Chromium Market Size Worth USD 17.35 billion 2027| A CAGR of 2.6%

Market Overview: The global Chromium market is projected to experience a growth rate of 2.6%, increasing from USD 14.30 billion in 2019 to USD 17.35 billion by 2027. Chromium plays a crucial role as an alloying element in the formulation of stainless steel, and the rising demand for stainless steel is a major driver of global market expansion. This versatile metal is utilized in various sectors, including chrome plating, synthetic ruby production, metalwork, dyeing and painting, as well as numerous superalloys.

Chromium, in the field of metallurgy, is employed to add a sense of luxury and enhance corrosion resistance. Chromium ore, a domestic source of production, is both manufactured and mined, and the increasing investments in infrastructure are expected to fuel market growth in the forecast period. Furthermore, the automotive industry's growing requirement for piston rings and piston rods is another factor poised to stimulate market growth.

Chromium exists in two forms in the environment: hexavalent (Cr VI) and trivalent (Cr III). Cr III is considered less harmful in both short-term and long-term exposure compared to Cr VI, which can severely affect the human respiratory system after prolonged exposure, resulting in symptoms like coughing, shortness of breath, wheezing, as well as neurological and gastrointestinal issues.

Get a sample copy of the Chromium Market report: https://www.reportsanddata.com/download-free-sample/3159

Classification by Type: Chromite ore consists of varying percentages of chromium oxides, iron, aluminum, and magnesium as its major constituents. It is categorized into three primary grades based on its use and the content of chromic oxides: metallurgical, chemical, and refractory. Chromium (pure) metal is a relatively minor product in metallurgical processing, and it tends to form an oxide layer on its surface when exposed to air, which is why it accounted for only 36.9% of the market in 2019.

Grade Insights: Metallurgy held the largest market share in 2019, with the product being instrumental in providing corrosion resistance during the machining of ferrochrome and other metallurgical products. It is also used in steel to enhance toughness, durability, and chemical inertness. The chemical segment, estimated at USD 1.34 billion in 2019, is expected to experience modest growth in the coming years and includes chemicals like chromium oxide, chromic acid, and potassium dichromate.

Application Overview: The global stainless-steel industry is the largest consumer of chromium, with approximately 18% of stainless steel containing chromium to increase its hardness and resistance to oxidation, protecting it from corrosion. This metal is also applied in metallurgical processes for ferroalloys, plastics, and stainless-steel scrap due to its exceptional mechanical properties, high oxidative resistance, hardness, and corrosion resistance. These qualities make it a vital alloy product in the production of high-strength steel.

Regional Focus: In 2019, Asia Pacific was the most prominent market, contributing 51.5% of the total market share. The presence of significant stainless-steel production units in countries like China, India, and Japan drives the increased demand in the region. India serves as a notable chromium metal producer and exporter, while China plays a significant role as a global distributor.

Europe was the second-largest region in 2019, generating revenue of USD 3.54 billion, primarily due to the presence of large stainless steel production units in countries such as Russia, Germany, the U.K., and Turkey.

Market Dynamics: Growing urbanization and industrialization, particularly in developing nations, have made them the largest consumers of the market. Key industries in China, India, Japan, and other APAC countries are expected to contribute to an increase from USD 7.37 billion in 2019 to USD 8.99 billion in 2027. Initiatives like Make in India, which promote overseas defense portfolio investment, are expected to drive market growth in the region.

The United States, a major producer of stainless steel, is also a global leader in chromium-based chemicals, with its oxide widely used in refractory applications. The stainless steel industry remains the largest market for chromium, with an estimated 28.1% projected to be used in stainless steel production by 2027. Despite hexavalent chromium's adverse environmental effects, it is still widely used in metal finishing, though the global manufacturing industry is gradually exploring alternatives.

Key Companies: Notable companies in the market include Gulf Mining Group LLC, MVC Holdings LLC, AI Tamman Indsil Ferochrome LLC, CVK Group, Hernic Ferrochrome (Pty) Ltd., Odisha Mining Corporation, Assmang Proprietary Ltd., Samancor Chrome, Glencore PLC, and Kermas Group Ltd. These companies are significant players in the field and have implemented various strategies.

Market Developments:

  • On October 25, 2019, Glencore, in collaboration with the World Economic Forum, joined forces with other leading mining and metals firms to promote responsible raw material procurement through the development of collaborative blockchain proof-of-concepts.
  • On September 21, 2017, the Board of Directors decided to place Hernic under voluntary commercial rescue, with its business and employees subsequently transferring to a Samancor nominated purchaser, Dikwena Chrome Pty Limited, effective November 1, 2019.

Startup Influence: The industry presents numerous growth opportunities, attracting startups that offer innovative types and technologies. Some of these startups include Sunrise Enterprise, Intelligent Materials Pvt. Ltd., Universal Chemicals, Metal Alloys, and JAS Chemicals. For instance, Intelligent Materials Pvt. Ltd. is actively involved in the development, export, import, supply, distribution, and purchase of a wide range of chemical nanopowder and micropowder, including chromium alloys.

Mergers and Acquisitions: Mergers and acquisitions are integral to the chromium industry, with key market players entering the field. Jubilee Metals Group Plc's acquisition of chrome operations from Platcro in December 2018 exemplifies such activities. Additionally, Afarak announced a share transfer of 49 percent of Synergy Africa Ltd to be agreed between Afarak and their joint venture partner on April 3, 2019.

Expert Insights: Reports and Data anticipate promising developments in the adoption of Chromium technology. New manufacturers entering the market are expected to change the industry landscape by focusing on innovation and advanced technologies, ultimately reducing complexity and operational costs. The competitive landscape varies based on factors such as product demand, technological advancements, regulatory compliance, and network delivery. While the industry is consolidated in North America, it experiences intense competition in the Asia Pacific. Experts also predict an increase in the adoption of new technology in emerging nations as a significant development area for the industry.

Report Segmentation: This report provides revenue growth forecasts at the global, regional, and country levels and analyzes market trends in sub-segments from 2017 to 2027. The report covers the following segments:

  • Type Outlook (Revenue, USD Billion; 2017-2027):
    • Chromium
    • Chromium Ore
    • Others
  • Grade Outlook (Revenue, USD Billion; 2017-2027):
    • Metallurgy
    • Chemicals
    • Refractory
    • Others
  • Application Outlook (Revenue, USD Billion; 2017-2027):
    • Stainless steel production
    • Alloyed steel production
    • Non-ferrous alloy production
    • Refractory additives
    • Others

Explore Trending Reports:

Temperature Controlled Packaging Solutions Market-https://www.globenewswire.com/news-release/2019/05/07/1818660/0/en/Global-Temperature-Controlled-Packaging-Solutions-Market-To-Reach-USD-18-01-Billion-By-2026-Reports-And-Data.html

Anti-Counterfeit Packaging Market-https://www.globenewswire.com/news-release/2019/09/05/1911804/0/en/Anti-Counterfeit-Packaging-Market-To-Reach-USD-248-90-Billion-By-2026-Reports-And-Data.html

Blow-Fill-Seal Technology Market-https://www.globenewswire.com/news-release/2019/10/01/1923555/0/en/Blow-Fill-Seal-Technology-Market-To-Reach-USD-452-6-Million-By-2026-Reports-And-Data.html

Oxygen Scavengers Market-https://www.globenewswire.com/news-release/2020/09/15/2094192/0/en/Oxygen-Scavengers-Market-To-Reach-USD-2-78-Billion-By-2027-Reports-and-Data.html

Request a customization of the report: https://www.reportsanddata.com/request-customization-form/3159

Thank you for reading our report. To know more about the customization or any query about the report contents, please connect with us and our team will ensure the report is tailored to meet your requirements.

About Reports and Data    

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behaviour shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Contact Us:

John W

(Head of Business Development)

Reports and Data | Web: www.reportsanddata.com

Direct Line: +1-212-710-1370

E-mail: sales@reportsanddata.com

Blogs | Press Release | Industry News | Our competencies

Browse More Upcoming Reports @ https://www.reportsanddata.com/upcoming-reports

Browse More Latest Reports @ https://www.reportsanddata.com/report

Browse Latest Blogs: https://www.reportsanddata.com/blogs

Browse Latest Press Release: https://www.reportsanddata.com/press-release

Comments

Post a Comment

Popular posts from this blog

Aprotic Solvents Market Analysis by Size, Share, Growth, Trends, 2028

Market Overview: In 2020, the global market for aprotic solvents experienced significant revenue growth and is projected to maintain a double-digit revenue compound annual growth rate (CAGR) throughout the forecast period. Key drivers of this growth include the unique characteristics of aprotic solvents, such as high polarity, dipole moment, dielectric constant, low skin penetration, and stability in acidic conditions. Additionally, the rising utilization of aprotic solvents in various industries, including agriculture, pharmaceuticals, and electronics, both as reaction solvents and cleaning agents, is expected to further propel market revenue growth. Among the application segments, the oil & gas industry is anticipated to exhibit the highest revenue CAGR, followed by the pharmaceutical segment. Particularly, the continued use of N-Methyl-2-pyrrolidone solvent for various applications in the oil and gas sector is poised to drive market expansion. Get a sample copy of the Aproti...
Read more

Stroke Treatment Market Emerging Trends, Demand, Growth by Key Players and Forecast 2028

Market Overview: The global market for stroke treatment demonstrated significant strength in 2020 and is anticipated to experience a rapidly increasing revenue compound annual growth rate (CAGR) throughout the forecast period. The rise in the prevalence of chronic illnesses among the growing geriatric population is expected to drive the growth of market revenue. Additionally, the vulnerability of older individuals to strokes, coupled with the escalating consumption of tobacco and the increasing incidence of diabetes, is poised to further boost market growth in the near future. Companies Profiled in the Report: Key companies in the global market include Sanofi, Daiichi Sankyo Company, Limited., Johnson & Johnson Services, Inc., Amgen Inc., Boehringer Ingelheim GmbH, AstraZeneca, F. Hoffmann-La Roche (Genentech), Bristol-Myers Squibb Company, and Biogen Inc. These key players are investing significantly in technological advancements, production capacity, and strategic alliances su...
Read more

Companion Animal Postoperative Pain Management Therapeutics Market to Expand at A CAGR of 6.5%by 2032

Market Overview: The global market for therapeutics addressing postoperative pain in companion animals attained a value of USD 681.81 million in 2022 and is poised to achieve USD 1.20 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.5% throughout the forecast period. Key drivers propelling revenue expansion include the escalating adoption of companion animals, increased prevalence of surgical procedures among these animals, and heightened awareness among pet owners regarding the significance of pain management in animals. The surge in companion animal adoption worldwide stands out as a pivotal factor fueling the revenue growth of the companion animal postoperative pain management therapeutics market. Notably, the adoption of pets like dogs, cats, and horses has surged, leading to a notable uptick in surgical interventions for these animals and subsequently, a heightened demand for postoperative pain management therapeutics. Get a sample copy of the Companion ...
Read more