Chromium Market Size, Share & Trends Analysis Report By Material (Ferrochromium, Chromium Chemicals, Chromium Metals, Others), By Application (Metallurgy, Chemicals, Refractory, Others), By Region, And Segment Forecasts, 2023 - 2030

Chromium Market Size, Share & Trends Analysis Report By Material (Ferrochromium, Chromium Chemicals, Chromium Metals, Others), By Application (Metallurgy, Chemicals, Refractory, Others), By Region, And Segment Forecasts, 2023 - 2030

Chromium Market Growth & Trends

The global chromium market size is expected to reach USD 33.09 billion by 2030, growing at a CAGR of 5.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing demand from the stainless steel industry has been a key factor driving market growth globally. Robust growth of various end-use industries in Asia Pacific is fueling stainless steel demand and, in turn, demand for chromium.

Chromium finds extensive application across segments such as chrome plating and finishing, in production of synthetic rubies, metal ceramics, dyes and paints, and in various super alloys. It is also used in metallurgy to render a shiny finish and impart corrosion resistance.

Asia Pacific is witnessing increased demand for chromium due to booming manufacturing in automotive and electronics industries in the region. China and India are key contributors in these industries. Strong GDP growth rate, increasing income, and government support are driving automotive production in these countries. Moreover, stronger demand has been observed from lower-tier cities in these countries owing to decline in automobile prices.

Rising number of buyers on account of the unique properties exhibited by chromium, such as corrosion resistance and shiny texture, has led to low bargaining power of buyers. Growing demand for chromium in metal finishing and plating industry in Asia Pacific is expected to drive the market. However, the carcinogenic properties of chromium may lead to severe health effects, thereby hampering market growth.

Chromium Market Report Highlights

• The chromium market is expected to grow significantly over the forecast period owing to the rising production levels of stainless steel-related products.
• Metallurgy segment held the largest revenue share of 92.4% in 2022. Stainless steel and high-resistance steel manufacturers are major consumers in the metallurgy segment. Chromium is used in the form of ferroalloys, metals, and scrapes of stainless steel in metallurgical applications.
• The chemicals segment is anticipated to register a CAGR of 4.6% over the forecast period.
• Asia Pacific dominated the market with a share of 50.7% in 2022. The production of stainless steel is increasing at a rapid rate on account of huge demand arising from application industries such as automotive, aerospace, defense, electronics, and building & construction.

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