Trivalent Chromium Finishing Market

Trivalent Chromium Finishing Market Outlook (2022-2032)

The global sales of the Trivalent Chromium Finishing Market in 2021 was held at US$ 316.9 Million. With 5.9%, projected growth during 2022 – 2032, the market is expected to reach a valuation of US$ 586.5 Million by the end of 2032. Functional application of Trivalent Chromium Finishing market is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 6.3% during 2022 – 2032.

Report Attributes	Details
Market Size (2022)	US$ 331.3 Million
Global Market Size (2032)	US$ 586.5 Million
Global Market CAGR (2022-2032)	5.9%
U.S. Market CAGR (2022 – 2032)	6.2%
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.

Revenue of Trivalent Chromium Finishing Market from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032

As per the Global Trivalent Chromium Finishing Market research by Fact.MR - a market research and competitive intelligence provider, historically, from 2017 to 2021, the value of the Trivalent Chromium Finishing Market increased at around 4.9% CAGR.

The key revenue drivers which affect the Trivalent Chromium Finishing demand include an increase in the usage of trivalent chromium as it gets rid of the risks related to hexavalent plating in the manufacturing of heavy, hydraulic, and automotive equipment. The system also facilitates the formation of a layer of uniform thickness on the surface of the part with a higher throwing power, raising the productivity of metal and non-metal finishing operations. The market is also expected to benefit from the growing emphasis on preventive maintenance in the hydraulics sector, where chromium offers better wear resistance.

The market for trivalent chromium finishing is being impacted by the surge in automobile sales since trivalent chromium is used to design the outside and inner bodies of cars. In the US, there has been a considerable increase in car sales as a result of the availability of cheaper fuel. Automakers provide a variety of incentive programs to promote the sale of their vehicles.

Demand for trivalent chromium coating is anticipated to increase as the automotive sector tries to comply with the End of Life Vehicles (ELV) Directive, which requires the use of trivalent chromium. The number of construction projects has expanded in the growing economies of Asia Pacific, such as China, India, Japan, and others. This is anticipated to further fuel the region's need for trivalent chromium finishing during the course of the anticipated term.

Which Factors are Propelling Trivalent Chromium Finishing Demand?

The key factors that are propelling the Trivalent Chromium Finishing Market demand are an increase in the usage of Trivalent Chromium for Automotive and various oil & gas usage.

According to a recent study by the German Association of the Automotive Industry, new motor vehicle registrations totaled 16,763 units, 37,467 units 3,080 units, 17,421 units, 12,733 units, and 5,180 units in Europe, Asia, Latin America, North America, Western Europe, and other regions worldwide in the fourth quarter of 2020.

According to the European Automobile Manufacturers Association (ACEA), the EU's demand for new passenger cars surged significantly by 25.2% between January and June 2021, reaching a total of nearly 5.4 million units. Similar to this, recent research by the International Netherlands Group (ING) asserts that since the pandemic, demand for the design and manufacture of electric vehicles has surged.

The report states that global sales of new electric vehicles increased by 50% in 2021 and are anticipated to increase by 8% in 2022. Additionally, it mentions that sales of electric vehicles increased by 9% to 14% in Europe in 2012.

Owing to this, it is anticipated that there will be an increase in the demand for trivalent chromium surface treatment procedures like electroplating and conversion coatings for decorative exterior and interior finishing of automotive parts like bumpers, headlights, license plate frames, steering wheel trims, trim consoles, and other parts of similar nature. The market will consequently grow during the forthcoming years.

The usage of trivalent chromium finishing is also increased due to its use for advanced alloy sealing, for applications requiring superior hardness and wear resistance, and hard-coated anodized aluminum alloys are utilized in the military, aerospace, automotive, and other sectors. To increase corrosion resistance and the aesthetics of the oxide coating, there has been a significant interest in sealing and painting hard-coated aluminum in recent years.

Aluminum that has been hard coated has very high wear resistance, however in order to offer the necessary level of corrosion resistance, it must be sealed. Besides, the abrasive wear resistance of hard-coated aluminum is significantly reduced by traditional industrial seals.

The market growth is also observed due to the rise in demand in the oil and gas industry. The market for trivalent chromium finishing in Oil & Gas industry was valued at about US$ 58.8 Mn in 2017 and will reach a valuation of US$ 139.5 Mn by the end of the forecast period in 2032, with a projected CAGR of 6.4%.

Which Factors are restraining the Growth of Trivalent Chromium Finishing Market?

The high cost associated with it and the maintenance required is the key restraining factor for the market. According to a recent research by the Toxic Use Reduction Institute, the trivalent chromium system's filters produce 3,500 gallons of solution about five times an hour, necessitating frequent filter maintenance and cartridge replacement.

Trivalent chromium bath replenishment and concentration analysis must be done twice daily, even when utilizing an automatic ammeter to supply trivalent chromium to the bath, but hexavalent chromium system analysis only needs to be done once a week.

In addition, compared to hexavalent chromium baths, trivalent chromium baths are frequently more susceptible to metallic contaminants. As a result, each of these issues has greatly raised the price of trivalent chromium system analysis and maintenance. This can subsequently restrict market expansion.

Which Region is projected to offer the Largest Trivalent Chromium Finishing Market Opportunity?

During the projection period, North America is expected to be the largest Trivalent Chromium Finishing Market. During the projection period, the market for trivalent chromium finishing in North America was about US$ 88.4 Mn in 2017 which is expected to increase to US$ 203.5 Mn by the end of the forecast period, with a projected CAGR of 6.2%. Various factors that are responsible for it include the high spending cost of North American countries. Increase in the automobile, oil & gas, machinery and aerospace industry is further helping the market growth in the region.

After North America, the Asia Pacific region is expected to grow as the highest revenue-generating market. Trivalent chromium consumption is particularly high in this region as a result of the expanding demand from the automobile sector. For instance, a recent study by the International Organization of Motor Vehicle Manufacturers in the fourth quarter of 2021 reports that China, Japan, and India produced, respectively, 12 million, 4.2 million, and 2.2 million vehicle units, a 27% increase in production rate from 2020. As a result, it is anticipated that the demand for trivalent chrome plating will rise along with the demand for the manufacture of automobiles.

Country-wise Analysis

U.S. Trivalent Chromium Finishing Market Analysis

The United States is expected to account for the highest market of US$ 180.2 Mn by the end of 2032. It is expected to be projected to grow with an absolute dollar growth of US$ 80.9 Mn. Trivalent chromium consumption in the nation is anticipated to increase as environmental worries over hexavalent chromium growth. Due to the availability of less expensive fuel, there has been a noticeable increase in car sales in the US. The Market growth is observed to grow due to the presence of companies in the country which include McDermid Incorporated, Chem Processing, Inc, Ronatec C2C, Inc, and Asterion LLC.

U.K. Trivalent Chromium Finishing Market Analysis

In 2021, the per capita passenger car production in the U.K. stood at over 859 thousand units which added GBP 14 Bn to the economy during that year. Besides, the aerospace sector is also large in the country. Over 3,000 aerospace companies operate in the country. With these statistics, the market in the U.K. is projected to witness US$ 24.3 Mn revenue by 2032, growing at a CAGR of 5.6% during 2022 – 2032.

Japan Trivalent Chromium Finishing Market Analysis

Japan is one of the prominent automobile manufacturers globally. With the presence of car manufacturers such as Honda, Isuzu, Mazda, Mitsubishi, Nissan, Subaru, and Suzuki, the automobile industry in the country is expected to witness significant growth, which is also projected to boost the demand for allied products used in the production of passenger cars. The market in Japan was valued at US$ 14 Mn, which is expected to reach a valuation of US$ 27 Mn by 2032, growing at a CAGR of 6.8% during 2022 – 2032.

South Korea Trivalent Chromium Finishing Market Analysis

With the presence of carmakers including Hyundai, Kia, SsangYong Motors, and Renault, the automobile sector in South Korea has been growing at a significant pace. This has also elevated the demand for the market in the country.

Category-wise Insights

Why Plating Type for Trivalent Chromium Finishing production is projected to Witness Fastest Growth?

Chromium Plating is the highest used category in the Trivalent Chromium Finishing market. The demand for the plating type trivalent chromium finishing is estimated at US$ 272.5 Mn in 2022, and is expected to grow at a CAGR of 6% during 2022 - 2032. The chromium plating market currently accounts for about 82% of the total trivalent chromium finishing market.

With chromium plating, the designers of metal components can alter or adjust particular outward qualities including electrical conductivity, texture, and color. Businesses frequently decide to utilize a variety of surface treatments during the finishing stage to produce metal products that meet certain objectives. Trivalent chrome plating is currently widely used for surface treatment across many sectors.

Competitive Analysis

Some of the prominent players in the Trivalent Chromium Finishing market include 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, and Poeton Industries Ltd.

Some of the recent developments in the Trivalent Chromium Finishing market are :

• In May 2019, Trion Coatings announced a strategic alliance with KCH Services to implement Safe Chrome, a new environmentally friendly chrome plating technology that uses trivalent chromium and a patented ionic liquid solution to provide enhanced galvanic plating. Hexavalent chromium is outperformed by speed, wear resistance, and performance.
• In February 2019, Cardinal Plating Solutions, a provider of chromium plating, installed a trivalent chromium line that is ready for production.

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