivers & restraints

3.7.1    Drivers

3.7.2    Restraints

3.8    Application growth mapping

3.9    Industry analysis: Porter’s

3.10    Competitive benchmarking

3.10.1    Strategy dashboard

3.11    PEST analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1712/asia-pacific-automotive-chromium-finishing-market

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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