The Business Research Company’s Automotive Chromium Finishing Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Automotive Chromium Finishing Global Market Report 2023 evaluates automotive chromium finishing market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global landscape of the automotive chromium finishing market is poised for a significant expansion, underpinned by a compelling forecast that foresees its market valuation ascending from $4.06 billion in 2022 to a notable $4.23 billion in 2023, translating to a commendable compound annual growth rate (CAGR) of 4.2%. However, this optimistic growth outlook unfolds against the backdrop of a complex and multifaceted global context, which has been fundamentally reshaped by the Russia-Ukraine war and its far-reaching consequences. This conflict has cast a pervasive shadow over the prospects of a swift global economic rebound following the turbulence of the COVID-19 pandemic.
The ramifications of the Russia-Ukraine war are felt globally, with its disruptive influence extending to various sectors, nations, and markets. The resultant economic sanctions imposed on multiple countries, the pronounced escalation in commodity prices, and the disarray witnessed in global supply chains have cumulatively given rise to inflationary pressures that reverberate across the spectrum of goods and services, thereby exerting a profound influence on numerous global markets.
Nonetheless, amidst these challenges, the automotive chromium finishing market remains robust and anticipates continued expansion. Forecasts indicate that by the year 2027, this market is expected to reach a substantial valuation of $4.77 billion, characterized by a CAGR of 3.1%. A salient factor propelling this growth narrative is the increasing prevalence of luxury vehicles in the automotive domain.
Luxury vehicles, marked by an array of additional amenities designed to enhance driver comfort and status, stand at the forefront of the automotive industry. These vehicles epitomize opulence and sophistication, and it is within this context that the significance of chromium finishing becomes particularly prominent. Chromium finishing, with its exquisite, brilliant surface and corrosion-resistant attributes, serves as a hallmark of luxury, imbuing these vehicles with a timeless elegance.
Exemplifying this trend, data from Cox Automotive, a distinguished US-based automotive company, reveals that luxury vehicle sales surged in December 2022, with a notable increase to 18.2% of overall sales in November, up from 17.8% in October. This underscores the enduring appeal of luxury vehicles, which continues to command a significant share of the automotive market. In essence, the growth of the automotive chromium finishing market is intrinsically linked to the burgeoning sales of luxury vehicles, underscoring the pivotal role played by this finishing technique in elevating the aesthetics and desirability of these high-end automobiles.
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The automotive chromium finishing market segments in the report are:
1) By Base Material: Metal, Plastics
2) By Process: Decorative Chrome, Hard Chrome
3) By Vehicle: Passenger Car, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV), Two-Wheelers
4) By End-User: Automotive Original Equipment Manufacturer (OEM), Automotive Aftermarket
The table of contents in TBRC’s automotive chromium finishing market report includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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