Trivalent Chromium Finishing Market Share, Size, Trends, Industry Analysis Report, By System (Plating, Conversion Coatings, and Passivation); By Application; By End-Use; By Region; Segment Forecast, 2023 - 2032
- Published Date:Jun-2023
- Pages: 118
- Format: PDF
- Report ID: PM3304
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global trivalent chromium finishing market was valued at USD 325.20 million in 2022 and is expected to grow at a CAGR of 5.7% during the forecast period. Rising focus on the predictive maintenance in the hydraulics sector, where trivalent chrome offers extremely superior abrasive resistance and the overall growth in the construction activities mainly in emerging economies of APAC region like China, Japan, and India are expected to boost the growth in demand for the product over the coming years.
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Moreover, there has been a significant rise in the automobile sales all over the world because of several types of incentive schemes to promote the adoption of vehicles and increasing prevalence among component manufacturers to comply with end-of-life vehicles directive, that mandates the use of trivalent chrome, are also fueling the growth of the trivalent chromium finishing market over the projected period.
Moreover, it is being widely used across the developing countries, as it concentrates more on complying with several types of environmental regulatory norms and criteria in both metal and non-metal finishing industries. Additionally, a thick chrome film over the product surface is largely used to ensure the enhanced resistance and protect it form the dust and various other particulate impurities along with this, the usable chrome is also used to renovate the worn-out components for improving the component and services life.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the trivalent chromium finishing market. The has been severe impact on the pandemic on almost ever industry including automotive and construction, as a result of country-wise lockdown and temporary closure of production sites and decline in the supply and demand chain worldwide. Moreover, the rise of the pandemic has changed the consumer spending behavior and made them more aware towards luxury and necessity, which directly affected the market.
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Industry Dynamics
Growth Drivers
The rapidly increasing demand for the product from the electronic industry due to its anticorrosive properties that makes it ideal for the electroplating of electronic and electrical equipment especially for coating electro-galvanized steel, copper, aluminum, and zinc. Hence, increase in the production and demand for variety of electronic products and equipment, is projected to increase the demand and growth of the market and likely to offer lucrative growth opportunities in the upcoming years.
Furthermore, the significantly escalating environmental concerns regarding the hexavalent chrome finishes, which has been widely used as a major component in aluminum chromate conversion parts. However, the plating types used in this process generates hazardous byproducts like barium sulfate and lead chromates that are heavily regulated by authorities including EPA because of its carcinogenic nature, that has created lucrative opportunities for the trivalent chromium finishing worldwide.
Report Segmentation
The market is primarily segmented based on system, application, end-use, and region.
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By System |
By Application |
By End-Use |
By Region |
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Plating segment accounted for the largest market share in 2022
The growth of the segment can be largely attributed to continuously rowing adoption and acceptance of the product in wide range of industries including automotive, appliance, and architecture among others. In addition, the increasing compliance in several government regulatory norms mainly in metal and non-metal finishing industries especially in developed countries of Europe region like UK, France, and Germany, are further anticipated to boost the market growth.
The conversion coatings segment is likely to grow significantly over the coming years, on account of increasing prevalence of product to be applied on metals for improving the corrosion resistance properties, promote the organic coating adhesion, and many others, They are also being widely utilized in various multistep process that includes cleaning of the metal for removing dirt, surface microstructures that might impede the coating formation, and organic contamination, which in result, propelling the demand extensively in the near future.
Decorative segment is anticipated to witness highest growth over the projection period
The decorative segment is anticipated to grow at a high CAGR during the anticipated period, which is mainly driven by rise in the popularity of decorative application among various end-use industries including appliances, architecture, and automotive. In addition, the decorative product application offers several types of shades that positively impact the product differentiation and also enhances the look of glossy components by making surface resistant to corrosion and glossy, are likely to have significant impact on the segment market.
The functional application segment led the industry market with maximum market share, which is highly attributable to increased penetration for these application around the world, as it provides the better resistance and protect the surface from dust and other types of particulate impurities along with the growing use of functional chromium in the refurbishment of worn-out components to increase the lifespan of the component.
Automotive segment held the significant market revenue share in 2022
Automotive segment held the significant market revenue share, on account of increased need for two-wheelers, passenger vehicles, and commercial vehicles that has fueled the demand for trivalent chrome plated component due to their ability to improve and enhance the aesthetics of the vehicle. In addition, the continuous development of the emerging economies like India, China, Malaysia, and Indonesia because of the rapid industrialization and improvements in infrastructure coupled with the rise in consumer spending capacity on automobiles are further likely to have a positive impact on the demand and growth of the segment market over the next coming years.
Asia Pacific region dominated the global market in 2022
The Asia Pacific region dominated the global market and captured highest share in 2022, and is expected to maintain its dominance over the course of anticipated period. The regional market growth can be highly attributable to increased need and prevalence for hydraulic & heavy machinery across several industrial applications in the region because of the robust manufacturing sector in countries like China, Malaysia, and India. Moreover, the growing production capacity and number of vehicles produced in these countries along with high proliferation for automobiles will further stimulate the growth of the market.
According to a report published by OICA, China is the major producer of vehicles, manufactured over 21.4 Mn cars & 4.6 Mn commercial vehicles in 2021, for a total combined production of more than 26 Mn, which is far away from second largest manufacturer US with total production of 9.2 Mn vehicles.
Europe is projected to be the fastest growing region during the forecast period. The presence of various type of regulatory mandates set by European Union and several other government bodies along with the emerging trend towards the compliance of regulatory norms and increased prevalence of productivity of metal and non-metal finishing operations in the region are among the primary factors influencing the market growth.
Competitive Insight
Some of the major players operating in the global trivalent chromium finishing market include Sarrel Group, Kakihara Industries, Ronatec C2C, Chem Processing, Atotech Deutschland, MacDermid Incorporated, Midland Polishing, Poeton Industries, Asterion, Electro Chemical Finishing, and CHEMEON Surface Technology.
Recent Developments
- In July 2022, SCAQMD announced that the company has raised a funding of USD 5 million in new projects that help reducing the emissions for chromium facilities. It will include future ban on hexavalent chromium for the metal plating & chromic acid anodizing similar operations.
- In November 2021, Covestro introduced new “Discovery Resin”, a 37% bio-based, multi-purpose resin for exterior coatings with enhanced durability and improved bio-based content. The newly developed product will address the decorative coatings & outdoor coatings with comparatively lower environmental impact.
Trivalent Chromium Finishing Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 342.83 million |
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Revenue forecast in 2032 |
USD 563.17 million |
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CAGR |
5.7% from 2023– 2032 |
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Base year |
2022 |
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Historical data |
2019– 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
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Segments covered |
By System, By Application, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Sarrel Group, Kakihara Industries Co. Ltd., Ronatec C2C, Chem Processing Inc., Atotech Deutschland GmbH, MacDermid Incorporated, Midland Polishing and Plating Ltd., Poeton Industries Ltd., Asterion LLC, Electro Chemical Finishing Co., and CHEMEON Surface Technology LLC. |
FAQ's
key companies in trivalent chromium finishing market are Sarrel Group, Kakihara Industries, Ronatec C2C, Chem Processing, Atotech Deutschland, MacDermid Incorporated, Midland Polishing, Poeton Industries.
The global trivalent chromium finishing market expected to grow at a CAGR of 5.7% during the forecast period.
The trivalent chromium finishing market report covering key segments are system, application, end-use, and region.
key driving factors in trivalent chromium finishing market are increasing demand for the product from the electronic industry.
The global trivalent chromium finishing market size is expected to reach USD 563.17 million by 2032.
