Chromium Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

Chromium Market Analysis :

Chromium is a chemical substance, symbolically represented by Cr. It is a blue-gray lustrous and hard metal with anti-corrosion properties. When chromium is dissolved, it gets a glossy surface, which makes it suitable to wrap up other metals and create attractive coverings. Chromium is used to add toughness, strength, durability, chemical resistance, and corrosion resistance to iron-steel products. It is also used in manufacturing of stainless steel, and is important ingredient in steel making. There is high demand for stainless steel, which acts as the driving force for the global chromium market. Chromium is used in several applications such as metal ceramics, chrome plating, dyes, and paints in alloys and stainless steel. It is also directly used in industrial & refractory sand and converted into sodium dichromate for recycling of other chemicals. One of its major applications is in Ferrochrome Factory to produce the alloys used in steel and other metal industry. Chromium alloys are used in stainless steel, metal moldings, chrome plating, and others.  

COVID-19 scenario analysis:

• Attributed to the pandemic, the economic conditions as well as chromium business conditions have become unstable.
• Mining activities have major contribution to the economy. Attributed to this, it has become the focus area during the pandemic situation. Growth of the economy is expected to be affected and impacts the related or end-user industries.
• It may impact negatively to the end-user industry.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

Chromium is used in the form of ferroalloys, metals, and stainless-steel fittings in metal applications. It is an important bonding material used in the manufacture of high strength steel due to its excellent mechanical properties, great oxidative, high hardness, and corrosion resistance of the structures. Therefore, its growing application is expected to drive the growth of the market. Rise in demand for chromium due to boom in production in the automotive market and the electronic industry lead to increase in GDP growth rate.  

Chromium is widely used in metallic applications to provide corrosion resistance. It is a prerequisite for composing stainless steel composition. The growing use of stainless-steel chromium as an alloy is further expected to drive the growth of the global chromium market. 

However, diminishing ore grades may hamper the market growth, and their carcinogenic properties and price fluctuations pose a challenge to the market growth. 

The market in Asia-Pacific accounts for the highest share of the chromium market with monetary gain. The follow-up of major crude steel structures in countries, such as China, India, and Japan, contributes to the rise in demand for chromium in the region. In addition, India is a major producer of chromium ore and exports, and China is a major importer in the global market. Part of the major imports of raw steel in China, India, and Japan contribute to the increased demand for chromium in the region. In addition, India is a major producer and exporter of chromium ore and China is the biggest importer in the global market.

Key benefits of the report:

• This study presents the analytical depiction of the global chromium market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global chromium market share.
• The current market is quantitatively analyzed to highlight the global chromium market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the chromium market research report:

• Which are the leading market players active in the market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

 Chromium Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights