Pune, India, July 31, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR)’s report states that the Global Trivalent Chromium Finishings Market is expected to reach a notable market valuation of USD 416 million by the end of the forecast period (2018-2025). The market is assessed to record significant revenue generation at a 5.80% CAGR.
The Global Trivalent Chromium Finishings Market is primarily driven by the increasing demand and application of trivalent chromium as a superior alternative to hexavalent chromium finishings. This is attributed to the enhanced properties such as abrasion resistance, corrosion resistance, impact resistance, and luster offered by Trivalent Finishings. Stringent regulations regarding the usage of hexavalent chromium finishings are also expected to drive the demand over the review period.
Additionally, the market is also predicted to grow due to the government mandates and policies supporting the implementation of the lightweight components in automobiles to decrease emission levels in vehicles. Moreover, chrome plated plastics are expected to increase the scope of opportunities in the Global Trivalent Chromium Finishings Market.
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On the other hand, the accessibility of thermal spray coating as a substitute for plating is projected to hinder the Trivalent Chromium Finishings Market growth during the assessment period.
Key Players:
ASTERION, LLC (U.S.), Atotech (Germany), CHEMEON Surface Technology, LLC (U.S.), Chem Processing, Inc. (U.S.), Electro Chemical Finishing (U.S.), MacDermid, Inc. (U.S.), Master Finish Company (U.S.), Midland Polishing & Plating Ltd. (U.K.), Ronatec C2C, Inc. (U.S.), and Three J's Industries, Inc. (U.S.).
Industry News:
May 2019 – Trion Coatings, a global market player which offers sustainable solutions in the surface coatings industry, announced a strategic partnership with KCH Services to deploy its new environmentally friendly chrome plating technology: Safe Chrome, using trivalent chromium and a proprietary ionic liquid solution to offer enhanced electroplating speeds and wear resistance and superior performance results than hexavalent chrome.
February 2019 – Cardinal Plating Solutions, a global market player in the plating industry, installed a full-scale, production-ready functional trivalent chrome line.
Summary:
According to Market Research Future (MRFR)’s assessment, the Global Trivalent Chromium Finishings Market is anticipated to acquire a noteworthy market valuation of USD 416 million by the end of 2025. Several factors such as the massive demand from the automotive sector, and changing preference from hexavalent chromium finishings to the superior Trivalent Chromium Finishings are expected to impact the rise of the market at a 5.80% CAGR over the forecast period (2018-2025).
Browse the market data and information spread across 149 pages with 168 data tables and 22 figures of the report “Trivalent Chromium Finishing Market Report - Forecast 2018-2025” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/trivalent-chromium-finishing-market-7468
Segmental Analysis:
The Global Market for Trivalent Chromium Finishings is segmented on the basis of type and application.
Based on the Type, the Trivalent Chromium Finishing Market is segmented into plating, passivation, and conversion coatings. Plating accounts for the largest market share and is expected to maintain the leading market position over the forecast period. This is accredited to its wide adoption for aesthetic uses in end-user industries such as aerospace, automotive, and oil and gas. Additionally, conversion coatings are expected to witness significant growth at a substantial CAGR during the assessment period. Its compatibility with aluminum enables its usage as an added layer of defense on high-strength aluminum alloys, which is expected to drive the growth of the conversion coatings segment till 2025.
Based on Application, the Trivalent Chromium Finishings Market is segmented into aerospace, automotive, hydraulics & heavy machinery, oil and gas, and others. The automotive segment holds the leading market share and is likely to sustain its dominant market standing during the evaluation period owing to the shifting preference of automotive OEMs from hexavalent chromium to Trivalent Chromium Finishings. This is attributable to the superior features of Trivalent Chromium Finishings, such as enhanced shine and corrosion resistance. The hydraulics and heavy machinery segment is also expected to acquire a notable market share owing to the increasing demand for corrosion and wear resistant Trivalent Chromium Finishings through the review period.
Growth in the Automotive Industry Driving the Expansion of Trivalent Chromium Finishings Market in APAC
Based on the Region, the Global Trivalent Chromium Finishings Market is segmented into North America, Latin America (LATAM), Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
North America is anticipated to witness remarkable growth over the forecast period, owing to massive demand and adoption of trivalent chromium in the region from end-user industries such as aerospace and defense, hydraulics, and oil & gas. This is attributed to its superior corrosion resistance properties.
Europe is another significant region in the Global Trivalent Chromium Finishings Market and is projected to acquire a substantial market share over the review period. Government initiatives in the form of mandates and policies encouraging the adoption of lightweight components to reduce emission levels are likely to contribute to the growth of the market.
The Asia Pacific region is assessed as the fastest growing region in the Global Trivalent Chromium Finishings Market. This is attributable to the increasing demand from the automotive and aerospace sectors. The rising disposable income of the working population and rapid urbanization has risen the demand for passenger vehicles in the region, consequently influencing the automotive production in emerging economies such as China, India, and Japan. This has attracted foreign investment and risen the scope of business opportunities for global market players in the automotive industry, subsequently having a positive impact on the Trivalent Chromium Finishings Market over the assessment period.
Latin America, and the Middle East and African regions are expected to attain comparatively smaller market shares over the evaluation period.
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