According to the report by Expert Market Research (EMR), the global chromium market price is projected to grow at a CAGR of 3% between 2023 and 2028. Aided by the growing demand for corrosion-resistant materials and the escalating applications of chromium in various sectors, the market is expected to grow significantly by 2028.
Chromium is a highly flammable metal with a high melting point that is shiny, steel-grey in colour, hard, and brittle. Due to its corrosion resistance and improved durability, it is frequently used as a finishing material for many products, including cutlery, household appliances, and automobile components. It is essential to the fabrication of refractories, chemicals, and metallurgy, and finds major use in the creation of pigments, metal ceramics, and stainless steel.
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One of the main factors driving the global chromium market growth is the rising need for materials that are durable and resistant to corrosion. Demand has increased as a result of a considerable shift towards chromium-enhanced products due to growing awareness of the advantages of chromium, including increased material longevity and durability. Additionally, the growing automotive and construction sectors have further contributed to the increasing popularity of chromium as it is extensively used in these industries for its protective qualities.
The growing use of chromium in a variety of sectors also significantly contributes to the chromium market expansion. Chromium is used in metallurgy to increase hardness and corrosion resistance, and it is a key ingredient in the manufacturing of stainless steel. Chromium is used in the refractory industry because of its heat-resistance qualities, which are essential for producing high-performance refractories. In addition, chromium is a crucial component in the production of paints and dyes due to its vivid colours.
Moreover, the growing demand for chromium in the aerospace industry, owing to its lightweight and high-strength properties, has led to an increased focus on chromium as a viable material in the production of aircraft parts. With the rise in the aerospace sector and the growing popularity of lightweight and durable materials, chromium has emerged as a critical component in this field, thereby boosting the chromium market demand.
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Chromium Market Segmentation
The market can be divided based on application and region.
Market Breakup by Application
• Metallurgy
• Chemicals
• Refractory
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global chromium companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Glencore PLC
• Al Tamman Indsil FerroChrome
• Odisha Mining Corporation Ltd
• Samancor Chrome
• Others
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