Automotive Chromium Market Size, Share, Growth Analysis, By Application(Decorative Plating, Functional Plating), By End - Use(Two Wheelers, Passenger Vehicles, Commercial Vehicles), By Region - Industry Forecast 2024-2031

Automotive Chromium Market size was valued at USD 1.7 billion in 2021 and is poised to grow from USD 1.8 billion in 2022 to USD 2.66 billion by 2030, growing at a CAGR of 5% in the forecast period (2023-2030).

The automotive sector has witnessed a surge in demand for decorative plating due to its application in coating a diverse array of vehicle components including wheel covers, logos & emblems, door handles, interior & exterior trims, mirror housings, among others. The escalating preference for chrome finishes has not only driven the need for advanced production facilities but is also projected to steer market expansion in the coming nine years. Furthermore, the growth trajectory can be attributed to functional chromium, primarily employed in piston rods and piston rings. The burgeoning vehicle demand, particularly in North America and Europe, is poised to exert a positive influence on market dynamics. Within this landscape, decorative plating emerges as the largest application segment, set to garner a significant market share due to the escalating appetite for chroming. The application of decorative chromium atop nickel or copper plating is favored for its strong adhesion, offering robust corrosion protection. With the vehicle count on the rise globally, this trend is anticipated to catalyze market growth over the subsequent nine years.

The passenger vehicle segment's upsurge, facilitated by accessible credit facilities, is anticipated to fuel industry expansion. This, in turn, will amplify the need for chroming in both interior and exterior automobile components. Additionally, the prevalence of chromium extends to two-wheeler components, where its incorporation enhances aesthetics, while also delivering corrosion resistance and wear resilience.

US Automotive Chromium Market is poised to grow at a sustainable CAGR for the next forecast year.