Chromium Oxide Market - By Type (Pigment Grade, Metallurgical Grade, Refractory Grade), By Form (Powder, Dispersion, Paste), By Application (Pigments and Colorants, Metallurgy, Ceramics, Coatings and Paints, Abrasives) & Forecast, 2023 - 2032

Chromium Oxide Market - By Type (Pigment Grade, Metallurgical Grade, Refractory Grade), By Form (Powder, Dispersion, Paste), By Application (Pigments and Colorants, Metallurgy, Ceramics, Coatings and Paints, Abrasives) & Forecast, 2023 - 2032

Chromium Oxide Market size is poised to record 4.6% CAGR from 2023-2032. The potential toxicity of chromium compounds is leading to the growing number of environmental regulations and safety standards for safe handling, storage, and disposal practices. The surging advancements in manufacturing and application technologies are changing the way chromium oxide is used and integrated into several products and industries, further adding to the market expansion. To cite an instance, in April 2023, researchers from Flinders University in Adelaide highlighted the importance of chromium oxide as a catalyst for producing hydrogen from photocatalysis.

The chromium oxide industry is segmented based on type, form, application, region.

In terms of type, the market value from the metallurgical grade segment will witness expansion through 2032. Chromium oxide is added to refractory formulations for improving the material resistance to higher temperatures and corrosion. It is also used for extending the lifespan of refractory linings in high-temperature environments, such as industrial furnaces, and kilns. The growing adoption of metallurgical grade chromium oxide in various metallurgical applications, such as the manufacturing of refractory materials and alloys will add to the product demand.

With respect to application, the chromium oxide industry from the ceramics segment is expected to significantly expand up to 2032. In industrial applications, chromium oxide is widely utilized to produce several ceramic components to cater to uses in cutting tools, grinding wheels, and other machinery parts. Growing adoption in creating decorative and artistic designs in ceramics owing to its vivid and stable green color will also drive the chromium oxide uptake.

Regionally, Europe chromium oxide market size is expected to observe substantial growth through 2032 owing to the rising rate of industrialization in the region. As per the European Commission, the industrial production of EU witnessed 5% increase in 2022. The surging environmental concerns is leading to the increasing interest in green and sustainable technologies for chromium oxide production. The growing support from the EU through strict regulations for the handling, disposal and use of chromium compounds will also influence the regional market growth.