The global chromium market size was valued at USD 22.66 billion in 2023 and is expected to hit around USD 36.69 billion by 2032, notable at a CAGR of 5.50% from 2023 to 2032.
Key Takeaways
- Asia-Pacific contributed more than 50% of revenue share in 2022.
- North America is estimated to expand the fastest CAGR between 2023 and 2032.
- By material, the ferrochromium segment has held the largest market share of 32% in 2022.
- By material, the chromium metals segment is anticipated to grow at a remarkable CAGR of 6.1% between 2023 and 2032.
- By application, the metallurgy segment generated over 92% of revenue share in 2022.
- By application, the chemicals segment is expected to expand at the fastest CAGR over the projected period.
The chromium market plays a pivotal role in various industries, primarily due to the versatile applications of chromium compounds and alloys. Chromium, a transition metal, is widely used in the production of stainless steel, corrosion-resistant alloys, and various other materials crucial for the aerospace, automotive, and construction sectors. The market’s significance extends beyond metallurgy, encompassing applications in the manufacturing of pigments, catalysts, and refractories. With its unique properties, the Chromium market is a critical component of global industrial processes.
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Growth Factors
The Chromium market is witnessing substantial growth driven by the escalating demand for stainless steel in construction and infrastructure projects worldwide. The automotive industry’s continuous expansion, particularly in emerging economies, contributes significantly to the increased consumption of chromium for corrosion-resistant alloys. Additionally, the rising use of chromium compounds in various industrial applications, such as leather tanning and surface treatments, further propels market growth. Technological advancements in metallurgy and increased research and development activities are also fostering innovations, opening new avenues for the Chromium market.
Chromium Market Scope
| Report Coverage | Details |
| Growth Rate from 2023 to 2032 | CAGR of 5.50% |
| Market Size in 2023 | USD 22.66 Billion |
| Market Size by 2032 | USD 36.69 Billion |
| Largest Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Material and By Application |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Read More: Building Materials Market Size To Cross USD 1,829.78 Bn By 2032
Chromium Market Dynamics
Drivers:
Several factors act as drivers for the Chromium market. The surge in urbanization, infrastructural development, and the construction of high-end residential and commercial spaces drive the demand for stainless steel, thereby boosting the Chromium market. Moreover, the growing emphasis on sustainability and eco-friendly processes has led to an increased preference for chromium-based catalysts in chemical and environmental applications. The inherent corrosion resistance of chromium makes it a preferred choice in industries where durability and longevity are paramount, acting as a significant driver for market growth.
Opportunities:
The Chromium market presents promising opportunities driven by the expanding aerospace sector, where chromium alloys are crucial for manufacturing components with high strength and corrosion resistance. Additionally, the increasing awareness of the aesthetic appeal of chromium-plated materials in the automotive industry creates opportunities for market players. Exploration and utilization of chromium in emerging technologies, such as fuel cells and solar panels, open doors to novel applications, providing avenues for sustained growth and market diversification.
Challenges:
Despite the positive outlook, the Chromium market faces challenges, including environmental concerns related to mining and processing activities. Stricter regulations regarding the environmental impact of chromium extraction may pose challenges for market players. Fluctuating raw material prices and geopolitical uncertainties in regions with significant chromium deposits can also impact the market. Moreover, the development of alternative materials with comparable properties poses a challenge to maintaining the Chromium market’s dominance in certain applications.
Regional Insights:
The Chromium market exhibits varying dynamics across regions. Asia-Pacific stands out as a major consumer and producer, driven by rapid industrialization and construction activities in countries like China and India. North America and Europe, with their well-established aerospace and automotive sectors, are significant contributors to the market. Africa, being a major source of chromite ore, plays a crucial role in the global chromium supply chain. However, challenges related to political instability and regulatory frameworks can impact the market dynamics in this region.
Chromium Market Companies
- Glencore
- Yildirim Group
- Hernic Ferrochrome
- Eurasian Resources Group
- Outokumpu
- Samancor Chrome
- Assmang Proprietary Limited
- Afarak Group
- Tata Steel
- Jindal Stainless
- Shanxi Taigang Stainless Steel Co., Ltd.
- Baosteel Group
- POSCO
- Acerinox
- Allegheny Technologies Incorporated
Segments Covered in the Report
By Material
- Ferrochromium
- Chromium Chemicals
- Chromium Metals
- Others
By Application
- Metallurgy
- Chemicals
- Refractory
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology (Premium Insights)
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Chromium Market
5.1. COVID-19 Landscape: Chromium Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Chromium Market, By Material
8.1. Chromium Market Revenue and Volume, by Material, 2023-2032
8.1.1. Ferrochromium
8.1.1.1. Market Revenue and Volume Forecast (2020-2032)
8.1.2. Chromium Chemicals
8.1.2.1. Market Revenue and Volume Forecast (2020-2032)
8.1.3. Chromium Metals
8.1.3.1. Market Revenue and Volume Forecast (2020-2032)
8.1.4. Others
8.1.4.1. Market Revenue and Volume Forecast (2020-2032)
Chapter 9. Global Chromium Market, By Application
9.1. Chromium Market Revenue and Volume, by Application, 2023-2032
9.1.1. Metallurgy
9.1.1.1. Market Revenue and Volume Forecast (2020-2032)
9.1.2. Chemicals
9.1.2.1. Market Revenue and Volume Forecast (2020-2032)
9.1.3. Refractory
9.1.3.1. Market Revenue and Volume Forecast (2020-2032)
9.1.4. Others
9.1.4.1. Market Revenue and Volume Forecast (2020-2032)
Chapter 10. Global Chromium Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.1.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.1.3. U.S.
10.1.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.1.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.1.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.2. Europe
10.2.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.2.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.2.3. UK
10.2.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.2.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.2.4. Germany
10.2.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.2.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.2.5. France
10.2.5.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.2.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.2.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.3. APAC
10.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.3.3. India
10.3.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.3.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.3.4. China
10.3.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.3.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.3.5. Japan
10.3.5.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.3.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.3.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.4. MEA
10.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.4.3. GCC
10.4.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.4.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.4.4. North Africa
10.4.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.4.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.4.5. South Africa
10.4.5.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.4.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.4.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.5. Latin America
10.5.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.5.3. Brazil
10.5.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.5.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.5.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
Chapter 11. Company Profiles
11.1. Glencore
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Yildirim Group
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Hernic Ferrochrome
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Eurasian Resources Group
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Outokumpu
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Samancor Chrome
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Assmang Proprietary Limited
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Afarak Group
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Tata Steel
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Jindal Stainless
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
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