Press release
Trivalent Chromium Finishing Market is Anticipated to Expand at a CAGR of 5.9% by 2032
Trivalent Chromium Finishing Market
Chromium plating continues to be the leading revenue generator, with demand increasing at a rate of 5.1% from 2017 to 2021. This is anticipated to increase to a CAGR of 6% from 2022 to 2032.
Major drivers of demand for trivalent chromium finishing are its capability to reduce the risks of hexavalent plating, and thus it is the preferred option for the manufacture of heavy, hydraulic, and automotive equipment. The process facilitates the creation of a homogeneously thick layer with excellent throwing power, improving productivity in metal as well as non-metal finishing applications.
Additionally, the market will be positively affected by the growing emphasis on preventive maintenance within the hydraulics industry. Trivalent chromium provides enhanced wear resistance and is a must-have solution for prolonging the life of components used in applications that are extremely demanding. This synergy of safety, efficiency, and durability continues to support the prospects of the market's growth.
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The trivalent chromium finishing market is significantly influenced by the rising demand for automobiles, as trivalent chromium is extensively used in designing both the exterior and interior components of vehicles. In the United States, the surge in car sales is primarily driven by the availability of affordable fuel. Additionally, automakers are introducing various incentive programs to boost vehicle purchases, further contributing to the market's growth.
Key Takeaways from the Study
Trivalent Chromium Finishing Market was valued at US$ 316.9 Mn in 2021. According to Fact.MR, Trivalent Chromium Finishing Market revenue would increase 1.8X between 2022 and 2032, reaching roughly US$ 586.5 Mn in 2032.
In terms of Application, Functional application is projected to account for the highest projected CAGR of over 6.3%.
In terms of type, Plating accounts for the highest CAGR of 5.1% during the historical period (2017-21).
U.S. is the dominant country in Trivalent Chromium Finishing Market with an absolute dollar growth opportunity of over US$ 101.5 Bn.
Trivalent Chromium Finishing Market Segmentation
By Type :
Plating
Conversion Coating
Passivation
By Application :
Functional
Decorative
By End-Use :
Automotive
Oil & Gas
Aerospace
Hydraulic & Heavy
Machinery
Other End-Uses
By Region :
North America
Latin America
Europe
APAC
MEA
By the end of 2032, the United States is anticipated to have the largest market, with US$ 180.2 Mn. It is anticipated to increase by an absolute monetary increase of $80.9 million. Environmental concerns over the proliferation of hexavalent chromium are expected to increase the country's consumption of trivalent chromium. In the US, there has been a considerable increase in car sales as a result of the availability of cheaper fuel. Due to the presence of firms like McDermid Incorporated, Chem Processing, Inc., Ronatec C2C, Inc., and Asterion LLC in the nation, the market is expected to expand.
Some of the recent developments in the Trivalent Chromium Finishing market are:
In May 2019, Trion Coatings formed a strategic partnership with KCH Services to launch Safe Chrome, an innovative, eco-friendly chrome plating technology. This solution utilizes trivalent chromium combined with a patented ionic liquid to deliver superior galvanic plating. The technology outperforms hexavalent chromium in terms of speed, wear resistance, and overall performance.
Similarly, in February 2019, Cardinal Plating Solutions, a leading chromium plating provider, installed a production-ready trivalent chromium plating line, further advancing the adoption of sustainable and efficient plating technologies.
Key Companies Covered
MacDermid Incorporated
Atotech Deutschland GmbH
Sarrel Group
Chem Processing, Inc
Kakihara Industries Co., Ltd
Ronatec C2C, Inc
Asterion LLC
Electro Chemical Finishing Co
Midland Polishing and Plating Ltd
Poeton Industries Ltd.
Read More: https://www.factmr.com/report/trivalent-chromium-finishing-market
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Trivalent Chromium Finishing Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Trivalent Chromium Finishing in terms of Type (Plating, Conversion Coating and Passivation), of Application (Functional and Decorative application), of end-use (Automation, Oil & Gas, Aerospace, Hydraulic & Heavy, Machinery and Other End-Uses) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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