15-November-2018: According to a report by Grand View Research, Inc., global chromium market is anticipated to value USD 16.55 billion by 2025. Growing requirement of stainless steel to manufacture various products is anticipated to propel demand for chromium. It is likely to increase hardness of stainless steel and make it resistive to oxidation, thereby protecting it from corrosion.
Increasing use of chromium in chrome plating and finishing, in production of metal ceramics, synthetic rubies, and dyes & paints can influence growth of market. Growing adoption of chromium in metallurgy to provide shiny finish and impart corrosion resistance can augment market growth. High demand for stainless steel in multiple industrial applications is likely to stimulate demand for chromium in the forthcoming years. Continuous infrastructural development in developing countries demanding stainless steel can fuel market growth during the forecast period (2014 to 2025).
Volatility in prices of chromium is anticipated to hinder growth of market in the forthcoming years. In addition, prevalence of carcinogenic properties in chromium can further obstruct market growth during the forecast period. Trivalent and hexavalent are expected to be two different forms of chromium present in environment. Trivalent is likely to be less toxic as compared to hexavalent. Hexavalent can affect respiratory tract in humans following prolonged exposure.
The chromium market can be segregated on the basis of application and region. Based on application the market can be categorized into chemicals, refractory, metallurgy, and others. In 2016, metallurgy segment dominated the market and accounted for largest market share. It is expected to grow at CAGR of 2.8% from 2017 to 2025. High resistance steel and stainless steel manufacturers are likely to be major consumers in metallurgy segment. Chromium can be used in the form of metals, ferroalloys, and scrape of stainless steel in metallurgical applications. It is expected to be an essential alloy element in manufacturing of stainless steel attributed to its effective properties such as corrosion resistance, oxidative, and hardness.
Similarly, chemicals segment accounted for market share equivalent to USD 708.2 million in 2016. It is expected to grow at CAGR of 1.9% during the forecast period. Main product that can contain chromium in chemical industry is sodium dichromate. It can be used as process material for surface treatment of several metals.
Regional segmentation includes Europe, North America, Asia Pacific, Central & South America, and Middle East & Africa. In 2016, Asia Pacific dominated the market and accounted for 49.6% of global revenue. It is likely to grow at CAGR of 3.1% from 2017 to 2025. High prevalence of major market players in countries such as India, China, and Japan are expected to contribute well in market growth in the region. India is anticipated to be major producer and exporter of chromium ore and China being major importer of the same. All these factors can influence market growth during the forecast period. In addition, high demand for chromium attributed to increasing production of automotive and electronic devices can foster market growth in the region. Growing disposable income, strong GDP growth, and supportive government policies are likely to fuel production activities.
On the contrary, Europe accounted for second largest market share in 2016 attributed to presence of major stainless steel manufacturers in countries such as Russia, Turkey, Germany, and United Kingdom. Turkey and Kazakhstan collectively accounted for 9000 million tons of mining production of chromium ore in that year.
In North America, the market accounted for market share equivalent to USD 557.8 million in United States (U.S.) in 2016. It is estimated to grow well at CAGR of 2.5% during the forecast period. U.S. being major manufacturing country of stainless steel, it is likely to be major manufacturer of chromium based chemicals. Chromium ore can be used for refractory applications. Rising number of infrastructural development activities in U.S. can also influence growth of market in this region.
Some of the leading companies offering chromium are Samancor Chrome Limited, Assmang Proprietary Limited, Odisha Mining Corporation, Kermas Group, and Glencore PLC.
In-Depth Research Report On Chromium Market:
https://www.grandviewresearch.com/industry-analysis/chromium-market
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