Chromium Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for the chromium market is expected to grow at a CAGR of approximately 4% globally during the forecast period.

Key Highlights

• Rising usage of chromium alloying with other metals in automobiles, construction equipment, commercial and military aircraft engines is driving the market growth.
• Exposure to chromium can cause health and environmental effects are expected to hinder the market growth.

Key Market Trends

Metallurgical Applications to Witness Growth in Future

• Chromium has been increasingly used in metallurgical processes to increase hardenability, creep and impact strengths, resistance to corrosion, oxidation to other metals for automobile applications.
• In the production of stainless steel, chromium is being used for hardening steel and increases its resistance to corrosion includes withstanding to high temperatures uses in construction equipment, heavy machinery, and fabricated metal products.
• Alloying chromium in metallurgical processes with other metals can aid in making products useful in commercial and military aircraft engines including stainless steel tankers, acids and in bulk hopper trailers to haul fertilizers and hygroscopic materials.
• The global stainless steel production largely relies on chromium supply. China, a major producer of steel, produces and supplies a large quantity of stainless steel and exports to various countries by importing chromium from South Africa.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific is expected to dominate the global market owing to the highly developed manufacturing industries in China, coupled with the continuous investments done in the region to advance the chemical sector through the years.
• Asia-Pacific produces larger quantities of stainless steel than other regions by using chromium and exports to other regions because of the growing demand for stainless steel around the world from every manufacturing sector.
• China leads the chromium market because owing to a constant rise in demand, with the increase in population and technological advancements in the form of chromium chemicals, primarily sodium chromate and sodium dichromate in leather tanning, textile mordants, and dyes.
• The chemical industry is significantly expanding in the Asia-Pacific region. Chromium is used as a catalyst in oxidation reactions, ethylene polymerization and oligomerization catalysts that are used for industrial production of polyethylene and 1-hexene and these properties are expected to drive the market for chromium through the years to come.

Competitive Landscape

The global chromium market is partially consolidated in nature with a few major players dominating a significant portion of the market. Some of the major companies are Kermas Group Ltd, Assmang Proprietary Limited, CVK Group, Glencore PLC, Odisha Mining Corporation, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support