Global Chromium Market Feeds to Hit US$18 Bn by 2026; Developing Asia Pacific Major Driver of Market
The global chromium market is choc-o-bloc with players. This not just makes the market fragmented but highly competitive too. This because of constant efforts of the players to outdo one another with product innovations and distribution strategies. Players are also seen adopting competitive pricing strategies to surge ahead of their competitors.
A Transparency Market Research report on the global chromium market finds that while competition is very stiff in Asia Pacific, excluding Japan because of innumerable players in it, the North America market presents a more subdued competitive landscape because of being consolidated.
Some of the noteworthy players in the global chromium market listed in the report are Toshiba Medical Systems Corporation, Samancor Chrome, Xinapse Systems Ltd., Odisha Mining Corporation, and MVC Holdings LLC.
The report finds that the market would be worth US$18 bn by the end of 2026.
With respect to grade, the global chromium market can be classified into refractory and foundry gate, chemical intermediary grade, and metallurgical grade. Among them, the metallurgical grade chromium currently dominates the market with a substantial share. With respect to geography, Asia Pacific at present is the largest chromium market. This is because of the presence of large stainless steel manufacturing facilities in developing nations of India and China. Besides, surging demand from different stainless steel end-use industries, particularly automotive and aerospace is also having a positive impact on the market. With respect to revenue, Asia Pacific is predicted to rise at 3.1% CAGR from 2017 to 2025.
Massive Demand for Stainless Steel Buoys Growth in Global Chromium Market
At the forefront of driving demand in the global chromium market is the rising demand for stainless steel. About 18.0% of a stainless steel is comprised of chromium which improves its hardness and resistance of oxidation. In this manner, it protects the steel from corrosion. Elaborates the lead analyst of the report, “Rising construction activities and infrastructure development worldwide, especially in developing nations of Asia Pacific and Latin America are at the forefront of driving demand in the global chromium market. Some of these nations are not just major consumers but also major producers.”
The economic development worldwide leading to sales of automobiles is another factor stoking the global chromium market. Adds the lead analyst of the report, “The soaring demand for thin coatings in automotive industry, which not just lessens costs but also brings down environmental effects by reducing the overall weight of the vehicle, has led to demand in global chromium market.”
Carcinogenic Properties of Chromium Deters Uptake
Acting as a deterrent to the global chromium market, on the other hand, is its carcinogenic properties and price volatility. Chromium is toxic and is present in two forms hexavalent and trivalent. Between the two, trivalent is considered less acute. The hexavalent chromium, on the other hand, impacts the respiratory tract in humans after prolonged exposure.
The review is based on the findings of a TMR report, titled, “Chromium Market (Grade - Metallurgical Grade, Refractory & Foundry Grade, and Chemical Intermediary Grade; Application - Stainless Steel Production, Alloyed Steel Production, Non-ferrous Alloy Production, Refractory Additives, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2026.”
The report segments the Global Chromium Market into the following:
Global Chromium Market, by Grade
- Metallurgical Grade
- Refractory and Foundry Grade
- Chemical Intermediary Grade
Global Chromium Market, by Application
- Alloyed Steel Production
- Stainless Steel Production
- Refractory Additives
- Non-ferrous Alloy Production
Global Chromium Market, by Region
- North America
- South America
- The Middle East and Africa
- Asia Pacific
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