According to a research report titled ‘Asia Pacific Automotive Chromium Finishing Market Size By Vehicle, By Process, Base Material, By End-user, Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027’, available with Market Study Report, Asia Pacific automotive chromium finishing market was valued at USD 2.1 billion in 2020 and is projected to register a compound annual growth rate of 3.4% over the forecast period 2021-2027.
 

Expert analysts cite that Asia Pacific automotive chromium finishing market is driven by the escalating demand for chrome finish in commercial and passenger vehicles across countries such as Malaysia, India, Australia, and China.
 

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For the record, automotive chromium finishing can be used on vehicles with plastic as well as metal surfaces to provide protection against high-stress strain, extreme environmental conditions, and overall surface degradation.
 

By process type, the industry is arrayed into decorative chrome, and hard chrome. Among these, decorative chrome segment is highly preferred by automobile manufacturers and is slated to register 3.5% CAGR over the forecast period. This can be attributed to surging industry demand for aesthetic polishes to improve vehicle appearance. Moreover, decorative chrome offers convenient application on nickel and copper plating to give better performance of the finish.
 

Moving on to vehicle type, Asia Pacific automotive chromium finishing market is arrayed into LCV (light commercial vehicle), HCV (Heavy commercial vehicle), passenger cars, and two-wheelers. Among these, the passenger cars segment accounted for over 80% of the total industry share in 2020. Factors such as rising disposable income levels, and mounting demand for luxury cars such as BMW, Mercedes, and Jaguar are expected to add substantial traction to segmental growth in the upcoming years.
 

Elaborating on base material type, the industry segmentation comprises plastics, aluminum, steel, metal and others. Of these, aluminum chromium finishing segment is projected to grow at a CAGR of 4.1% through the analysis period.
 

As per the report, Asia Pacific automotive chromium finishing industry is also studied from the perspective of end-user spectrum, which is divided into automotive OEM (original equipment manufacturer), and automotive aftermarket.
 

From a regional frame of reference, China and India are likely to be lucrative markets over the forecast duration. In fact, China accounted for over 60% of the entire market share during 2020. Meanwhile, India is ranked fifth in terms of total passenger car sales in the world. The unprecedented growth in these markets can be credited to high demand for luxury and non-luxury cars, supportive government policies, as well as low labor and raw material costs across both India and China.
 

Top contenders in Asia Pacific automotive chromium finishing market sphere are Wong Wai Vit Co. Ltd., Nia Thang Piew Seng (PS Ventures), Hardchrome Engineering Pty. Ltd., Precision Plating (Aust) Pty. Ltd., Kiyokawa Plating Industry Co. Ltd., Mitsuya Co. Ltd., and Toyokoka Co. Ltd. among others.