by The global chromium market size was valued at USD 22.66 billion in 2023 and is expected to hit around USD 36.69 billion by 2032, expanding at a CAGR of 5.50% from 2023 to 2032.
Key Takeaways
- Asia-Pacific contributed more than 50% of revenue share in 2022.
- North America is estimated to expand the fastest CAGR between 2023 and 2032.
- By material, the ferrochromium segment has held the largest market share of 32% in 2022.
- By material, the chromium metals segment is anticipated to grow at a remarkable CAGR of 6.1% between 2023 and 2032.
- By application, the metallurgy segment generated over 92% of revenue share in 2022.
- By application, the chemicals segment is expected to expand at the fastest CAGR over the projected period.
The Chromium market is a dynamic sector poised for significant growth and innovation. Chromium, a transition metal known for its corrosion resistance and shiny exterior, finds diverse applications across various industries. Its versatile properties make it a crucial element in the production of stainless steel, chromic acid, and various alloys. As industries continue to evolve, the demand for chromium is expected to witness a steady increase, driven by its essential role in enhancing the durability and performance of a wide range of products.
Get a Sample: https://www.precedenceresearch.com/sample/3658
Growth Factors:
Several key factors contribute to the anticipated growth of the Chromium market. The burgeoning automotive and aerospace industries are driving the demand for stainless steel, a primary consumer of chromium. Additionally, advancements in metallurgical processes and the increasing use of chromium in the rapidly expanding electronics sector are further propelling market growth. Environmental concerns and the emphasis on sustainable practices are also influencing the market, with the development of eco-friendly chromium extraction methods gaining traction. As research and development efforts continue to explore novel applications for chromium, the market is likely to witness sustained growth in the foreseeable future.
Region Snapshot
The Chromium market exhibits a global presence, with various regions playing pivotal roles in production, consumption, and trade. Asia-Pacific stands out as a major player, driven by the robust industrialization in countries like China and India. North America and Europe also contribute significantly to the market, with a strong focus on technological innovation and a well-established manufacturing base. Africa, home to substantial chromium reserves, is emerging as a key region for extraction and export. The geographical distribution of chromium resources and the evolving industrial landscape in different regions contribute to the overall dynamics of the global Chromium market.
Chromium Market Scope
| Report Coverage | Details |
| Growth Rate from 2023 to 2032 | CAGR of 5.50% |
| Market Size in 2023 | USD 22.66 Billion |
| Market Size by 2032 | USD 36.69 Billion |
| Largest Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Material and By Application |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Material
Chromium is primarily used in various forms, and its applications can vary based on the material’s characteristics. One of the key applications of chromium is in the production of stainless steel. Chromium imparts corrosion resistance and enhances the durability of stainless steel, making it widely used in industries such as construction, automotive, and aerospace. Additionally, chromium finds application in the manufacturing of various alloys, where its properties contribute to hardness, wear resistance, and anti-corrosive qualities.
Beyond alloys, chromium compounds are employed in diverse industries. For instance, chromium oxide is utilized as a pigment in the production of green paints and inks. Chromite, a mineral containing chromium, serves as the primary ore for extracting chromium, and its mining plays a crucial role in the supply chain of chromium-related materials.
Application
The applications of chromium extend across different industries, showcasing its versatility. In the automotive sector, chromium is widely used in the production of chrome-plated components, providing both aesthetic appeal and corrosion resistance. In the aerospace industry, chromium’s lightweight and high-strength properties contribute to the manufacturing of aircraft components.
In the field of electronics, chromium is employed in the production of magnetic tapes and hard disk platters. Moreover, it finds application in surface treatments and coatings to enhance the durability of various products, such as kitchen appliances and furniture.
In the context of the Chromium web browser project, it plays a critical role in the development of internet browsers. The open-source nature of Chromium allows developers to customize and build their browsers, leading to the creation of popular browsers like Google Chrome, Microsoft Edge, and others.
Read Also: Building Materials Market Size Will be USD 1,829.78 Bn By 2032
Recent Developments
- In November 2022, Yildirim Group made a significant move by acquiring 100% shares of Elementis plc’s chromium business for USD 170 million. This strategic acquisition includes Elementis Chromium’s production facilities in Corpus Christi (TX), Castle Hayne (NC), Amarillo (TX), Dakota (NE), and Milwaukee (WI), strengthening Yildirim Group’s presence in the chromium market.
- In June 2022, Tenaris announced a substantial investment of nearly USD 29 million in its Dalmine steel shop. The investment aims to enhance the facility’s capabilities in producing specialty steels, particularly those with a high chromium content, like chromium 13. The multi-stage investment is slated for completion in the first part of 2023.
- In January 2022, Yildirim Group further expanded its footprint in the chromium market by acquiring Albchrome Holding, an Albanian chrome and ferrochromium company. This strategic move aligns with Yildirim Group’s objective to reinforce its position in global markets and support its ongoing progress in the industry.
Competitive Landscape:
The Chromium market is characterized by intense competition among key players striving for market share and technological advancements. Major industry participants are engaged in strategic collaborations, mergers, and acquisitions to strengthen their position in the market. Leading mining companies, processors, and end-users are investing in research and development to explore new applications and improve production efficiency. Regulatory compliance and adherence to environmental standards are becoming increasingly important, shaping the competitive strategies of companies. As the Chromium market continues to evolve, the competitive landscape is expected to witness dynamic shifts, with innovation and sustainability becoming key differentiators among industry leaders.
Chromium Market Companies
- Glencore
- Yildirim Group
- Hernic Ferrochrome
- Eurasian Resources Group
- Outokumpu
- Samancor Chrome
- Assmang Proprietary Limited
- Afarak Group
- Tata Steel
- Jindal Stainless
- Shanxi Taigang Stainless Steel Co., Ltd.
- Baosteel Group
- POSCO
- Acerinox
- Allegheny Technologies Incorporated
Segments Covered in the Report
By Material
- Ferrochromium
- Chromium Chemicals
- Chromium Metals
- Others
By Application
- Metallurgy
- Chemicals
- Refractory
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Contact Us:
Mr. Alex
Sales Manager
Call: +1 9197 992 333
Email: sales@precedenceresearch.com
Web: https://www.precedenceresearch.com
Blog: https://www.expresswebwire.com/
Blog: https://www.uswebwire.com/
Blog: https://www.dailytechbulletin.com/
Blog: https://www.autoindustrybulletin.com/
- Photodynamic Therapy Market Size to Rake USD 8.42 Bn by 2033 - February 5, 2024
- Image Recognition Market Size to Attain USD 166.01 Bn by 2033 - February 5, 2024
- Hydrogen Storage Tanks and Transportation Market Report 2033 - February 5, 2024
