Pune, India, February,2019/MRFR Press Release/- Market Research Future has published a cooked research report on the Global Trivalent Chromium Finishing Market.
Market Research Future (MRFR) predicts that the global Trivalent Chromium Market Finishing is estimated to touch a valuation of USD 416 million by 2030 and is projected to register a 5.80% CAGR over the forecast period (2021-2030)
The market growth is on ascending trajectory thanks to restrictions placed on hexavalent chromium finishing. With the ban on this method by the European Union by 2021, the trivalent chromium finishing market is expected to gain huge dividends by the end of the forecast period. Moreover, trivalent chromium plating method is safe for factory workers and can bode well for the market.
High demand for trivalent chromium finishing in the automotive sector is projected to widen the scope of the market exponentially. This can be attributed to the heightened production of vehicles by the automotive sector in 2021. Furthermore, the preference for the method for interior and exterior applications is likely to augur well for the market.
The global trivalent chromium finishing market is segmented by technology, material, function, and application.
By type, plating accounted for 83.96% market share in 2021, followed by conversion coatings (12.58%) and passivation (3.46%). The plating segment can touch a value of USD 350 million by 2030. This can be attributed to its use in aerospace and automotive sectors. It is predicted to accumulate close to 99,424.38 tons by the end of the forecast period. Conversion coatings, on the other hand, can generate close to USD 51,372.29 million by 2030.
By application, the automotive segment can exhibit 6.26% CAGR over the forecast period to reach a value of USD 133 million by 2030. Hydraulics and heavy machinery can display a strong 5.40% CAGR to accrue close to USD 91,607.82 million by 2030.
Geographically, the trivalent chromium finishing market is segmented into Europe, Asia Pacific (APAC), North America, Latin America, and the Middle East & Africa (MEA). APAC accounted for 44.22% market share in 2021, followed by Europe (23.22%), and North America (16.72%).
The APAC region can generate close to USD 188 million by 2030, growing at 6.17% CAGR over the forecast period. This can be attributed to its huge consumption by the automotive industry in China, India, South Korea, and Thailand. Moreover, the demand for vehicles and the shift by major automotive producers to the region to cater to consumer demand for decorative finishes can fuel the regional trivalent chromium finishing market.
On the other hand, the Europe trivalent chromium finishing market can reach a valuation of USD 96,060.66 million by 2030. It can accumulate a volume close to 26,609.23 tons by the end of the forecast period. The North America region can touch a value close to USD 67,914.6 million by 2030.
Major players in the trivalent chromium finishing market include Chem Processing, Inc. (U.S.), Midland Polishing & Plating Ltd. (U.K.), Three J's Industries, Inc. (U.S.), ASTERION, LLC (U.S.), CHEMEON Surface Technology, LLC (U.S.), Atotech (Germany), Electro Chemical Finishing (U.S.), MacDermid, Inc. (U.S.), Master Finish Company (U.S.), and Ronatec C2C, Inc. (U.S.). Partnerships and novel product launches are prime strategies of these players to gain additional share in the market.
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