by The global chromium market size was estimated at US$ 22.66 billion in 2023 and is expected to reach US$ 36.69 billion by 2032, indicating a CAGR of 5.50% from 2023 to 2032.
Key Takeaways
- Asia-Pacific contributed more than 50% of revenue share in 2022.
- North America is estimated to expand the fastest CAGR between 2023 and 2032.
- By material, the ferrochromium segment has held the largest market share of 32% in 2022.
- By material, the chromium metals segment is anticipated to grow at a remarkable CAGR of 6.1% between 2023 and 2032.
- By application, the metallurgy segment generated over 92% of revenue share in 2022.
- By application, the chemicals segment is expected to expand at the fastest CAGR over the projected period.
The Chromium market is a dynamic sector characterized by the extraction, production, and utilization of chromium, a versatile metal widely employed in various industries. Chromium finds extensive applications in the manufacturing of stainless steel, alloy production, and diverse end-user industries such as aerospace, automotive, and electronics. As a critical element for enhancing corrosion resistance and durability in materials, the Chromium market plays a pivotal role in supporting global industrial growth.
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Growth Factors
Several factors contribute to the growth of the Chromium market. The increasing demand for stainless steel, driven by infrastructure development and the automotive industry, serves as a primary growth factor. Technological advancements in mining and extraction processes further facilitate market expansion, ensuring a sustainable supply chain. Additionally, the rising applications of chromium in emerging sectors, such as renewable energy technologies, contribute to the market’s positive trajectory.
Chromium Market Scope
| Report Coverage | Details |
| Growth Rate from 2023 to 2032 | CAGR of 5.50% |
| Market Size in 2023 | USD 22.66 Billion |
| Market Size by 2032 | USD 36.69 Billion |
| Largest Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Material and By Application |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Read More: Building Materials Market Size To Cross USD 1,829.78 Bn By 2032
Chromium Market Dynamics
Drivers:
The Chromium market is driven by various factors that fuel its expansion. The escalating need for corrosion-resistant materials in construction and infrastructure projects propels the demand for chromium. Furthermore, the automotive industry’s shift towards lightweight, high-strength materials, where chromium alloys play a crucial role, acts as a significant driver. Global economic development, particularly in emerging economies, also stimulates demand for chromium, as it is an essential component in the production of various consumer goods.
Opportunities:
Amidst the evolving industrial landscape, the Chromium market presents promising opportunities. The growing focus on sustainable practices and eco-friendly technologies opens avenues for chromium in applications such as green energy systems and electric vehicles. Additionally, research and development initiatives to discover novel applications of chromium compounds in fields like healthcare and electronics create new growth opportunities for market players.
Challenges:
Despite its growth, the Chromium market faces challenges that require strategic navigation. Environmental concerns related to chromium mining and processing pose sustainability challenges, prompting the industry to adopt eco-friendly practices. Fluctuating raw material prices and geopolitical factors affecting the supply chain also present hurdles. Striking a balance between meeting the rising demand and addressing environmental and geopolitical challenges remains a critical challenge for stakeholders.
Regional Insights:
The Chromium market exhibits regional variations driven by economic activities, industrialization, and infrastructure development. Asia-Pacific stands out as a major consumer and producer, fueled by rapid urbanization and industrial growth. North America and Europe, driven by the automotive and aerospace sectors, also contribute significantly to the market. Africa, rich in chromium reserves, plays a crucial role in the global supply chain. The market’s dynamics in each region are influenced by a combination of local demand, regulatory frameworks, and global economic trends.
Recent Developments
- In November 2022, Yildirim Group made a significant move by acquiring 100% shares of Elementis plc’s chromium business for USD 170 million. This strategic acquisition includes Elementis Chromium’s production facilities in Corpus Christi (TX), Castle Hayne (NC), Amarillo (TX), Dakota (NE), and Milwaukee (WI), strengthening Yildirim Group’s presence in the chromium market.
- In June 2022, Tenaris announced a substantial investment of nearly USD 29 million in its Dalmine steel shop. The investment aims to enhance the facility’s capabilities in producing specialty steels, particularly those with a high chromium content, like chromium 13. The multi-stage investment is slated for completion in the first part of 2023.
- In January 2022, Yildirim Group further expanded its footprint in the chromium market by acquiring Albchrome Holding, an Albanian chrome and ferrochromium company. This strategic move aligns with Yildirim Group’s objective to reinforce its position in global markets and support its ongoing progress in the industry.
Chromium Market Companies
- Glencore
- Yildirim Group
- Hernic Ferrochrome
- Eurasian Resources Group
- Outokumpu
- Samancor Chrome
- Assmang Proprietary Limited
- Afarak Group
- Tata Steel
- Jindal Stainless
- Shanxi Taigang Stainless Steel Co., Ltd.
- Baosteel Group
- POSCO
- Acerinox
- Allegheny Technologies Incorporated
Segments Covered in the Report
By Material
- Ferrochromium
- Chromium Chemicals
- Chromium Metals
- Others
By Application
- Metallurgy
- Chemicals
- Refractory
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology (Premium Insights)
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Chromium Market
5.1. COVID-19 Landscape: Chromium Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Chromium Market, By Material
8.1. Chromium Market Revenue and Volume, by Material, 2023-2032
8.1.1. Ferrochromium
8.1.1.1. Market Revenue and Volume Forecast (2020-2032)
8.1.2. Chromium Chemicals
8.1.2.1. Market Revenue and Volume Forecast (2020-2032)
8.1.3. Chromium Metals
8.1.3.1. Market Revenue and Volume Forecast (2020-2032)
8.1.4. Others
8.1.4.1. Market Revenue and Volume Forecast (2020-2032)
Chapter 9. Global Chromium Market, By Application
9.1. Chromium Market Revenue and Volume, by Application, 2023-2032
9.1.1. Metallurgy
9.1.1.1. Market Revenue and Volume Forecast (2020-2032)
9.1.2. Chemicals
9.1.2.1. Market Revenue and Volume Forecast (2020-2032)
9.1.3. Refractory
9.1.3.1. Market Revenue and Volume Forecast (2020-2032)
9.1.4. Others
9.1.4.1. Market Revenue and Volume Forecast (2020-2032)
Chapter 10. Global Chromium Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.1.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.1.3. U.S.
10.1.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.1.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.1.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.2. Europe
10.2.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.2.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.2.3. UK
10.2.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.2.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.2.4. Germany
10.2.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.2.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.2.5. France
10.2.5.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.2.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.2.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.3. APAC
10.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.3.3. India
10.3.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.3.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.3.4. China
10.3.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.3.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.3.5. Japan
10.3.5.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.3.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.3.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.4. MEA
10.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.4.3. GCC
10.4.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.4.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.4.4. North Africa
10.4.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.4.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.4.5. South Africa
10.4.5.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.4.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.4.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.5. Latin America
10.5.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.5.3. Brazil
10.5.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.5.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)
10.5.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)
Chapter 11. Company Profiles
11.1. Glencore
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Yildirim Group
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Hernic Ferrochrome
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Eurasian Resources Group
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Outokumpu
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Samancor Chrome
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Assmang Proprietary Limited
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Afarak Group
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Tata Steel
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Jindal Stainless
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
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