Chromium Market size is forecast to reach $17.74 billion by 2025, after growing at a CAGR of 2.12% during 2020-2025. The Chromium market is driven by increasing demand from the stainless-steel industry for various end-use markets.
Chromium Market size is forecast to reach $17.74 billion by 2025, after growing at a CAGR of 2.12% during 2020-2025. The Chromium market is driven by increasing demand from the stainless-steel industry for various end-use markets. In steel sector, stainless steel is major trend since its inception owing to its corrosion resistance property and aesthetic feasibility.
Report Coverage
The report: “Chromium Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Chromium Market.
By Type: Metallurgical Grade, Refractory and Foundary Grade, Chemical Intermediary Grade, Others
By Application: Metallurgy, Chemicals, Refractory, Others
By Geography: North America, South America, Europe, APAC, RoW
Key Takeaways
Asia-Pacific dominates the Chromium market owing to presence of major steel producing countries such as China, India and Japan.
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 other key areas of focus include the various applications in Chromium Market and their specific segmented revenue.
Chromium Market Segment Analysis - By Type
Metallurgical grade held the largest share in the Chromium market in 2019. Chromium are used in metallurgical processing of ferrochromium and other metallurgical products to impart corrosion resistance. Chromium is used to incorporate hardness, toughness and chemical resistance in steel. Currently, 85% of chromium are used in metallic alloys such as stainless steel and anodized aluminum. Furthermore, increasing demand for chromium in piston rings and piston rods used in vehicle manufacturing is another factor expected to fuel the target market's growth over the forecast period.
Chromium Market Segment Analysis - By Application
Metallurgy has been the primary market for Chromium. Manufacturers of stainless steel and high-strength steel are significant consumers in the metallurgy segment. Chromium is used in metallurgical applications as ferroalloys, metals and stainless-steel scrap. Chromium has excellent mechanical, high oxidative, high hardness and corrosion resistance properties, it is an important alloy product used in the manufacture of high strength steel. It has no replacement in stainless steel or any other superalloys and in some metallurgical end uses scrap can be used as an alternative to ferrochrome.
Chromium Market Segment Analysis - By Geography
APAC dominated the Chromium market with a share of more than 42%, followed by North America and Europe. The presence of major stainless-steel manufacturing countries in region such as China, India, and Japan which is contributing towards increased demand for chromium in the region. Chromium is consumed in the form of ferrochromium to produce stainless steel. China is the country with the leading consumption of chromium. China has also been the leading producer of stainless steel and ferrochromium. China’s global crude steel production increased from 870,855 thousand metric tons in 2017 to 928,264 thousand metric tons in 2018 retaining the apex position and India’s crude steel production in 2018 was 109,272 thousand metric tons. Lockdown measures to curb the spread of the COVID-19 pandemic had greatly impacted steel customers including closed-down auto and construction parts. As an intermediate commodity, steel producers have relied on derived demand to rationalize production. Due to COVID-19 pandemic the steel industry has declined rationally due to decline in demand which has impacted the chromium industry. But the industry will rise to steady growth during the forecast period.
Chromium Market Drivers
Chromium Plating on Automobiles and OEM’s Equipment
The growing usage of chromium as an element in steel metal for decorative plating in the automotive sector is a significant and growing trend on the global chromium market. Chromium plating is a major trend in automotive and OEMs due to the aesthetic feasibility and anti-corrosion properties provided by chromium. Personal vehicle customization strongly includes decorative chrome plating on the body of the vehicle. In the automotive industry the growing demand for thin coatings is one of the major applications of chromium. The manufacturers use thin coatings to control costs and environmental effects. Thus, reduce vehicle weight and increase the service life and performance.
Chromium Market Challenges
Carcinogenic properties and Volatility in Prices
Chromium is toxic in nature and found in the environment in two forms: hexavalent (Cr VI) and trivalent (Cr III). In both acute and chronic exposure Cr III is considered less toxic than Cr VI. Cr VI seriously affects human respiratory tract after prolonged exposure. Coughing, shortness of breath, wheezing, neurological and gastrointestinal symptoms are among common irritations caused by its exposure.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Chromium market. In 2019, the market of Chromium has been consolidated by the top five players accounting for xx% of the share. Major players in the Chromium Market are Glencore Plc, International Ferro Metals, Gulf Mining Group, Odisha Mining Corporation, and Eurasian Natural Resource Corporation, among others.
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