Chromium

Chromium

Global Chromium Market to Reach US$20.3 Billion by 2030

The global market for Chromium estimated at US$15.7 Billion in the year 2023, is expected to reach US$20.3 Billion by 2030, growing at a CAGR of 3.7% over the analysis period 2023-2030. Metallurgy Application, one of the segments analyzed in the report, is expected to record a 4.0% CAGR and reach US$13.2 Billion by the end of the analysis period. Growth in the Chemicals Application segment is estimated at 3.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$4.2 Billion While China is Forecast to Grow at 5.4% CAGR

The Chromium market in the U.S. is estimated at US$4.2 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.1 Billion by the year 2030 trailing a CAGR of 5.4% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.6% and 3.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.1% CAGR.

Chromium  - Key Trends and Drivers

Chromium is a shiny, brittle metallic element that is highly resistant to tarnish and has a high melting point. It is mainly used in the metallurgy industry to manufacture stainless steel and other alloys where it contributes to corrosion resistance, hardness, and durability. Additionally, chromium compounds are used in the dye and pigment industry, leather tanning, and wood preserving. It is also a critical element in the manufacturing of superalloys that can withstand high temperatures and are used in jet engines and turbines. Expanding global construction and automotive industries represent a key growth dricer for chromium consumption. These sectors heavily rely on stainless steel, where chromium serves as a critical ingredient that imparts anti-corrosive properties and enhances the strength of the steel. As urbanization and economic development accelerate, especially in emerging economies, the demand for new infrastructure and vehicles is increasing, thereby boosting the demand for stainless steel and subsequently chromium. Additionally, the rising standards of living and increasing consumer spending power are contributing to a surge in demand for products that include chromium-based materials.

Another significant trend in the chromium market is the technological advancements in production and processing techniques. Innovations that reduce the environmental impact of chromium mining and increase the efficiency of metal processing are particularly influential. For instance, the development of less energy-intensive, lower-emission production methods is making chromium production more sustainable and economically viable. Furthermore, there is a growing emphasis on recycling chromium from post-consumer scrap, which not only reduces the environmental footprint but also helps in coping with the fluctuating prices and supply constraints of raw chromium.

Moreover, the stringent environmental regulations being implemented worldwide are impacting the chromium market. These regulations are pushing industries to adopt more environmentally friendly practices and technologies, which in turn is influencing the market dynamics of chromium. Companies are increasingly investing in research and development to find safer methods of extracting and processing chromium to meet both the regulatory requirements and the growing demand for high-quality, durable, and sustainable materials. As these trends continue to evolve, they are expected to shape the future trajectory of the chromium industry, making it more aligned with global sustainability and safety standards.

Select Competitors (Total 22 Featured) -

• Al Tamman Indsil FerroChrome L.L.C
• Assmang Proprietary Limited
• CVK Group
• Glencore International AG
• Gulf Mining Group LLC
• Odisha Mining Corporation Ltd. (OMC)
• Samancor Chrome

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