Chromium Market Share, Size, Trends, Industry Analysis Report, By Material (Ferrochromium, Chromium Chemicals, Chromium Metals, Others), By Application, By Region, And Segment Forecasts, 2023 - 2032

Chromium Market Share, Size, Trends, Industry Analysis Report, By Material (Ferrochromium, Chromium Chemicals, Chromium Metals, Others), By Application, By Region, And Segment Forecasts, 2023 - 2032

The global chromium market size is expected to reach USD 36.77 billion by 2032, according to a new study by Polaris Market Research. The report “Chromium Market Share, Size, Trends, Industry Analysis Report, By Material (Ferrochromium, Chromium Chemicals, Chromium Metals, Others), By Application, By Region, And Segment Forecasts, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Chromium demand is primarily fueled by the strong growth of various end-use industries in emerging economies. Stainless steel, a versatile material, is in high demand across sectors such as automotive, aerospace, & electronics. Chromium, as a vital component of stainless steel, plays a crucial role in meeting this demand. Chromium has diverse applications in different sectors. In industries like chrome plating and finishing, it provides a shiny and protective layer to various objects, enhancing their appearance and durability. Chromium is also used in the production of synthetic rubies, creating gemstones of exceptional quality. Furthermore, it is an essential ingredient in metal ceramics, dyes, and paints, contributing to their vibrant colors and longevity.

Additionally, chromium finds its place in superalloys, enhancing their mechanical properties and making them suitable for high-temperature and high-stress environments, such as in aerospace and power generation applications. In metallurgy, chromium is utilized to impart a shiny finish to metals and, more importantly, to provide corrosion resistance, ensuring the longevity of metal components even in challenging conditions.

Given the essential nature of chromium in metal finishing and plating, buyers have limited alternatives. This limited substitution potential, coupled with the unique properties of chromium, results in a low bargaining power for buyers. As the demand for chromium continues to rise in the metal finishing and plating industry, driven by its exceptional qualities, the market for chromium experiences growth, making it a valuable commodity in various sectors.

One factor contributing to this growth is the support from the governments of China and India. Their policies and incentives have encouraged the automotive industry, fostering innovation, production, and market expansion. Additionally, the rising income levels of the citizens in these countries have led to increased purchasing power, enabling more people to afford cars.

Furthermore, a noteworthy trend has been the growing demand from lower-tier cities in China and India. This surge in demand can be attributed to the declining prices of automobiles. As manufacturing processes become more efficient and competition among automakers increases, the prices of vehicles have decreased. Consequently, cars have become more affordable to a broader population, not just in major urban centers but also in smaller cities and towns. This affordability factor has sparked a higher demand for automobiles, leading to increased production and sales in both countries.

Chromium Market Report Highlights

The metallurgy segment held the largest share, as they are frequently used in the form of ferroalloys, scrapes, and other strategic applications

Chemicals segment will grow at a rapid pace, owing to its easy availability and applicability in varied verticals

Asia Pacific dominated the market, owing to favorable government policies and a strong push towards stainless steel production in emerging nations

The key market players include Glencore, Samancor Chrome, Odisha Mining Corp., Hernic Ferrochrome, CVK Group, Gulf Mining, and MVC Holdings

Polaris Market Research has segmented the Chromium market report based on material, application, and region:

Chromium, Material Outlook (Revenue - USD Billion, 2019 - 2032)

Ferrochromium

Chromium Chemicals

Chromium Metals

Others

Chromium, Application Outlook (Revenue - USD Billion, 2019 - 2032)

Metallurgy

Chemicals

Refractory

Others

Chromium, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa