The global chromium oxide market was valued US$ 192.58 Mn in 2019 and is expected to reach 414.26 Mn by 2027, at a CAGR of 3.8 % during the forecast period.
Global Chromium Oxide Market
Chromium oxide is an inorganic compound and one of the key oxides of chromium. It occurs naturally as a rare mineral eskolaite and holds a wide range of applications in coatings resulting in excellent resistance to wear, abrasion, corrosion, and chemicals.
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.
Market Drivers and Restraints:
Technological advancement and development in the method of the manufacturing process in developed and developing countries are driving the growth of the chromium oxide market globally. Chromium oxide has broad application in the automotive industries for coating and polishing of various machinery parts as it has corrosion free property which is expected to drive the market growth, which will further propel the market demand in the global market.
Development in the commercial sector with increased urbanization linked with construction activity is booming the market demand for steel thus driving the growth of the chromium oxide market. The popularity of chromium oxide as pigment for colouring material is considered as another driving factor for the global chromium oxide market. The chemical industry is one of the major sectors to cover the market growth, as the R&D sector is on another level for advanced research which boosts the market growth. Chromium Oxide is broadly utilized covering market value with significant growth of 45.3 Mn. Major key vendors are investing in the chromium oxide market, as this market is expected to show constant growth with wide opportunities for manufacturers and end-users.
However, the unavailability of raw materials and observed side effects after the application is expected to hamper the chromium oxide market growth. Additionally, the presence of substitutes in the market hinders market growth in the coming years.
Chromium Oxide Market Segment analysis:
In the chromium oxide market application segment, the metallurgy sub-segment was calculated to be the dominant sector holding the largest market share with the prominent application at a CAGR of 2.2 % by 2027. The principal uses of chromium are in metallurgical processing of ferrochromium and other metallurgical products to impart corrosion resistance. Chromium is used to induce hardness, toughness, and chemical resistance in steel. Today 85% of its use is in metallic alloys such as stainless steel and anodized aluminium. Further, driving factors such as less toxicity and prolonged reflecting with infrared exposer are widely used as an adulterating agent applied in numerous metallurgy and alloys segment, attracting the vendors to invest and will contribute to the market growth. The chromium oxide market was likely to be valued at US$ 11.57 Mn in 2019, owing to the increasing consumer demand, virtually, 45% of the market is acquired by stainless steel division.
Chromium Oxide Market Regional Analysis:
Regionally, Asia Pacific is expected to dominate the chromium oxide market with an expected growth at a CAGR of 2.5% during the forecast period. Advancement in machinery in the Asia Pacific region is boosting the market growth especially in India and China documented as a major contributor together with growing awareness about the product and large production unit in this region promoting in market growth. Thus, the APAC’s wealth in terms of steel production is being joined with a chromium oxide market raising its demand. In 2019 market size was valued US$ 132 Mn while in India, the market size was valued 100.13 Mn and expected to increase by US$ 112 Mn in the coming years. In the year 2019, approximately 46% of the market is acquired by the Asia Pacific region and expected to grow constantly in the future.
Europe is estimated to have substantial growth during the forecast period owing to growing demand in major end-use industries, such as building & construction, paints & coatings. Further, technological advancements in the ceramics & plastics industries in the regional market are constantly driving the local market growth.
The objective of the report is to present a comprehensive analysis of the Global Chromium Oxide Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Chromium Oxide Market dynamics, structure by analysing the market segments and project the Global Chromium Oxide Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Chromium Oxide Market make the report investor’s guide.
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Scope of Chromium Oxide Market
Global Chromium Oxide Market, By Grade
• Pigment Grade
• Metallurgical Grade
• Refractory Grade
Global Chromium Oxide Market, By Application
• Paints and Coatings
• Bricks and Concrete
• Inks and Dyes
Global Chromium Oxide Market, By Region
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Key Players Operating the Chromium Oxide Market,
• BlueStar Yima Chrome Chemical Materials
• Hebei Chromate Chemical
• Huangshi Zhenhua Chemical
• Chongqing Minfeng Chemical
• Sun Chemical
• Hunter Chemical
• Midural Group
• Soda Sanayii
• Luoyang Zhengjie
• Sichuan Yinhe Chemical
• Jirong Chemical
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