Chromium salt is chemically represented with the symbol Cr and atomic number 24 in the periodic table. It is placed in the first position in group six of the periodic table. Chromium is steel gray in color. It has high melting point and high polish properties. It is resistant to tarnishing. Chromium has high corrosion resistance ability. Natural existence of chromium is rare; most of the chemical compounds are manufactured. Stainless steel, an alloy of steel and chromium, offers corrosion and stain resistance. Hence, it one of the extensively used metals in commercial applications. The process of manufacturing chromium salt by removal of iron ore with the help of sodium carbonate and calcium oxide in order to form water soluble chromium salt. Chromium salt is always found in the form of crystalline powder, which is soluble in water. The melting point of chromium salt varies to some extent; it is usually between 190°C and 2600°C. Additionally, its solubility in water depends upon the oxidation sate, as the solubility property rises with the increased oxidation state of chromium salt. Demand for chromium salt is anticipated to rise due to the increase in number of applications.
The global chromium salt market can be segmented based on application, end-use industry, and region. In term of application, the chromium salt market can be divided into metallurgy, dyes and pigments, wood preservatives, leather tanning, refractory material, and catalyst. The dyes and pigment segment comprises paints. The segment is expanding rapidly in emerging markets. This is projected to boost the chromium salt market in the near future. Metallurgy is used widely in automobile and mechanical industries. Chromium salt is employed extensively in metal, leather, and sweater treatment process. In terms of end-use industry, the chromium salt market can be divided into textile, automobile, leather paints, aerospace, steel, and tool manufacture. In the leather industry, 90% of leather tanning process is carried out with the help of chromium salt. Demand for leather in the global market has been rising significantly. This is likely to propel the chromium salt market during the forecast period.
Geographically, the chromium salt market can be segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Increase in demand for dyes and paints in Asia Pacific and Middle East is driving the chromium salt market in these regions. The pigments industry in the U.S. is in the stage of maturity. However, it is projected to expand further in the next two years. This is anticipated to drive the chromium salt market. Developing economics such as India and China are the most promising markets for chromium salt, as majority of demand arises from these countries. The paints and dye industry is flourishing in major countries in the Middle East and Europe. This is indirectly attracting the interest of chromium salt manufacturers. Chromium salt exhibits harmless and hazardous properties, which are bound to affect the people, who work in close proximity with the salt on the regular basis, and hence, proper safety gear is to be utilized while handling such a salt. Environmental rules and regulations owing to these harmful properties of chromium salt is deployed, especially in Europe and the U.S.
Key players operating in the global chromium salt market are BASF SE, Bayer AG, American Elements, Ciba Specialty Chemicals, and Oxkem Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.