Trivalent Chromium Finishing Market Estimated to Garner Significant Revenue Gains by 2031
The trivalent chromium finishing market involves application of trivalent chromium on metallic surfaces to provide aesthetic appeal and corrosion protection. Trivalent chromium deposits have better adhesion, hardness and corrosion resistance than conventional techniques. It helps in enhancing lifecycle of components and provides protection against environmental damages. With stringent environmental regulations banning hexavalent chromium, adoption of trivalent chromium is increasing rapidly across various end-use industries such as automotive, aerospace & defense, oil & gas among others.
The Global trivalent chromium finishing market is estimated to be valued at US$ 331.3 MN in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2024 to 2031.
With strict environmental regulations and rising demand from diverse end-use industries, the market is anticipated to witness high growth going ahead.
Key Takeaways
Key players operating in The Trivalent Chromium Finishing Market are Kakihara Industries Co., Ltd.; Ronatec C2C, Inc., MacDermid, Inc.; Atotech; Sarrel Group; Chem Processing, Inc.
Some key opportunities in the market include new product development by key players focusing on specific end-use industries, increasing R&D investments to enhance coating performance and expand applications. Manufacturers are also focusing on capacity expansion plans and global footprint to cater to increasing overseas demand.
Major players have undertaken several initiatives for global expansion like partnerships, mergers and acquisitions over the past few years. For instance, Atotech acquired all surface finishing activities of MacDermid in 2019. This helped in establishing its leadership in trivalent chromium plating chemistry.
Market Drivers
Stringent environmental regulations banning hexavalent chromium worldwide is a major market driver. Its safer and more environment-friendly nature compared to hexavalent chromium is stimulating demand.
Growing automotive production driven by rising vehicle sales especially in emerging nations is another key factor propelling the market growth. The aerospace industry is also expanding rapidly creating high needs for trivalent chromium.
Market Restrain
Initial set up and operational costs associated with trivalent chromium plating line can be high. This may limit its adoption among small component manufacturers. Supply chain disruptions amidst pandemic outbreaks also pose challenges.
Segment Analysis
The trivalent chromium finishing market is dominated by the automotive sub-segment owing to extensive use of trivalent chromium in various auto components such as wheels, body parts, suspension, and other components. Trivalent chromium provides a bright, corrosion-resistant and wear-resistant coating on such metal components increasing their aesthetic appeal and durability. The automotive sub-segment accounts for over 35% of overall demand in the market. Other major sub-segments include industrial machinery, oil and gas, and construction where trivalent chromium coatings are applied to metal surfaces as a post-treatment process.
Global Analysis
The Asia Pacific region holds the major share in the global trivalent chromium finishing market and is expected to witness the highest growth over the forecast period. Countries such as China, India, Japan, and South Korea contribute significantly to the rising demand. Presence of a large automotive manufacturing base and the fast expanding construction industry drive the market growth. North America stands as the second largest regional market supported by large automobile production facilities, developed industrial sector, and stringent environmental compliance with hexavalent chromium. Europe is anticipated to grow moderately due to stringent EU regulations curbing the use of hazardous hexavalent chromium compounds.
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