As per the MRFR analysis reports, the globalchrome plating marketis likely to attain USD 21.73 billion by 2028. The report further suggests that the market will thrive at a healthy CAGR of 4.0% during the assessment era.
The chrome plating process uses a thin layer of chromium onto a substrate such as alloys or metals using an electroplating process. It comprises exceptional corrosion resistance, hardness, high strength, and durability properties. It is used in several end-use industries to offer a smooth and shiny surface that is easier to clean. The globalchrome plating markethas registered enormous growth in the last few years. The markets growth is mainly attributed to the wide range of applications in various end-use industries such as themetalfinishing industry, aerospace defense industry, and the automotive industry. On the other hand, the availability of alternatives is likely to impede the markets growth over the assessment era.
Segment Analysis
The global market for chrome plating has been segregated into several segments based on application, type, and region.
Based on type, the globalchrome plating marketis divided into decorative chrome plating and hard chrome plating.
Based on application, the global market for chrome plating is split into metal finishing, aerospace defense, automotive, and others.
Regional Analysis
The global market for chrome plating is studied across five major regions such as Asia-Pacific, Europe, North America, Latin America, and the Middle East Africa.
The MRFR report suggests that the North American region is likely to dominate the global market for chrome plating over the assessment era. The regional markets growth is mainly credited to the development of the aerospace defense industry in developed countries such as Canada and the U.S. Furthermore, the growing demand for chrome plating in the aerospace defense industry for enhancing durability, wear tear, and increasing aerospace parts and equipment life are also projected to boost the growth of the regional market over the forecasted era.
The chrome plating market for the European region is projected to experience growing demand over the assessment era. The regional markets growth is primarily attributed to the growth of theautomotivein the region.
The Asia-Pacific regional chrome plating market is anticipated to record the highest growth over the assessment timeframe. The regional markets growth is primarily credited to rapid industrialization across the region. China is anticipated to be the leading growth contributor across the regional market over the coming years. Furthermore, the growth of the automotive industry in India and China is projected to influence the regional markets growth over the assessment timeframe.
Competitive Analysis
The global market forchrome platinghas an incredibly competitive landscape with a wide number of players spread across several regions worldwide. The players across the global market are adopting several growth policies such as the increase in RD activity, product launch, merger acquisition activities, expansion in production capacity, and small-scale manufacturers expanding their business, which in turn is likely to raise the market concentration. The global chrome plating market has leading players such as Pioneer Metal Finishing (U.S.), Al Asriah Metal Coating L.L.C. (U.A.E.), Al ASHRAFI Group (U.A.E.), Al wadi Metal (U.A.E.), Roy Metal Finishing (U.S.), Kuntz Electroplating Market (Canada), Atotech Deutschl (Germany), Peninsula Metal Finishing (U.S.), Sharretts Plating (U.S.), J and N Metal Products (U.S.), Allied Finishing (U.S.), Interplex Industries (U.S.), Trinity Holdings (India), Bajaj Electroplaters (India), and several others.
Recent Developments
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Premium Chrome Finish
Traditional Lofts
Low Profile with Deep Undercut Design
Progressive Offset Design
Strategic Weighting
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFRs approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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