Global Chromium Market Outlook
Chromium is a lustrous metal that is employed in various end-user industries to improve the robustness and aesthetics of a product. In vehicles, chromium plating is applied for corrosion prevention and optimized looks. Proliferating demands for stainless steel from numerous end-user industries such as defense, construction, marine, and automotive sector are expected to drive the global Chromium Market. This information can be supported through the market research report published by IndustryARC that has calculated the global chromium market size to be around $18.65 billion as of 2018. And the opportunities are projected to increase at a CAGR of 2.12% through the forecast period of 2019 to 2025.
Browse 61 Market Tables, 177 Figures spread through 152 slides and an in-depth TOC “Chromium Market (2019 - 2025)”
Global Chromium Market: Leading Segments
As per the IndustryARC report, APAC dominated the global chromium market in terms of regional demand, followed by North America. The APAC region grabbed around 42% of the total marketplace demand in 2018. The region is considered as the most lucrative region because of the rapid construction trending in countries such as China and India. Construction is possibly one of the most dynamic industrial sectors in the near future and it is essential to support the evolution in affluent societies across the globe.
The largest application of chromium market is delivered from the stainless steel demands. The application of stainless steel in end-user industries is incrementing at a CAGR of 3.56% going through 2025. The demands for stainless steel is growing owing to its extensive applications in the automobile manufacturing sector, consumer electronics sector, and other end-user industry. Recent upsurge in the technology is incrementing the application of chromium in numerous consumer electronic devices.
Global Chromium Market Demand Analysis
Chromium is a highly preferred adulteration agent used in various alloys in the metallurgy sector owing to its characteristics such as lesser toxic, and ability to reflect prolonged exposure of infrared lights. Ferrochromium is one such alloy produced from chromite by silicothermic reactions. This alloy is used for the manufacturing of stainless steel and carbon steel. Also, the product gauges exuberant demands for road construction and the building of other civil engineering infrastructures. According to the Institution of Civil Engineers, the global construction market will grow by 85% to reach $15.5 trillion by 2030 owing to the rapid developments in the U.S., India, and China. With such an influx of rapid construction, the adjacent raw material markets will also flourish contributing to the global chromium market.
Chromium is a transitional metal which is highly employed in the production of vehicles. Chromium metal adulterated with other metals to form alloys prevents the metal from rust, corrosion, and fading color. According to Organisation International des Constructeurs d’Automobiles (OICA), around 7.4 million unit cars were manufactured in the year 2018. With regularly increasing demands from the automotive sector, the chromium market is projected to propel in the near future.
Global Chromium Market Trends
The chromium element is one of the exclusive entity used in the production of stainless steel. As there are not many alternatives to the production of stainless steels, innovations in the chromium alloy that lead to alloys of ferrochrome and met chromite are expected to continue demands in the global chromium market.
Chromium-containing pigments are trending in the production of various decorations on the road. The lane separating lines, the traffic signals, and other artificial aesthetics on the road are being done with the help of chromium-containing pigments.
Global Chromium Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global air-conditioning market are Glencore Plc, International Ferro Metals, Gulf Mining Group, Odisha Mining Corporation, Eurasian Natural Resource Corporation, Hickman, Williams & Company and POLEMA JSC.
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Chromium Salt Market: By Application (Metallurgy, Dye & Pigments, Wood, Preservatives, Tanning , Refractory Material, Catalyst), By Compounds (Chromium 0, I, II, III, VI, V & IV), & By Geography- Analysis & Forecast (2018-2023)
Chromium Trioxide Market: By Purity (99.9%, 99.8%, 99.7%), By Application (Electro Plating, Wood Treatments, Dyeing and Printing, Others), By Geography (North America, Europe, Asia Pacific, South America, Middle East & Africa) By Geography - Forecast (2018-2023)
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