Chromium Market - Forecast(2019 - 2024)

Report Code: CMR 1168 Report Format: PDF + Excel (Delivery in 48 Hrs)
Chromium Market Overview:

According to the World Steel Association, global crude steel production touched 1,808.6 million tonnes (Mt) in 2018, exceeding by 4.6% compared to the preceding year[1].  In the steel sector, stainless steel is a major trend since its inception owing to its corrosion resistance traits and aesthetic feasibility that it offers for end-users. Apart from stainless steel production, the key features of chromium such as hardness, resistance to corrosion, and ability to be polished for a shiny look are responsible for its wide use in many flourishing sectors adjacent to stainless steel such as automotive, aerospace, defense, marine, building and construction, and electronics. Other areas of chromium application include metallurgy, chemicals, and refractory. Chromium market being an integral part of the modern era steel arcade is valued to be around $18.65 billion as of 2018 and is estimated to be progressing at a global compound annual growth rate (CAGR) of around 2.12% during the forecast period of 2019-2025.


Chromium Market Outlook:

Top 3 regions with steel and stainless steel output in APAC-

As per the findings of The International Stainless Steel Forum (ISSF), stainless steel melt shop production increased by 5.5% year–on–year to 50.7 million metric tons in 2018[2].  Ferrochromium is an alloy produced from chromite (principal ore of chromium) by silicothermic reactions employed for the manufacturing of stainless steel. After an acute analysis of the chromium market application segment, the stainless steel industry was reckoned to be the dominant employer holding the apex spot and progressing with an application CAGR of around 3.56% going through 2025. 
Several peculiarities of chromium such as lesser toxic, and ability to reflect prolonged exposure of infrared lights has preserved it a dominantly preferred spot as an adulteration agent applied in various alloys in the metallurgy sector.

After an acute analysis of the regional chromium marketplace, APAC is estimated after expert scrutiny to be the leading demand generating region for chromium tailgated by North America. APAC with its globally recognized and dominant Indian and Chinese steel sector accounts for around 42% of the global chromium market demand. China’s cut of global crude steel production increased from 50.3% in 2017 to 51.3% in 2018 retaining the apex position and India’s crude steel production in 2018 was 106.5 Mt, replacing Japan as the world’s second-largest steel producing country. Japan produced 104.3 Mt in 2018, down 0.3% compared to 2017. Thus the APAC’s prosperity in terms of steel production is being converged with chromium market raising its demand. Indian Brand Equity Foundation stated that domestic stainless steel output in India was 3.6 Mt in 2017 and 4 Mt in 2018, with India securing the second spot after Japan and China retaining its first spot. 

Chromium Market Growth Drivers and Trends:

Chromium cannot be substituted- It should be noted that for its major application in stainless steel production, chromium is unique with no substitute. Other elements such as nickel and molybdenum have alternates to perform the desired function, unlike chromium. Substitute for chromium such as titanium, ferritic steel comes with economic stress coupled with a performance penalty.

Chromium plating in automotive and OEMs is a major trend owing to the aesthetic feasibility and anti-corrosion peculiarities chromium offers. Personal customization of vehicles highly requires decorative chrome plating on the vehicle’s body. The escalating application for thin coatings in the automotive industry is one of the major. Manufacturers apply thin coatings to control costs and ecological effects. They reduce vehicle weight and increase the service life and performance.

Sustainable development is one of the key issues of the 21st century. Metropolitan developers are consequently looking into sustainable solutions for street furniture. Stainless steel is a durable, safe, hygienic material and has low maintenance cost.

Chromium Market Challenges:

Chromium is toxic and is claimed to cancer-causing properties and instability in prices are posturing a challenge to the growth of the market. However, FDA rejected claims for chromium picolinate and cardiovascular disease.



Chromium Market Players Perspective:

The competition in the global market is extremely penetrating and the general nature of the seller landscape is uneven, with the existence of numerous key players. Leading participants include Glencore Plc, International Ferro Metals, Gulf Mining Group, Odisha Mining Corporation, Eurasian Natural Resource Corporation, Hickman, Williams & Company and POLEMA JSC.

Gulf Mining Group is presently among the largest mining companies in Oman and quite easily the market leader in production and export of chrome ore from Oman with a production rate of 50,000 MT per month.

Chromium Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Chromium Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various applications in Chromium Market and their specific segmented revenue.

Chromium Market Report: Industry Coverage

By Grade: Metallurgical Grade, Refractory and Foundry Grade, Chemical Intermediary Grade, Others

By Application: Metallurgy, Chemicals, Refractory, Others

The Chromium Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:

  • North America: The U.S., Canada, Mexico
  • South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
  • Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
  • APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
  • Middle East and Africa: Israel, South Africa, Saudi Arabia 

Key Questions Addressed in the Chromium Market Report

1. Is the market for the Chromium growing? How long will it continue to grow and at what rate? 
2. Which type of systems presents the major growth opportunities? 
3. Is there a possibility for change in the market structure over time?  
4. Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands? 
5. Do the key vendors look for partnerships to expand their businesses with respect to geography or product? 
6. What are the short-term, long-term, and medium-term growth drivers for the market? 
7. What are the short-term, medium-term, and long-term challenges for the market? 
8. What are the short-term, medium-term, and long-term opportunities for the market 
9. Who are the top players/companies of the market? 
10. What are the recent innovations in the market? 
11. How many patents have been filed by the leading players? 
12. What are the types of patents filed by the leading players? 
13. What is our Vision 2030 for Chromium Market? 

A few focus points of this Research are given below:

  • Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
  • Provide an overview of the product portfolio, including product planning, development, and positioning
  • Discuss the role of technology companies in partnerships
  • Explore the regional sales activities
  • Analyze the market size and giving the forecast for current and future Chromium Market during the forecast 2019–2025
  • Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures.

Reference:

[1]https://www.worldsteel.org/media-centre/press-releases/2019/Global-crude-steel-output-increases-by-4.6--in-2018.html
[2]http://www.worldstainless.org/news/Show/2351
1. Chromium Market Overview
2. Executive Summary
3. Chromium Market Landscape
   3.1. Market Share Analysis
   3.2. Comparative Analysis    
      3.2.1. Product Benchmarking
      3.2.2. End User Profiling
      3.2.3. Patent Analysis
      3.2.4. Top 5 Financials Analysis
4. Chromium Market Forces
   4.1. Market Drivers
   4.2. Market Constraints
   4.3. Market Challenges
   4.4. Attractiveness of the Industry
      4.4.1. Power of Suppliers
      4.4.2. Power of Customers
      4.4.3. Threat of New Entrants
      4.4.4. Threat of Substitution
      4.4.5. Degree of Competition
5. Chromium Market – Strategic Analysis
   5.1. Value Chain Analysis 
   5.2. Pricing Analysis
   5.3. Opportunities Analysis
   5.4. Product/Market Life Cycle Analysis
   5.5. Suppliers and Distributors
6. Chromium Market – By Type
   6.1. Metallurgical Grade
   6.2. Refractory and Foundry Grade
   6.3. Chemical Intermediary Grade
   6.4. Others
7. Chromium Market – By Application
   7.1. Introduction
   7.2. Metallurgy
   7.3. Chemicals
   7.4. Refractory 
   7.5. Others
8. Chromium Market – By Geography
   8.1. Americas
      8.1.1. U.S.
      8.1.2. Canada
      8.1.3. Mexico
      8.1.4. Brazil
      8.1.5. Others
   8.2. Europe
      8.2.1. U.K.
      8.2.2. Germany
      8.2.3. Italy
      8.2.4. France
      8.2.5. Others
   8.3. APAC
      8.3.1. Japan
      8.3.2. China
      8.3.3. India
      8.3.4. South Korea
      8.3.5. Taiwan
      8.3.6. Others
   8.4. ROW
      8.4.1. Middle East
      8.4.2. Africa
9. Market Entropy
   9.1. New Product Launches
   9.2. M&As, Collaborations, JVs, Partnerships
10. Company Profiles
   10.1. International Ferro Metals
   10.2. Glencore PLC
   10.3. Eurasian Natural Resources Corporation
   10.4. Samancor Chrome
   10.5. Assmang Proprietary Limited
   10.6. Odisha Mining Corporation
   10.7. Hernic Ferrochrome (Pty) Ltd
   10.8. CVK Group
   10.9. Al Tamman Indsil FerroChrome LLC
*More than 10 Companies are profiled in this Research Report*
"*Financials would be provided on a best efforts basis for private companies"
11. Appendix
   11.1. Abbreviations
   11.2. Sources
   11.3. Research Methodology
   11.4. Bibliography
   11.5. Compilation of Expert Insights
   11.6. Disclaimer