The
global chromium market size is expected to reach USD
16.55 billion by 2025, according to a new report by Grand View Research, Inc.,
registering a 2.7% CAGR during the forecast period. Increasing demand from the
stainless steel industry has been a key factor driving market growth globally.
Robust growth of various end-use industries in Asia Pacific is fueling
stainless steel demand and, in turn, demand for chromium.
Chromium
finds extensive application across segments such as chrome plating and
finishing, in production of synthetic rubies, metal ceramics, dyes and paints, and
in various super alloys. It is also used in metallurgy to render a shiny finish
and impart corrosion resistance.
Asia
Pacific is witnessing increased demand for chromium due to booming
manufacturing in automotive and electronics industries in the region. China and
India are key contributors in these industries. Strong GDP growth rate,
increasing income, and government support are driving automotive production in
these countries. Moreover, stronger demand has been observed from lower-tier
cities in these countries owing to decline in automobile prices.
Rising
number of buyers on account of the unique properties exhibited by chromium,
such as corrosion resistance and shiny texture, has led to low bargaining power
of buyers. Growing demand for chromium in metal finishing and plating industry
in Asia Pacific is expected to drive the market. However, the carcinogenic
properties of chromium may lead to severe health effects, thereby hampering
market growth.
Browse full
research report on Chromium Market: www.grandviewresearch.com/industry-analysis/chromium-market
Further
Key Findings From the Study Suggest:
- The global chromium market was valued at USD
13.07 billion in 2016 and is expected denote a CAGR of 2.7% from 2017 to
2025
- Metallurgy was the largest application segment
in 2016 and is expected to register a CAGR of 2.8% between 2017 and 2025
- The chemical segment was valued at USD 708.2
million in 2016 and is anticipated to witness moderate growth over the
next eight years. Chromium-based chemicals include chrome oxide, chromic
acid, and potassium dichromate
- The Asia Pacific market is projected to
experience substantial growth over the next eight years owing to rising
demand from various stainless steel end-use industries, especially
automotive and aerospace. In terms of revenue, APAC is expected to
register a CAGR of 3.1% between 2017 and 2025
- Key players including Kermas Group Ltd.,
Glencore PLC, Samancor Chrome, Assmang Proprietary Limited, Odisha Mining
Corporation, Hernic Ferrochrome (Pty) Ltd., CVK Group, Al Tamman Indsil
FerroChrome LLC, and Gulf Mining Group LLC are engaged in mining and
production of chromium in the global market.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Grand View Research has segmented the global chromium market on the basis
of application and region:
Chromium
Application Outlook (Revenue, USD Million, 2014 - 2025)
- Metallurgy
- Chemicals
- Refractory
- Others
Chromium
Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North
America
- U.S.
- Europe
- Russia
- Germany
- Asia
Pacific
- China
- India
- Japan
- Central
& South America
- Brazil
- Middle
East & Africa
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-chromium-market
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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