Global Chromium Market Overview 2023-2028
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, abbreviated as Cr, possesses a robust, glossy, steel-gray appearance and is frequently occurring in nature as ores. Commercially, it is manufactured by reducing chromite ore. This element is crucial in minute amounts, aiding carbohydrate and lipid metabolism while assisting insulin in regulating blood glucose levels. It enhances the strength and corrosion resistance of alloys, making it ideal for electroplating. In the production of stainless steel, chromium is a vital component, imparting resistance to oxidation and augmenting the material’s durability and strength.
Global Chromium Market Trends and Drivers:
The utilization of chromium (Cr) is on the rise within the aerospace industry, particularly for coating turbine blades and other crucial components. This application significantly enhances component resistance to both high temperatures and corrosive environments, thereby boosting overall performance and longevity. This factor stands as a key driver for market growth on a global scale. Additionally, the increasing integration of Cr in electrical contacts and circuit breakers is contributing to market growth, given its notable attributes of high electrical conductivity and resistance to oxidation. Furthermore, the expanding use of Cr in the oil and gas sector, particularly for downhole tools and components in drilling and exploration operations, is positively impacting the market due to its impressive strength and resistance to challenging environmental conditions.
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.
- Refractory and Foundry
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.
- Alloyed Steel Production
- Stainless Steel Production
- Refractory Additives
- Non-Ferrous Alloy Production
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
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.
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- 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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