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 trends, size, share, 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 and shiny steel-gray metal frequently encountered in nature in ore form. It is industrially manufactured by reducing chromite ore. As an indispensable trace element, chromium plays a vital role in carbohydrate and lipid metabolism, aiding insulin in its regulation of blood sugar levels. Its inclusion in alloys enhances their strength and resistance to corrosion, making it a preferred choice for electroplating. In the realm of stainless steel production, chromium contributes to oxidation resistance, bolstering the longevity and sturdiness of the material.
Global Chromium Market Trends and Drivers:
The aerospace industry is experiencing a notable uptick in the utilization of chromium (Cr) for coating turbine blades and various components, resulting in heightened durability and improved performance in high-temperature and corrosive settings. This trend stands as a pivotal driver of global market expansion. Furthermore, the increasing adoption of chromium in electrical contacts and circuit breakers, attributed to its excellent electrical conductivity and resistance to oxidation, is a key catalyst for market growth. Additionally, the growing integration of chromium in the oil and gas sector for downhole tools and drilling and exploration components, thanks to its remarkable strength and resistance to harsh environments, is exerting a positive influence on 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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