Global Chromium Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Chromium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global chromium market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global chromium market size reached US$ 14.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.8 Billion by 2028, exhibiting a growth rate (CAGR) of 2.9% during 2023-2028.
Chromium (Cr) is a resilient, shiny, steel-gray metal frequently occurring in nature as ores and commercially synthesized through the reduction of chromite ore. This essential trace element plays a crucial role in carbohydrate and lipid metabolism, contributing to insulin’s role in managing blood sugar levels. Its inclusion in alloys enhances their strength and corrosion resistance, making it a preferred choice for electroplating. Chromium finds application in the manufacturing of stainless steel, where it not only provides resistance to oxidation but also augments the durability and strength of the material.
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Global Chromium Market Trends and Drivers:
The aerospace sector is experiencing a notable uptick in the utilization of chromium (Cr) for coating turbine blades and other components. This application serves to enhance the components’ resistance to elevated temperatures and corrosive environments, ultimately improving overall performance and extending longevity. This trend stands out as a key driver fueling market growth on a global scale.
Furthermore, the increasing adoption of chromium in electrical contacts and circuit breakers is contributing to market expansion. The metal’s high electrical conductivity and resistance to oxidation make it a favorable choice in these applications. Additionally, the oil and gas sector is witnessing a growing reliance on chromium for downhole tools and components used in drilling and exploration operations. This is attributed to chromium’s exceptional strength and resistance to harsh environmental conditions, which positively impact the market.
Global Chromium Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: ACI Alloys, Al Tamman Indsil FerroChrome L.L.C, Belmont Metals Inc., Edgetech Industries LLC, Eurasian Resources Group, Ferbasa, Glencore plc, Gulf Mining Materials Company, Odisha Mining Corporation Limited, ProChem Inc. International, RD Mathis Company and Samancor Chrome Ltd.
The report segmented the market on the basis of region, grade, application and industry vertical.
Grade Insights:
- Metallurgy
- Refractory and Foundry
- Chemical
The report has provided a detailed breakup and analysis of the chromium market based on the grade. This includes metallurgy, refractory and foundry, and chemical. According to the report, metallurgy represented the largest segment.
Application Insights:
- Alloyed Steel Production
- Stainless Steel Production
- Refractory Additives
- Non-Ferrous Alloy Production
- Others
A detailed breakup and analysis of the chromium market based on the application has also been provided in the report. This includes alloyed steel production, stainless steel production, refractory additives, non-ferrous alloy production, and others. According to the report, stainless steel production accounted for the largest market share.
Industry Vertical Insights:
- Chemical and Petrochemical
- Energy and Power
- Mining
- Steel
- Automotive
- Others
A detailed breakup and analysis of the chromium market based on the industry vertical has also been provided in the report. This includes chemical and petrochemical, energy and power, mining, steel, automotive, and others.
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) was the largest market for chromium. Some of the factors driving the Asia Pacific chromium market included the presence of highly developed manufacturing industries, large production of stainless steel using chromium, technological advancements, etc.
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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