Trivalent Chromium Finishing Market

The global trivalent chromium finishing market is projected to register a healthy CAGR of 5.80% during the forecast period, 2018–2025. The market value is expected to reach USD 4,15,058.29 thousand by the end of 2025. The prominent drivers are stringent regulations on the use of hexavalent chromium and increasing demand for trivalent chromium plating in the automotive industry. Moreover, the anticipated high growth for the use of chrome-plateable plastics in various applications is likely to drive the market growth during the forecast period.

However, the emergence of thermal spray coating as an effective alternative to hard chrome plating is expected to be the key factor hampering growth of this market in the years to follow. Furthermore, the high cost associated with trivalent chromium finishing may pose a significant challenge for the market growth in the coming years.

The global trivalent chromium finishing market is segmented on the basis of type, application, and region.

Based on type, the market is categorized into plating, conversion coating, and passivation. Among them, the plating segment held the largest market share of 83.96%, by value, in 2017 and is projected to reach USD 3,50,247.79 thousand by the end of 2025. Growing demand for decorative chrome plating in the automotive applications is projected to fuel market growth during the forecast period. Hard chrome plating offers a high level of corrosion protection, excellent wear resistance, and low coefficient of friction. The growing use of hard chrome plating in the oil & gas and hydraulics and heavy machinery applications is further expected to drive market growth during the review period.

On the basis of application, the market is segmented as automotive, hydraulics & heavy machinery, oil and gas, aerospace, and others. The automotive segment was valued at USD 1,33,230.23 thousand in 2017 and is estimated to grow at the highest CAGR of 6.26% during the forecast period. The increasing use of chrome-plated plastics in manufacturing automotive parts is likely to propel the growth of trivalent chromium finishing market in the years to follow.

Geographically, in 2017, the market was dominated by Asia-Pacific with a market share of 44.22%; it is projected to grow at the highest CAGR of 6.17% to reach USD 1,88,694.81 thousand by the end of 2025. Significant growth of the automotive industry in this region is majorly driving demand for trivalent chromium finishing. China, South Korea, Thailand, and India are the major consumers of trivalent chromium finishing in this region. Furthermore, leading automakers are shifting their manufacturing units in this region on account of growing demand for both passenger and consumer vehicles, which is expected to boost demand for trivalent chromium finishing.