Global Chromium Market By Type (Chromium, Chromium Ores, and Other Types), By Application (Metallurgy, Chemicals, Refractory, Other Applications) By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Chromium Market Overview:

The global chromium market had a value of USD 15,423 million in 2021. Between 2023 and 2032, it is expected to grow at a CAGR of 3.1%.

It is expected that the key growth driver will be an increase in demand for Chromium from stainless steel industries for various end-use markets such as aerospace, defense, construction, electronics, and others. Over the forecast period, there will be most demand from the Asia Pacific.

China, the largest producer of specialty and stainless steel products, was the largest consumer of the product.

Global Chromium Market Scope:

Type Analysis

The major components of chromite ore are chromium oxides, iron, aluminum, and Magen. It can be divided into three types based on its use and the number of chronic dioxides. It can be used in many different applications. The minor metallurgical processing product is Chromium (pure). Due to the formation of an oxide layer quickly on the air surface, it had a reduced market share of 37.8% in 2021.

Application Analysis

In 2021, metallurgy was the most important application segment. This trend is expected to continue for the forecast period. Major consumers of the metallurgy sector are stainless steel & high-resistance steel manufacturers.

Chromium is used as a ferroalloy, metal, and scrape of Stainless Steel in metallurgical applications. Because of its high mechanical, high oxidative, and corrosion resistance properties, it is an important element in manufacturing high-strength steel. It is not a substitute for stainless steel or other superalloys, and scrap can be used in certain metallurgical applications as an alternative to ferrochromium.

In 2021, the chemicals segment was worth US$ 818.2 million. It is expected to grow at 2% during the forecast period. The most common product containing chrome in the chemical sector is sodium dichromate. This is used widely as a process material to treat various metals and as feed material for other chrome chemicals in this industry. Chrome oxide, chromic acids, and potassium dichromate are all chrome-based chemicals.

Маrkеt Ѕеgmеntѕ:

By Type

• Chromium
• Chromium Ores
• Other Types

By Application

• Metallurgy
• Chemicals
• Refractory
• Other Applications

Market Dynamics:

Chromium is an important alloying element in the composition of stainless steel. The global market is seeing a significant increase in demand for stainless steel because of this. Chromium makes up 18.0% of stainless steel’s total composition. It helps to protect steel from corrosion and improve its resistance to oxidation.

The market’s growth is being hampered by its carcinogenic and volatile prices. The environment can contain Chromium in two forms, hexavalent or trivalent. Cr III is less toxic than Cr VI when exposed to chronic and acute conditions. After prolonged exposure, Cr VI can cause severe damage to the respiratory tract. It can cause irritations such as coughing, shortness, wheezing, and neurological and gastrointestinal problems.

Regional Analysis

The Asia Pacific accounted for 48.8% of global revenue in 2021. Over the forecast period, there will be many opportunities in the regional market. The region is home to major stainless steel production units, including those in India, China, and Japan. This has led to a rise in chromium demand. India is the world’s largest chromium ore exporter and producer, while China is the major importer on the global market. These factors will fuel the demand for chromium ore over the forecast period.

Europe was the second-largest consumer of Chromium in 2021 due to the presence in Europe of major stainless steel manufacturing units from countries like Russia, Germany, and the U.K. Together, Kazakhstan and Turkey accounted for nearly 9,000 million tons of mining chromium ore.

Кеу Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Global market competition is fierce, and there are many key players. Kermas Group Ltd. and Glencore PLC are the major players.

Product demand, technological innovation, regulatory compliance, and distribution network all play a role in the degree of competition. The market is concentrated in North America, while there is fierce competition between players in the Asia Pacific. The following are some of the most prominent players in global Chromium Markets:

Маrkеt Кеу Рlауеrѕ:

• Glencore
• Kermas
• Zimasco
• ЕNRС
• Samancore
• Assmang
• ОМС
• Hernic Ferrochrome
• African Chrome Fields
• Tata
• Other Key Players

For the Chromium Market research study, the following years have been considered to estimate the market size: