Chromium Market By Type (Chromium Metal, Chromium Compounds), Application (Metallurgy and Alloy Production, Chemicals, Aerospace and Defense), & Region for 2024-2031

Chromium Market Valuation – 2024-2031

The chromium market is experiencing growth due to a surge in demand for stainless steel. Chromium, an essential alloy element in stainless steel, is extensively used in metallurgical applications. The various organizations are driving the market size to surpass USD 14349.13 Million in 2024 to reach a valuation of around USD 17483.02 Million by 2031.

Additionally, the rise in demand for decorative and functional plating in the automotive sector is boosting market statistics. Global figures for chromium ore mining and trade have been steadily increasing in recent years, driven by the high demand for stainless steel in emerging economies. The rising demand for cost-effective and efficient chromium is enabling the market to grow at a CAGR of 2.50% from 2024 to 2031.

Chromium MarketDefinition/ Overview

Chromium is essential for producing high-strength stainless steel, which is widely used across various industrial sectors, including manufacturing, transportation, building and infrastructure, and automotive. The corrosion resistance and ease of sterilization of stainless steel make it perfect for everyday items like cooking pots.

Demand for chromium is steadily increasing in several industries, such as metal ceramics, chrome plating, dyes and paints, and metallurgy, due to its valuable mechanical, chemical, and physical properties. The rising demand for stainless steel in manufacturing is driving the development of the chromium market.

Over the past decade, there has been a global increase in the mining and export quantities of chromium ore, especially in industrialized nations. Advancements in chromium catalysts within the chemical industry have spurred higher demand for chromium in developed countries. Consequently, the growing use of various chromium oxygen compounds is boosting the revenue of the chromium market.

How is Stainless Steel Manufacturing Driving the Growth of the Chromium Market?

The market is poised for significant growth in the coming years due to increased production of stainless steel-based ancillary products. Chromium plays a crucial role in the formulation and manufacturing of stainless steel grades for commercial applications. It is primarily used as an additive in steel production to achieve two essential objectiveshardening the steel and enhancing its resistance to corrosion.

Chromium enhances the hardness of steel, making it durable and resistant to wear and tear, which is especially valuable in industries such as automotive, aerospace, and construction where strong and long-lasting materials are essential.

Additionally, chromium forms a thin, protective layer on the surface of stainless steel, preventing direct contact with corrosive elements like moisture and oxygen. This layer, known as chromium oxide, acts as a barrier, shielding the steel from corrosion and ensuring its longevity even in challenging environments.

How is Price Fluctuation Hinder the Growth of the Chromium Market?

Price changes can severely impede the expansion of the chromium market. Chromium, a critical component in the production of stainless steel and other industrial applications, is volatile in price due to variables such as mining costs, geopolitical difficulties, and fluctuations in demand and supply. When prices are extremely fluctuating, it creates uncertainty for manufacturers who rely on chromium as a raw material. This unpredictability can result in higher production costs and budgeting issues, making it difficult for businesses to plan long-term investments and operations.

Significant price changes could affect the overall market stability and investment climate. Investors may be reluctant of committing resources to chromium mining and production projects due to the uncertain return on investment. This might result in underinvestment in the industry, impeding the development of new mining ventures and technological developments. Long-term, insufficient investment can cause supply shortages or imbalances, causing price volatility and hindering market expansion.

Category-Wise Acumens

Will the Ferrochromium Segment is Propel the Chromium Market?

The ferrochromium segment accounted for the largest revenue share in the market. Ferrochromium, an essential alloy primarily composed of iron (Fe) and chromium (Cr), is widely used in the production of stainless steel due to its ability to impart crucial properties such as corrosion resistance, hardness, and high-temperature strength.

The production process of ferrochromium involves smelting chromite ore, a mineral rich in chromium, along with other elements such as iron, silicon, and carbon. This smelting process results in the creation of ferrochromium, which is then utilized as a vital component in the manufacturing of stainless steel.

The alloy’s unique properties make it indispensable in various industries, including automotive, construction, and aerospace, where durable and resilient materials are essential. As demand for stainless steel continues to rise, the significance of ferrochromium in the market is expected to grow, further solidifying its leading revenue position.

How Application of Chromium in Chemicals Driving the Growth of the Chromium Market?

The demand for chromium chemicals is anticipated to grow rapidly, primarily driven by the production of stainless steel. Chromium plays a vital role in manufacturing stainless steel, providing essential attributes such as corrosion resistance, strength, and durability.

Chromium chemicals have diverse applications across various industries and chemical processes. A significant application is in the production of stainless steel, where chromium is integrated into the steel composition, enabling it to resist corrosion. Stainless steel fortified with chromium retains its integrity and structural strength over time, making it highly valuable in numerous applications.

Beyond stainless steel production, chromium chemicals are utilized in other sectors. They are used in the creation of pigments, offering vibrant colors for products such as paints, plastics, and textiles. Additionally, these chemicals are employed in the formulation of dyes, imparting color to various materials.

Chromium chemicals also serve as catalysts in chemical reactions, facilitating the transformation of substances into different forms. Moreover, they are integral to surface treatment processes, enhancing the quality and longevity of materials, such as metal components used in the automotive and construction industries.

Gain Access to Chromium Market Report Methodology

Country/Region-wise Acumens

Will the Asia Pacific Region Expected Experience Significant Growth to in the Chromium Market?

The high demand for chromium chemicals is particularly notable in developing nations such as China and India, where rapid industrial expansion is driving the growth of the global stainless steel market.

Additionally, the Asia-Pacific region is expected to experience significant growth over the projected period. A major factor contributing to this growth is the increasing use of chromium in applications such as decorative plating within the automotive finishing and plating industry.

Chromium-plated automotive components are in high demand due to their ability to enhance corrosion and wear resistance, as well as improve the overall appearance of vehicles. These valuable properties are driving the demand for chromium in the region, supporting the expansion of the market.

Furthermore, the Asian automotive industry is known for its emphasis on quality and aesthetics, which further amplifies the demand for chromium-plated components. As the industry continues to innovate and evolve, the utilization of chromium in various applications is expected to rise, fueling the region’s growth in the global market.

How North America is Expanding as a Market for Chromium Market?

The North American market for chromium is expected to experience significant growth in the coming years, driven by several key factors. One of the primary applications of chromium is in the production of stainless steel, where it enhances hardness and corrosion resistance.

The United States, being a major producer of stainless steel, is expected to sustain this demand. Additionally, the automotive and aerospace industries require corrosion-resistant materials for vehicles and aircraft, where chromium plays a vital role.

The growth in infrastructure development projects is also anticipated to increase the demand for chromium in construction materials. Furthermore, the rise of renewable energy initiatives, such as wind turbines, creates additional demand for chromium due to its durability.

In terms of market dynamics, while North America is a consumer of chromium, it also has its own mines. However, to meet the overall demand, a significant portion of chromium ore is imported. Despite this, stringent environmental regulations may impact chromium production due to the potential health hazards associated with its processing.

Competitive Landscape

The chromium market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the chromium market include

• Assmang Proprietary Limited
• CVK Group
• Glencore
• Gulf Mining Group LLC
• Hernic Ferrochrome (Pty) Ltd.
• MVC Holdings LLC
• Odisha Mining Corporation Ltd.
• Samancor Chrome

Latest Developments

• In September 2023, Glencore PLC announced the signing of a new supply agreement with a major steelmaker based in China for the supply of chromite ore. The agreement is valued at an estimated USD 1 billion over five years.
• In April 2023, Hernic Ferrochrome (Pty) Ltd. announced its investment in new technologies to enhance the environmental performance of its ferrochrome production operations. The company aims to reduce its greenhouse gas emissions by 20% by 2025.

Report Scope

Chromium Market, By Category

Type

• Chromium Metal
• Chromium Compounds

Application

• Metallurgy and Alloy Production
• Chemicals
• Refractory Materials
• Wood Preservation
• Leather Tanning
• Aerospace and Defense

Region

• North America
• Asia-Pacific
• Europe
• Rest of the World

Research Methodology of Market Research

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Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factorsProvision of market value (USD Billion) data for each segment and sub-segmentIndicates the region and segment that is expected to witness the fastest growth as well as to dominate the marketAnalysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each regionCompetitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiledExtensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market playersThe current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regionsIncludes an in-depth analysis of the market of various perspectives through Porter’s five forces analysisProvides insight into the market through Value ChainMarket dynamics scenario, along with growth opportunities of the market in the years to come6-month post-sales analyst support

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