Chromium Industry Trends and Opportunity
The global ChromiumMarket size is expected to reach USD 16.55 billion by 2025, according
to a new report by Grand View Research, Inc., registering a 2.7% CAGR during
the forecast period. Increasing demand from the stainless steel industry has
been a key factor driving market growth globally. Robust growth of various
end-use industries in Asia Pacific is fueling stainless steel demand and, in
turn, demand for chromium.
Chromium
finds extensive application across segments such as chrome plating and
finishing, in production of synthetic rubies, metal ceramics, dyes and paints,
and in various super alloys. It is also used in metallurgy to render a shiny
finish and impart corrosion resistance.
Asia
Pacific is witnessing increased demand for chromium due to booming
manufacturing in automotive and electronics industries in the region. China and
India are key contributors in these industries. Strong GDP growth rate,
increasing income, and government support are driving automotive production in
these countries. Moreover, stronger demand has been observed from lower-tier
cities in these countries owing to decline in automobile prices.
Rising
number of buyers on account of the unique properties exhibited by chromium,
such as corrosion resistance and shiny texture, has led to low bargaining power
of buyers. Growing demand for chromium in metal finishing and plating industry
in Asia Pacific is expected to drive the market. However, the carcinogenic
properties of chromium may lead to severe health effects, thereby hampering
market growth.
Further key findings from the report suggest:
- The
global chromium market was valued at USD 13.07 billion in 2016 and is
expected denote a CAGR of 2.7% from 2017 to 2025
- Metallurgy
was the largest application segment in 2016 and is expected to register a
CAGR of 2.8% between 2017 and 2025
- The
chemical segment was valued at USD 708.2 million in 2016 and is
anticipated to witness moderate growth over the next eight years.
Chromium-based chemicals include chrome oxide, chromic acid, and potassium
dichromate
- The
Asia Pacific market is projected to experience substantial growth over the
next eight years owing to rising demand from various stainless steel
end-use industries, especially automotive and aerospace. In terms of
revenue, APAC is expected to register a CAGR of 3.1% between 2017 and 2025
- Key
players including Kermas Group Ltd., Glencore PLC, Samancor Chrome,
Assmang Proprietary Limited, Odisha Mining Corporation, Hernic Ferrochrome
(Pty) Ltd., CVK Group, Al Tamman Indsil FerroChrome LLC, and Gulf Mining
Group LLC are engaged in mining and production of chromium in the global
market.
Grand View Research has segmented the global
chromium market on the basis of application and region:
Chromium Application Outlook (Revenue, USD
Million, 2014 - 2025)
- Metallurgy
- Chemicals
- Refractory
- Others
About Grand View Research:
Grand View Research is an India & U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. Grand View
Research database is used by the world's renowned academic institutions and
Fortune 500 companies to understand the global and regional business
environment. Our database features thousands of statistics and in-depth
analysis on 46 industries in 25 major countries worldwide.
Contact:
Grand View Research, Inc.
201 Spear Street 1100,
San Francisco, CA 94105
United States
Phone: 1-415-349-0058
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Email: sales@grandviewresearch.com 
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