The chrome plating market size was valued at USD 17.8 Billion in 2023 and is expected to reach a market size of USD 26.9 Billion by 2032 at a CAGR of 4.6%.
Fort Collins, Colorado, April 28, 2024 (GLOBE NEWSWIRE) —
Benefits of chrome plating to drive more growth in the coming years.
The chrome plating market is encountering promising prospects driven by the emergence of innovative and eco-friendly alternatives to conventional hexavalent chromium plating techniques. Among these alternatives, trivalent chromium plating stands out, utilizing a less hazardous chromium form while delivering multiple benefits, such as diminished environmental footprint, heightened worker safety, and enhanced process efficiency. Furthermore, integrating advanced automation and digitalization into plating procedures has unveiled fresh opportunities for heightened efficiency, consistency, and quality control. Automated plating systems have the potential to refine precision, curtail human errors, and optimize resource allocation, thereby fostering cost reductions and bolstering the competitiveness of chrome plating enterprises.
Despite robust demand, the chrome plating market encounters significant constraints stemming from stringent environmental regulations governing hexavalent chromium, a toxic substance prevalent in traditional chrome plating processes. Heightened concerns regarding potential health hazards and ecological repercussions linked to hexavalent chromium have spurred tighter regulations and restrictions across various regions. For instance, the European Union’s implementation of the Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) regulation aims to phase out hexavalent chromium usage in specific applications. Similarly, the United States Environmental Protection Agency (EPA) has instituted stringent guidelines governing the handling and disposing of hexavalent chromium compounds, thereby imposing substantial compliance costs on chrome plating enterprises.
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Segmentation Overview:
The chrome plating market has been segmented into type, application, and region.
Automotive plating is the largest application segment, leading the market growth.
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The automotive industry was the largest segment in the chrome plating market in 2023 based on market segmentation by application. Chrome plating is extensively used in various automotive components, such as bumpers, grilles, wheels, and interior trim, for decorative and functional purposes.
Hard chrome plating is the leading segment and retains a large market share.
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Based on market segmentation by type, hard chrome plating was the largest segment in the chrome plating market in 2023. This type of plating is widely used in various industrial applications, such as machine tools, hydraulic cylinders, and automotive components, due to its exceptional hardness, wear resistance, and durability.
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Chrome Plating Market Report Highlights:
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Some prominent players in the chrome plating market report include Atotech, MacDermid Alpha Electronics Solutions, Interplex Industries, Allied Finishing, Peninsula Metal Finishing, Kuntz Electroplating, Asterion LLC, Electro Chemical Finishing, Enesol Inc., Suburban Plating Co., Inc., and Uyemura International Corporation.
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Read More:Chrome Plating Market To Reach USD 26.9 Billion By 2032, Report By DataHorizzon Research
2024-04-28 08:00:00
