The global chromium market 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.
Access Research Report of Chromium Market@ https://www.grandviewresearch.com/industry-analysis/chromium-market
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
Chromium Regional Outlook (Revenue, USD
Million, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
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. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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