Chrome Plated Bar Market Size, Share, Growth, and Industry Analysis, By Type (C45 Chrome Plated Bar, 40Cr Chrome Plated Bar and Others), By Application (Agricultural Equipment, Lifting Equipment, Food Processing Equipment, Machine Tool and Others), and Regional Forecast to 2032

Updated On: 22 April 2024

Chrome Plated Bar Market REPORT OVERVIEW

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global Chrome Plated Bar market size was USD 649.8 million in 2022 and market is projected to touch USD 1238.87 million by 2032, exhibiting a CAGR of 6.5% during the forecast period.

 The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Chrome plated bar, also known as a chrome plated rod or chrome plated shaft, is a type of metal bar that has been electroplated with a layer of chromium. The chrome plating process involves depositing a thin layer of chromium onto the surface of the metal bar to enhance its properties and performance. The primary material used for chrome plated bars is typically steel, though other metals such as stainless steel may also be used. The steel bar undergoes a multi-step plating process, which includes cleaning, etching, and applying a layer of chromium through electroplating.

The chrome layer acts as a protective barrier against corrosion, making the bar suitable for use in harsh and corrosive environments. Chrome plating significantly improves the wear resistance of the bar, reducing friction and extending the component's service life. The plating process ensures tight dimensional tolerances, providing a high level of precision in the final product.

COVID-19 IMPACT: Disrupted Supply Chains resulted in Recession of the Market

COVID-19 had a life changing impact globally. The chrome plated bar market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected.

Many industries, such as automotive, construction, and aerospace, experienced a decline in demand due to economic slowdowns and lockdown measures. The outbreak of COVID-19 led to widespread lockdowns and restrictions in many countries, affecting manufacturing facilities, transportation, and logistics. This disruption in the supply chain had a domino effect on the production of chrome plated bars. Factories faced temporary closures or reduced workforce capacity to comply with social distancing and safety measures. Additionally, restrictions on international trade and border closures hindered the movement of raw materials and finished products, leading to delays in deliveries and increased lead times.

The economic challenges posed by the pandemic forced some companies operating in the chrome plated bar market to close temporarily or even permanently. Smaller manufacturers and suppliers, in particular, faced financial difficulties as demand decreased and operational costs remained. This resulted in some businesses ceasing operations, leading to consolidation within the industry as larger players acquired struggling companies. The market is anticipated to boost the chrome plated bar market share following the pandemic.

LATEST TRENDS

"Advanced Plating Technologies to Broaden Market Growth"

Advancements in plating technologies have been influencing the chrome plated bar market. These technologies aim to improve the surface quality, corrosion resistance, and wear resistance of the chrome plated bars. For example, the use of high-performance coatings and composite plating techniques has been explored to enhance the bars' properties.

The demand for chrome plated bars with superior corrosion resistance has been on the rise, particularly in industries exposed to harsh environments or corrosive substances. Manufacturers have been investing in research and development to develop chrome plating formulations that provide enhanced protection against corrosion. These latest developments are anticipated to boost the chrome plated bar market share.

Chrome Plated Bar Market SEGMENTATION

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• By Type

Based on type, the market is divided into C45 Chrome Plated Bar, 40Cr Chrome Plated Bar and Others.

• By Application

Based on application, market is segmented into Agricultural Equipment, Lifting Equipment, Food Processing Equipment, Machine Tool and Others.

DRIVING FACTORS

"Growing Industrial Machinery Sector to Boost Market Share"

The industrial machinery sector, including hydraulic and pneumatic systems, printing machinery, and machine tools, is a significant consumer of chrome plated bars. As industrialization and manufacturing activities continue to expand globally, the demand for these machines and equipment drives the need for chrome plated bars. The automotive sector is one of the major consumers of chrome plated bars, especially in applications like hydraulic systems, shock absorbers, and piston rods. As the automotive industry grows and new vehicle production increases, the demand for chrome plated bars rises accordingly.

"Technological Advancements in Plating Processes to Boost Market Size"

Advancements in chrome plating technologies have improved the quality and performance of chrome plated bars. Manufacturers have been able to enhance the surface hardness, smoothness, and corrosion resistance of the bars, making them more desirable for a wide range of applications. Chrome plated bars offer superior corrosion resistance and wear protection, making them suitable for use in harsh environments and heavy-duty applications. Industries that require components with these properties, such as marine, agriculture, and mining, contribute to the demand for chrome plated bars. These factors are anticipated to drive the chrome plated bar market share.

RESTRAINING FACTORS

"Shift Towards Alternative Materials to Hamper Market Share"

In some applications, industries may be exploring alternative materials or surface treatments that offer similar or comparable properties to chrome plated bars. For instance, certain industries may opt for alternative coatings or composite materials to achieve corrosion resistance and wear protection. Fluctuations in the prices of raw materials, including steel and chromium, can affect the cost of manufacturing chrome plated bars. Volatile prices may create uncertainty for manufacturers and could lead to variable pricing for customers. Advancements in coating technologies and materials may offer cost-effective alternatives to chrome plated bars for specific applications. Industries might opt for these alternatives if they provide similar or superior performance at a lower cost.

The chrome plated bar market is subject to competition from imported products, especially from countries with lower production costs or different regulations. Imports could potentially offer price advantages, making it challenging for local manufacturers to compete. The factors are anticipated to hinder the growth of the chrome plated bar market share.

Chrome Plated Bar Market REGIONAL INSIGHTS

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"North America Holds the Major Share of the Global Market"

The United States and Canada are major players in the chrome plated bar market due to their strong industrial base, robust automotive sector, and extensive manufacturing activities. North America's demand for chrome plated bars is driven by applications in hydraulic systems, industrial machinery, and aerospace. Europe is considered the second major shareholder in the chrome plated bar market after North America.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• OVAKO [Sweden]
• URANIE International [France]
• NIMET Romania [Romania]
• Guangdong Rekong  [China]
• Jiangsu Xin He Yi Machinery [China]
• Valbruna  [Italy]
• Swiss Steel Holding AG [Switzerland]
• Grimet Srl [Italy]
• Industrial Hard Chrome  [Canada]
• Wuxi Shanshen [China]
• Savik Super-Chrome [India]
• Changzhou Xuexi [China]
• Honbar [China]
• TRISTAR STEEL SA [Romania]
• Global Fluid Power [U.S.]
• Fulong Metal Industrial [Taiwan]
• Yee Young Industrial [Taiwan]
• Changzhou Yibao Hydraulic Technology [China]
• Scot Industries [U.S.]
• Dongtai Weifa Hardware [China]
• Viraj Engineering [India]
• Dongguan Entien Jinmi Jixie [China]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.