IMARC Group’s report titled “Chromium Market Report by Grade (Metallurgy, Refractory and Foundry, Chemical), Application (Alloyed Steel Production, Stainless Steel Production, Refractory Additives, Non-Ferrous Alloy Production, and Others), Industry Vertical (Chemical and Petrochemical, Energy and Power, Mining, Steel, Automotive, and Others), and Region 2024-2032“. The global chromium market size reached USD 15.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 19.3 Billion by 2032, exhibiting a growth rate (CAGR) of 2.5% during 2024-2032.
Factors Affecting the Growth of the Chromium Industry:
- Growing Demand from the Stainless Steel Industry:
The stainless steel industry is the largest consumer of chromium, accounting for over 85% of its global consumption. The primary role of chromium in stainless steel production is to enhance corrosion resistance and provide a lustrous finish. This metal is essential for manufacturing various types of stainless steel, particularly the austenitic and ferritic grades, which contain about 16-26% chromium. The demand for stainless steel has been steadily increasing due to its wide range of applications in construction, automotive, aerospace, and consumer goods. Infrastructure development in emerging economies, especially in Asia-Pacific, has significantly boosted stainless steel production, consequently driving chromium demand. Additionally, the shift of the automotive industry toward lighter, more fuel-efficient vehicles has increased the use of high-strength stainless steel, further bolstering chromium consumption.
- Technological Advancements in Metallurgy and Alloy Production:
Technological advancements in metallurgy and alloy production have been a significant driver of the global chromium market. Innovations in these fields have expanded the applications of chromium beyond traditional uses in stainless steel. For instance, the development of high-performance superalloys, which incorporate chromium, has revolutionized industries such as aerospace, power generation, and petrochemical. These superalloys, known for their exceptional strength and resistance to extreme temperatures and corrosive environments, are essential in manufacturing jet engines, gas turbines, and nuclear reactors. The ability of chromium to form a stable oxide layer at high temperatures makes it a critical component in these advanced materials. Additionally, the push toward more efficient and durable materials have led to the exploration of new chromium-based alloys that offer superior performance characteristics.
- Environmental Regulations and Sustainability Trends:
Environmental regulations and sustainability trends are increasingly influencing the global chromium market. Chromium, particularly in its hexavalent form (Cr6+), is recognized for its potential environmental and health hazards, leading to stringent regulations on its use and disposal. These regulations, enforced by agencies such as the U.S. Environmental Protection Agency (EPA) and the European Union’s REACH (Registration, Evaluation, Authorization, and Restriction of Chemicals), have necessitated the development of safer, more environmentally friendly chromium products. This shift has driven the market toward trivalent chromium (Cr3+), which is less toxic and more sustainable. Moreover, the growing emphasis on sustainability across industries has led to increased demand for chromium in applications that contribute to energy efficiency and reduced emissions.
Leading Companies Operating in the Global Chromium Industry::
- ACI Alloys
- Al Tamman Indsil FerroChrome L.L.C
- Belmont Metals Inc.
- Edgetech Industries LLC
- Eurasian Resources Group
- Ferbasa
- Glencore plc
- Gulf Mining Materials Company
- Odisha Mining Corporation Limited
- ProChem Inc. International
- RD Mathis Company
- Samancor Chrome Ltd.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/chromium-market/requestsample
Chromium Market Report Segmentation:
By Grade:
- Metallurgy
- Refractory and Foundry
- Chemical
Metallurgy dominates the market as it encompasses the primary applications of chromium, particularly in the production of stainless steel and other high-performance alloys, which require large quantities of this metal for their corrosion resistance, durability, and strength-enhancing properties.
By Application:
- Alloyed Steel Production
- Stainless Steel Production
- Refractory Additives
- Non-Ferrous Alloy Production
- Others
Stainless steel production represents the largest as chromium is an essential alloying element that provides stainless steel with its corrosion resistance and durability, making it indispensable for various industrial applications.
By Industry Vertical:
- Chemical and Petrochemical
- Energy and Power
- Mining
- Steel
- Automotive
- Others
Based on the industry vertical, the market has been divided into chemical and petrochemical, energy and power, mining, steel, automotive, and others.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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