The growth of the Chromium Salt Market is primarily dependent on the growth of the metallurgy and paints & coatings applications. The countries at the global level are focusing on the initiatives for the surge in metal production to meet the growing industrial sector's requirements. Chromium salts such as chromic acid, chromium nitrate, Chromium chloride and others are soluble in acids, alkalis and water, alcohol, and acetone to some degree. Chromium salt is frequently used in the manufacture of metals to ensure reduced oxidation in the production of metals such as aluminum, steel and other similar metals since chromium salt is essential for preventing rust on metals. The surging developments associated with the metallurgy and paints & coatings industries across the world have led to considerable growth in the chromium salt market. The chromium salt market size is projected to grow at a CAGR of 6.5% during the forecast period 2022-2027 and reach US$287.7 million by 2027.
Chromium Salt Market: Leading Segment is Metallurgy
On the basis of the application, the Chromium Salt market can be segmented into metallurgy, paints & coatings, dyes & pigments and others. The metallurgy application is evaluated to be the leading segment in the chromium salt market in 2021. During the forecast period 2021-2027, the packaging segment is expected to grow with a CAGR of 5.3%. In the manufacturing of the metals such as steel, aluminum and more chromium salt is deployed as a corrosion inhibitor to increase the durability of the metal and reduce the cost of fixing corrosive damage. The ease of shipments, favorable government policies for the industries and other factors are vital factors driving the metallurgy application. For instance, according to the World Steel Association, in 2021, the total steel production in North America was 117.8 million tons, an increase of 16.6% over 2020. Hence, the surge in the production activities associated with metallurgy will fuel the chromium salt market growth.
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Chromium Salt Market: Leading Region is Asia-Pacific
On the basis of geography, the Chromium Salt market is segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 45% share of the total revenue earned by the market globally. The growth of metallurgy, paints & coatings and other industries are driving the market growth in the Asia-Pacific region. For instance, according to the World Steel Association, in 2021, India was the second-largest producer of steel worldwide, which was 118.1 million tons, an increase of 17.8% over 2020.
The Major Players in this Market Include
The major companies in the Chromium Salt market include Sun Chemicals, Bayers AG, BASF SE, Ciba Speciality Chemicals, American Elements, Xinjiang Sing Horn Group, Medural Group, Hubei Zhenhua Chemical, Oxkem Ltd and Chemetall GmbH
The key focus of the companies has shifted towards acquisitions. In March 2022, China-based Zhenhua Co., Ltd. purchased 51% of Xiamen Shouneng Technology Co., Ltd. Chromium-containing novel materials may find use in a variety of new energy-related applications, according to Zhenhua Co., Ltd.
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