New York, NY -- (SBWIRE) -- 02/19/2021 -- The Global Trivalent Chromium Finishing market is anticipated to reach USD 405.86 million by 2027, according to a new report by Reports and Data. In addition to regulatory demands for trivalent chromium as a substitute for hyperbaric chromium, the increased concern about health and safety concerns would drive market growth. Moreover, increased demand from the European region is expected to further fuel demand over the forecast period.
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Leading Players Profiled in the Report Include:
Asterion, LLC, Chem Processing, Inc., Atotech Deutschland GmbH, Electro Chemical Finishing Co., MacDermid Incorporated, Kakihara Industries Co., Ltd., Midland Polishing and Plating Ltd., Ronatec C2C, Inc., Poeton Industries Ltd., and Sarrel Group, among other
Decorative is the largest category for the application with sales, and over the forecast period the trend is expected to keep increasing. The need to improve the component surface appearance will increase more and more. Decorative chrome is commonly used because of various properties such as the resistance to stain and abrasion. The large work to reduce the use of harmful chemicals in the process of chromium finishing boosts demand for trivalent chromium finishing.
Due to the increased demand from the residential sector due to the readily available credit, the growth in construction activity would drive the application of decorative chrome for the architecture industry.
The development of various type of aircraft includes accurate dimensional measures and corrosion-resistant properties, which include trivalent finished chromate components. The rising threats to national security and the worsening global tensions in the defense sector have boosted spending on aerospace. The increased investment is expected to result in a need for various aerospace iron and non-ferrous compounds using trivalent chromium finishing to improve aircraft parts appearance and other properties. Together these factors are expected to fuel trivalent market demand for chromium finish over the predicted period.
COVID-19 Impact:
The pandemic of COVID-19 is expected to impact corporate growth. Major producers have declared a production halt in the COVID-19 pandemic because of lower demand, supply chains and bottlenecks. In 2020, demand for solutions will likely decrease. Farmers are expected to adjust demand so that bottlenecks can be avoided. The production, export and imports of COVID-19 affected, and demand for the sector has dropped sharply. The largest businesses work on the market to clean up their inventory and retain cash flow. People will probably have a real disposable income and producers are looking for new products which meet the demand of the consumer at a much lower cost.
Further key findings from the report suggest
From 2019 to 2027, plating systems are expected to experience most rapid value growth in various end-use industries, such as vehicles, hydraulics and heavy machinery.
Decorative was the main sales product group. The rising popularity is expected to drive growth because of corrosion and abrasion resistance.
Due to the widespread use of various decorative and functional chrome in vehicle parts, automotive was projected to be the largest end-use industry.
Due to the growing demand for energy in the automotive industry in the United States, substantial growth is expected in the next few years.
Higher initial investments to establish a trivalent chromium plant are, however, a challenge as it affects the system's adoption rate. Additional costs for the metal and non-metal finishing firms are associated with the production, commissioning and installation of these tanks.
In May 2017, BluCr is a safe alternative to hexavalent chromium-finish process, widely used in building, automotive and oil and gas industry, launched by Atotech.
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For the purpose of this study, Reports and Data have segmented the Trivalent Chromium Finishing market on the basis of System, Application, End-Use, and region:
System Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Plating
Conversion Coatings
Passivation
Application Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Decorative
Functional
End-Use Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Automotive
Oil & Gas
Aerospace
Hydraulics & Heavy
Machinery
Others
Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
North America
Europe
Asia Pacific
Latin America
MEA
Rest of MEA
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Table of contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Trivalent Chromium Finishing Market Segmentation & Impact Analysis
4.1. Trivalent Chromium Finishing Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Growth in the automobile sector
4.2.2.2. Excellent corrosion resistance properties to fuel the market growth
4.2.2.3. Rising demand for Trivalent Chromium Finishing
4.2.3. Market restraints analysis
4.2.3.1. High Cost of Trivalent Chromium Finishing
4.2.3.2. Lack of skilled labor during COVID-19
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
Continued….
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