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.
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.
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