Chromium Market Size & Share to Surpass USD 21.3 billion by 2031 | Analysis by Transparency Market Research
Transparency Market Research
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Transparency Market Research
The increasing prevalence of chronic diseases and the need for home care settings will drive demand for Chromium.
Wilmington, Delaware, United States, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global chromium industry size stood at US$ 15.7 billion in 2022. By 2031, it is projected to reach US$ 21.3 billion, growing at a CAGR of 3.4%. As environmental regulations and sustainability become more prominent, products and processes involving chromium are likely to change. Cleaner production methods may be influencing industries to adopt eco-friendly alternatives.
Recycling and circular economic principles may impact chromium prices in a circular economy. To develop more efficient recycling processes, it might be necessary to increase the recycling of stainless steel scrap. Enhancing chromium extraction and processing technologies through research and development is a way to produce chromium more efficiently and sustainably. Various applications of chromium can be improved with innovations that reduce environmental impact.
A new application beyond stainless steel can create a potential opportunity for chromium. A number of advanced alloys and catalysts, as well as electronic applications, may expand the market. Advances in metallurgy and manufacturing technologies, affecting both supply and demand, can affect chromium utilization efficiency. Manufacturers of stainless steel will have an impact on primary chromium demand as they adopt recycling practices. Chromium consumption may be impacted by circular economy and sustainability efforts.
Based on grade, a metallurgical grade is likely to drive demand for chromium.
The stainless steel industry is likely to drive chromium market demand in the near future.
The chemical industry has increased its demand for chromium as a result of advances made in chromium catalysts
Based on chromium market analysis, Asia Pacific will likely lead the global market in the near future.
Global Chromium Market: Growth Drivers
Chromium is a key ingredient in stainless steel, which is durable and corrosion-resistant. Thus, the chromium market largely drives the global demand for stainless steel. Stainless steel is in greater demand in automobiles, construction, and other sectors because of economic growth, urbanization, and industrialization. Infrastructure projects, such as buildings and bridges, drive stainless steel and chromium demand. Investments in infrastructure often result in an increase in stainless steel and chromium consumption in growing economies.
Decorative trims and exhaust systems, which require corrosion resistance, are manufactured with chrome. Chromium is in high demand, particularly in emerging markets, as the automotive industry grows. The properties of chrome make it a valuable material for aerospace and defense applications, such as its corrosion resistance and ability to provide a shiny, polished surface. As the aerospace industry and military spending make up a large part of the demand for these applications, geopolitical factors and the industry's general health also play a role.
Pigments, coatings, and catalysts all use chrome compounds in various ways. Chromium is used more frequently in specialty chemicals due to developments in the chemical industry. Regulations governing the environment influence the chromium market. As emissions regulations and environmental impact regulations become more stringent, chromium demand in environmentally friendly settings will increase due to innovations in stainless steel production processes.
Global Chromium Market: Regional Landscape
Asia Pacific is a major center for stainless steel production, with China leading the way. The region's demand for stainless steel has increased because of manufacturing, infrastructure, and urbanization. In addition to producing and consuming stainless steel, China significantly influences the chromium market. The rapid growth of the economy, rapid urbanization, and development of infrastructure in the country significantly influence the demand for chromium.
South Korea, Japan, and India are among the countries in the Asia Pacific region that have experienced notable infrastructure growth. Investments in real estate, transportation, and construction drive up demand for stainless steel, affecting the chromium market. Asia Pacific's automotive industry influences chromium demand, especially in developing countries like South Korea, Japan, and India. Chromium is needed for stainless steel vehicle parts, and the growing automotive sector in the area promotes the use of chromium.
Chromium market reports reveal high levels of fragmentation and intense competition. This is because companies have been focusing on low-cost price structures and product quality differentiation.
The chromium industry invests heavily in research and development about chromium manufacturing techniques to increase its market share. In addition to partnerships and joint ventures, many players have also formed alliances. Their production capacities are also being expanded to accommodate the worldwide rise in demand.
Al Tamman Indsil FerroChrome LLC
Assmang Proprietary Limited
Chrometco
CVK Group
Glencore PLC
Gulf Mining Group LLC
Ferbasa
Hernic Ferrochrome (Pty) Ltd.
Key Developments
In May 2023, Zimbabwe's mining industry will receive a major boost as it prepares to open a chrome smelting plant, establishing Zimbabwe as a global mining hub. By introducing cutting-edge, proprietary aluminothermic technology to an economically unstable region, the company behind the facility hopes to revolutionize the sector, giving hope to an economically unstable region.
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