Chromium is one of the most essential alloying element in composition of stainless steel. Hence, due to an increase in demand for stainless steel by end-user industries such as building & construction, automotive, aerospace, defense, and marine, chromium will witness high growth. The global chromium market size was evaluated to be $15.65 billion in 2018. Furthermore, the chromium market is expected to grow at a CAGR of 2.12%, during the forecast period 2019-2025, as documented in a newly compiled market intelligence report by IndustryARC.
According to the World Steel Association report, the global crude steel production was 1,808.6 million tons (Mt) in 2018, an increase of 4.6% compared to 2017. Due to rising demand for steel in the manufacturing sector, chromium has witnessed a substantial growth. Additionally, surge in demand for coating of vehicle components such as door handles, interior & exterior trims, and emblems & logos are boosting the demand for decorative plating in the automotive sector, which uses chromium as a raw material.
Global Chromium Market: Leading Segments
APAC accounted for 42% of the global market share in 2018. According to the World Steel Association, APAC produced 1,271 million tons of crude steel in 2018, wherein China contributed 928.3 million tons, and India’s contribution was 106.5 million tons. In addition to this, according to the World Steel Association, China and India are largest steel producing countries in the world with 831.7 million tonnes and 101.4 million tonnes as of 2017. Emerging markets of China and India are expected to become the major net consumer of chromium in the coming years for the production of steel. Furthermore, there is a huge demand from lower-tier cities in emerging countries due to declining prices of automobiles which is boosting the chromium market growth with extensive use of chrome ores.
On the other hand, the key application segment of the market is stainless steel. The demand for chromium to produce stainless steel is progressing with an application CAGR of 3.56% during the forecast period. Stainless steel is majorly used in the automotive and construction industries due to its corrosion resistance trait. According to the World Steel Association, stainless steel requires minimum of 10.5% of chromium by mass, due to this there is an increase in the demand for chromium from the steel industry. Thus, the chromium market is experiencing growth globally.
Global Chromium Market: Market Trends and Growth Drivers
· Rising trend of reusable products is supporting the demand of stainless steel. Manufacturers are increasingly using stainless steel, as it is safer, reusable, durable, and has very low maintenance cost. The heavy machinery industries, automotive, and building & construction industries are using organic steel to keep the environment safe and clean. Stainless steel will witness high sales in future that in turn will positively impact the chromium market growth.
· Chromium plating is a major trend in the OEMs and automotive due to anti-corrosion and aesthetic feasibility properties of chromium. The customization of vehicles largely requires the plating on the vehicle’s body. The boom in this application for thin coatings in the automotive industry is the major trend in recent times. Thin coating on the vehicles are applied for ecological effects and to control costs. This helps in reducing the weight of the vehicle and increases the performance and service life of the vehicle.
Global Chromium Market: Major Players
Some of the key companies that are currently holding major shares in the global chromium market are Eurasian Natural Resource Corporation, Hickman, Glencore Plc, International Ferro Metals, Gulf Mining Group, Williams & Company, Odisha Mining Corporation, and POLEMA JSC.
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