Global Trivalent Chromium Finishing Market – Overview
The global trivalent chromium finishing market is expected to exhibit a major rise in the coming years, with a 5.8% CAGR projected for the market over the 2021-2030 forecast period, according to the latest research report from Market Research Future (MRFR). The global trivalent chromium finishing market is expected to rise from its 2020 value of USD 271 million up to USD 416 million by 2030, according to the report.
The global trivalent chromium finishing market size is mainly driven by the growing regulatory support for the use of trivalent chromium instead of the conventional hexavalent variant, while the market is mainly hampered by the easy availability of thermal spray coating as a superior alternative.
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Global Trivalent Chromium Finishing Market – Prominent Players
Notable players in the global trivalent chromium finishing market report include MacDermid, Inc. (U.S.), Atotech (Germany), Chem Processing, Inc. (U.S.), Ronatec C2C, Inc. (U.S.), Midland Polishing & Plating Ltd. (U.K.), ASTERION, LLC (U.S.), Electro Chemical Finishing (U.S.), CHEMEON Surface Technology, LLC (U.S.), Master Finish Company (U.S.), and Three J’s Industries, Inc. (U.S.).
Trivalent Chromium Finishing Market Dynamic:
Implementation of new regulatory reforms on hexavalent chromium to restrict emissions has led to a replacement with trivalent chromium which is highly demanded by the end-user industry and customers. Most of the industry players have shifted to hexavalent to trivalent chromium following the demand and stringent regulations.
Characteristics such as easy to clean, better exposure around holes, precise throw, low burning, zero necessity for color buffing, and reduced toxic emissions which helps to keep the potential operator safe from hazardous exposure are some of the benefits of trivalent chromium finishing.
Though the operational cost of the trivalent chromium is higher in contrast to hexachrome; the cost could be controlled through reduced rejection rate, product quality, growing demand for eco-friendly products, which could help the market players to gain significantly.
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Trivalent Chromium Finishing Market – Segments:
The global trivalent chromium finishing market is segmented on the basis of type, application, and region.
By type, the global trivalent chromium finishing market is segmented into plating, conversion coatings, and passivation.
Major applications of trivalent chromium finishing include automotive, hydraulics & heavy machinery, oil & gas, aerospace, and others.
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Trivalent Chromium Finishing Market – Regional Analysis:
North America is likely to be a major regional market for the trivalent chromium finishing technology over the forecast period due to the growing demand from the automotive, oil and gas, aerospace, and machinery industries. The growing presence of the aforesaid industries in North American countries such as the U.S. and Canada is a major driver for the global trivalent chromium finishing market. The automotive industry in North America is likely to be a major revenue generator for the global trivalent chromium finishing market over the forecast period due to the growing demand for new technology in the manufacturing sector. The growing demand for environmentally viable coating materials and technologies is likely to be a major driver for the trivalent chromium finishing market in North America over the forecast period. The increasing demand for replacing hexavalent chromium finishing with more advanced variants is likely to be a major driver for the global trivalent chromium finishing market over the forecast period.
Asia Pacific is likely to exhibit high promise in the global trivalent chromium finishing market over the forecast period. The growing manufacturing sector in the Asia Pacific is likely to be a major driver for the trivalent chromium finishing market in the region. The automotive industry in Asia Pacific has experienced rapid growth over the last few decades due to the growing demand for automotive manufacturing units in developing countries such as China, India, South Korea, and Japan. The growing automotive industry is likely to play a major role in the growth of the trivalent chromium finishing market in Asia Pacific over the forecast period, as the growing demand for premium automotive technology and finish has resulted in a growing demand for trivalent chromium finishing. The rising demand for premium automobiles in Asia Pacific’s increasingly affluent countries is likely to be a major driver for the trivalent chromium finishing market in the region over the forecast period.
The growing metalworking and machinery market in Asia Pacific is also likely to be a promising avenue for the trivalent chromium finishing market in the region over the forecast period. Due to the growing industrial sector in the region, the demand for various types of industrial machinery has grown rapidly over the last few years. This has also resulted in a growing demand from the trivalent chromium finishing market, as trivalent chromium finishing is considered as the high standard in the chromium finishing sector.
Europe is also likely to exhibit robust growth in the global trivalent chromium finishing market over the forecast period.
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