June 14, 2024

Trivalent Chromium Finishing Market is Estimated to Witness High Growth Owing to its Eco-Friendly Nature

The trivalent chromium finishing market involves chromium electroplating and conversion coatings which provide hardness, corrosion resistance, and wear protection to metal substrates. It helps in improving the aesthetics and functionality of metal parts used across various industries including automotive, aerospace & defense, oil & gas, and construction. The eco-friendly properties of trivalent chromium process over toxic hexavalent chromium makes it suitable for applications where environmental compliance is mandatory.

The Global trivalent chromium finishing market is estimated to be valued at US$ 331.3 Mn in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in The Trivalent Chromium Finishing Market are Kakihara Industries Co., Ltd.; Ronatec C2C, Inc., MacDermid, Inc.; Atotech; Sarrel Group; Chem Processing, Inc. The presence of stringent emission norms regarding the usage of harmful chemicals in various industries has opened opportunities for eco-friendly trivalent chromium plating. The demand for trivalent chromium from applications in the automotive industry is growing owing to its non-carcinogenic nature. Technological advancements in terms of new bath chemistries have enabled trivalent chromium plating with hardness and corrosion resistance comparable to hexavalent chromium plating.

Market Drivers

The primary driver boosting the adoption of trivalent chromium finishing is the stringent regulatory framework banning the usage of carcinogenic hexavalent chromium worldwide. Its eco-friendly properties meet industry standards for environmental compliance without compromising on functional coating performance. Moreover, the increasing popularity of trivalent chromium finishing from automotive OEMs will further propel the market growth over the forecast period.

Challenges in the Trivalent Chromium Finishing Market

The trivalent chromium finishing market faces various challenges that are restraining its growth rate. Stringent environmental regulations regarding the usage of hazardous chemicals is a major concern. Global regulatory bodies are promoting alternatives to replace hexavalent chromium due to its carcinogenic properties. Also, high operational costs incurred in the wastewater treatment process after chrome plating acts as a barrier. Metal finishing industries need to invest huge capital in order to comply with the discharge standards. Developing chromium-free or low-chromium substitution technologies poses technical difficulties. Finding suitable eco-friendly substitutes with comparable characteristics is very challenging.

SWOT Analysis

Strength: Trivalent chromium solutions provide excellent corrosion resistance and deliver long-lasting protective finishes. They enhance the durability and functionality of metal components.
Weakness: Initial setup and maintenance costs for trivalent chromium plating lines are substantial. Smaller companies may find it difficult to bear such expenses.
Opportunity: Growing need to shift from toxic hexavalent chromium to non-carcinogenic trivalent chromium from environmental perspectives present market opportunities.
Threats: Stringent environmental policies can adversely impact market demand. Availability of alternative metal coating technologies is a looming threat.

Geographical Regions

In terms of value, North America dominates the trivalent chromium finishing market currently. The region accounts for more than 35% of the global market share. Strict environmental mandates in the US and Canada regarding the phase-out of hexavalent chromium compounds drive the demand.

The Asia Pacific region is expected to witness the fastest growth during the forecast period. Expanding automotive, construction and industrial manufacturing industries in China, India and other developing nations will propel the market expansion. Easing foreign investments and business friendly policies are encouraging international companies to set up trivalent chromium plating facilities in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it