Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Chromium Market Size is Expected to Grow from USD 22.83 Billion in 2023 to USD 38.11 Billion by 2033, at a CAGR of 5.26% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Chromium Market Size, Share, and COVID-19 Impact Analysis, By Type (Trivalent Chromium, and Hexavalent Chromium), By Material (Ferrochromium, Chromium Chemicals, Chromium Metals, and Others), By End-User (Metallurgy, Hydraulics & Heavy Machinery, Aerospace & Aviation, Automotive, Construction, Electronics, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
Chromium, a 24-atomic element, is a hard, brittle, lustrous, and high-melting metal with a high resistance to corrosion and tarnishing. The steel-gray metal chromium has good corrosion resistance. The manufacturing of stainless steel, chrome plating, and alloys to increase hardness and wear resistance are just a few of the many industrial uses for chromium. Additionally, it is used in the chemical industry to make refractory materials and as a pigment in paints and colors. The chromium market is experiencing growth due to its unique properties, such as corrosion resistance and excellent conductivity, making it a crucial component in the production of electrical devices and gadgets. The demand for smartphones, laptops, and electric vehicles (EVs) also increases the demand for chromium in alloys and coatings. This trend is expected to continue driving growth in the chromium market. The Indian government has started several programs to encourage chromium mining and production. For instance, the National Mineral Policy (NMP) 2019, seeks to guarantee the mining industry's sustainable growth, including chromium production. Promoting exploration, increasing output, and guaranteeing environmental protection are the main objectives of the policy. However, substitute materials like nickel alloys and composite materials are influencing the growth of traditional chromium applications due to their corrosion resistance and lightweight properties.
The trivalent chromium segment is predicted to hold the largest market share through the forecast period.
Based on the type, the chromium market is classified into trivalent chromium and hexavalent chromium. Among these, the trivalent chromium segment is predicted to hold the largest market share through the forecast period. The market is currently dominated by trivalent chromium because of its reduced toxicity and environmental friendliness. Trivalent chromium is in high demand due to strict environmental restrictions and the move in many industries toward safer substitutes.
The ferrochromium segment is anticipated to hold the greatest market share during the projected timeframe.
Based on the material, the chromium market is divided into ferrochromium, chromium chemicals, chromium metals, and others. Among these, the ferrochromium segment is anticipated to hold the greatest market share during the projected timeframe. The alloy ferrochromium, which is mainly made up of iron and chromium, is essential for making stainless steel because of its high-temperature strength, hardness, and resistance to corrosion. This essential component of stainless-steel production is made by smelting chromite ore, iron, silicon, and carbon.
The metallurgy segment is anticipated to hold the highest market share during the projected timeframe.
Based on the end-user, the chromium market is divided into metallurgy, hydraulics & heavy machinery, aerospace & aviation, automotive, construction, electronics, and others. Among these, the metallurgy segment is anticipated to hold the highest market share during the projected timeframe. Stainless steel and high-resistance steel manufacturers are major consumers in the metallurgy segment. Chromium, used in ferroalloys, metals, and stainless-steel scrape, is crucial for high-strength steel due to its excellent mechanical, oxidative, hardness, and corrosion resistance properties. It has no substitute for stainless steel or other superalloys.
Asia Pacific is estimated to hold the largest share of the chromium market over the forecast period.
Asia Pacific is estimated to hold the largest share of the chromium market over the forecast period. The enormous demand for stainless steel from application industries like automotive, aerospace, defense, electronics, and building & construction is driving a rapid increase in production. The global market for stainless steel is expanding due in part to the fast industrialization of developing nations like China and India.
Europe is predicted to have the fastest CAGR growth in the chromium market over the forecast period. The demand for chromium in the automotive industry is increasing due to its corrosion and wear resistance properties, which are expected to drive market growth. However, environmental awareness and stringent regulations may pose challenges.
Competitive Analysis
Major key players in the chromium market include Glencore, Samancor Chrome, Assmang Proprietary Limited, Odisha Mining Corporation Ltd., Hernic Ferrochrome (Pty) Ltd., CVK Group, Al Tamman Indsil FerroChrome L.L.C, Gulf Mining Group LLC, MVC Holdings LLC, and Others.
Recent Development
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the chromium market based on the below-mentioned segments:
Global Chromium Market, By Type
Global Chromium Market, By Material
Global Chromium Market, By End-User
Global Chromium Market, By Regional Analysis
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