Global Automotive Chromium Finishing Market Forecast 2023-2032: Estimated Market Size And Growth Rate
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The global automotive chromium finishing market is set to shine brighter as it navigates a path of steady growth. With the market projected to increase from $4.06 billion in 2022 to $4.23 billion in 2023, a compound annual growth rate (CAGR) of 4.2%, the road ahead looks promising. And the journey continues, with expectations of reaching $4.77 billion by 2027, maintaining a robust CAGR of 3.1%. What’s fueling this expansion? The answer lies in the increasing sales of luxury vehicles.
The Luxury Vehicle Drive
Luxury vehicles are the epitome of automotive excellence, offering an array of amenities that cater to driver comfort and status. They are a symbol of opulence and sophistication, and every detail matters. This includes the use of chromium finishing, a choice that not only enhances the vehicle’s aesthetic appeal but also adds a touch of luxury and traditional elegance.
- Chromium Finishing’s Allure: Chromium finishing, with its brilliant, dazzling surface and corrosion-resistant properties, is the perfect choice for luxury vehicles. It elevates the visual appeal of these high-end cars, making them stand out with their striking shine. The allure of chromium finishing is hard to resist for those seeking elegance and class in their vehicles.
- Sales Surge: The increasing sales of luxury vehicles are a testament to the growing demand for automotive chromium finishing. Luxury cars are in vogue, and their market share is on the rise. For instance, in December 2022, Cox Automotive reported that luxury vehicles had a share of 18.2% of overall sales in November, up from 17.8% in October. This indicates a historic high for the luxury car market and reinforces the idea that luxury vehicle sales are on the rise.
Driving the Market: Key Players in Chromium Finishing
The automotive chromium finishing market is home to several major players who are at the forefront of providing the finest finishing solutions for luxury vehicles. These companies are dedicated to delivering top-notch products that meet the exacting standards of the automotive industry.
Some of the notable players in this sector include Atotech Deutschland GmbH, Sarrel Group, MacDermid Incorporated, COLLINI GRUPPE, Eakas Corporation, and a host of others.
Innovations that Shine
Innovation is the name of the game in the automotive chromium finishing market. To maintain their positions and cater to the evolving needs of the luxury vehicle market, major companies are focusing on product innovations.
- A Shining Example: In March 2023, STEK USA Inc., a U.S.-based manufacturer of ceramic coatings, films, and car care products, introduced the DYNOchrome series. This product marks a significant advancement in the industry as the world’s first chrome paint protection film. It’s designed with advanced technology and a 100% TPU-based plastic film that results in a natural metal finish. The DYNOchrome also features a top-coated film with a self-healing and hydrophobic layer and offers a remarkable 10-year warranty against manufacturing defects.
A Diverse Market for Discerning Needs
The automotive chromium finishing market provides a range of options to cater to the specific requirements of luxury vehicles:
- By Base Material: Chromium finishing can be applied to both metal and plastics, offering versatility in design and application.
- By Process: Two primary processes, decorative chrome and hard chrome, provide distinct finishing options to suit the intended look and performance.
- By Vehicle: Luxury and elegance are not confined to a specific segment. Chromium finishing is used across various vehicles, including passenger cars, light commercial vehicles (LCV), heavy commercial vehicles (HCV), and even two-wheelers.
- By End-User: The market caters to both automotive original equipment manufacturers (OEM) and the automotive aftermarket, ensuring a broad spectrum of applications.
Regional Impact and Future Growth
In 2022, Asia-Pacific took the lead in the automotive chromium finishing market. However, looking ahead, Europe is set to emerge as the fastest-growing region. This forecast highlights the region’s commitment to innovative automotive technologies and its dedication to providing the finest finishing for luxury vehicles.
View More On The Automotive Chromium Finishing Market Report 2023 – https://www.thebusinessresearchcompany.com/report/automotive-chromium-finishing-global-market-report
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The Automotive Chromium Finishing Global Market Report 2023 provides comprehensive insights on the automotive chromium finishing market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the automotive chromium finishing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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