Europe Automotive Chromium Finishing Market Size to Cross $1.2 Bn by 2027
According to a recent study from market research firm Graphical Research, the Europe automotive chromium finishing market size is poised to expand at substantial CAGR during the forecast period. Europe, a major hub for automobile production and export, is set to observe massive gains in automotive chromium finishing industry. This can be attributed to the rising sales of passenger vehicles in the region. Stating of which, the number of new passenger vehicle registrations surpassed a total of 15.8 million in 2019, about 1% rise from the previous year in the region.
Moreover, the electric vehicle production in the continent is anticipated to reach a million count in 2025 from around 75 thousand in 2019. This escalating count has indeed propelled the need for chromium finishing in some of the luxury vehicles.
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In this context, it would be crucial to state that the Europe automotive chromium finishing market from passenger vehicles across the European economies is slated to reach USD 1.2 billion by 2027. One of the fundamental factors that add to the expanding growth profile of this market is the superior characteristics of the automotive chromium. Reports have it that the chromium finishing offers a bright and shiny finish to the automobiles while also improving the aesthetic appeal and durability of the interior and exterior of the vehicles.
When considering the base material for obtaining the luscious look on the vehicles, major automaker companies have been extensively looking toward making use of metals as they have been raising much preference for chrome plated parts for alloy wheels, grills, piston rods, fuel doors, and others. The plated automobile parts achieve an enhanced resistance towards external damaging factors like scratches and rust.
Not only this, the material also offers a decorative exterior as well as interior look to the vehicle, which undeniably, attracts the attention of consumers. It would be essential to note that the metal segment across Europe automotive chromium finishing market is likely to seize a business share of 80% by the end of 2027.
However, the introduction of stringent regulatory norms governing the application of chromium chemicals in the continent are likely to suppress the growing statistics of automotive chromium finishing market in Europe. Authoritative bodies like European Chemicals Agency, have issues guidelines for classification, testing, labelling, and packaging of chromium chemicals.
In line with this, a subtle decrease in the revenue cause by novel coronavirus pandemic has also added to the decreasing market numbers. The European automotive chromium finishing business observed a dip of 12% in 2020, which can be reason due to the decrease in automobile production and compressed consumer spending on them. Nevertheless, the industry is touted to enter into a recuperating phase which is also likely to be supported by the revival of economic activities in some of the major economies.
Regionally, Germany is anticipated to take over 35% of market stake of the overall regional automotive chromium finishing industry over the foreseeable time frame, thanks to the existence of a large number of auto makers in the country.
Companies such as Porsche, Mercedes Benz, and BMW had reported an increment of 10%, 1.3%, and 2% in sales of premium vehicles respectively during 2018 and 2019. The improved look of luxury and premium vehicles is attracting more buyers, thereby significantly boosting the demand for chrome plating.
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What more has been augmenting the market expansion in Germany is the rising penetration of EVs in the country. it would be essential to mention that Germany currently stands to be a key producer of EVs and is further estimated to take over the second position in terms of electric car production by 2025 end. Additionally, increasing investment by regulatory bodies to mitigate toxic carbon emissions is further likely to further drive the adoption of electric vehicles in the region, thus generating demand for Europe automotive chromium finishing market.
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 Europe Automotive Chromium Finishing market snapshot
Chapter 3 Europe 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
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