Chromium Market Size To Cross USD 36.69 Billion By 2032

adminJanuary 16, 2024

The chromium market size is poised to grow by $ 36.69 billion by 2032 from $ 22.66 billion in 2023, exhibiting a CAGR of 5.50% during the forecast period 2023-2032.

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.

Chromium Market Size 2023 To 2032

The Chromium market is a dynamic and crucial sector within the global industrial landscape. Chromium, a transition metal, holds strategic importance due to its diverse applications across various industries. Its versatile properties, including corrosion resistance, hardness, and high melting point, make it a sought-after element in the production of stainless steel, alloy steels, and various industrial processes. As a key component in enhancing the properties of materials, the Chromium market plays a pivotal role in shaping the trajectory of industries such as metallurgy, aerospace, and automotive.

Growth Factors

Several factors contribute to the growth of the Chromium market. The increasing demand for stainless steel in construction and infrastructure projects, coupled with the expanding aerospace and automotive industries, fuels the demand for Chromium globally. Moreover, technological advancements and innovations in Chromium production processes contribute to efficiency gains, fostering market growth. Additionally, the growing focus on sustainable practices and environmentally friendly applications further propels the Chromium market, as it remains integral to developing eco-friendly materials and coatings.

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Region Snapshot

The Chromium market exhibits a varied geographical distribution, with regions playing a significant role in its dynamics. Asia-Pacific emerges as a major hub, driven by the rapid industrialization and infrastructure development in countries like China and India. North America and Europe, with their established aerospace and automotive sectors, also contribute substantially to the market. Furthermore, Africa, as a resource-rich continent, plays a key role in the production of Chromium, contributing to the global supply chain.

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

Material:

Chromium Alloys: Chromium is commonly used in alloying with other metals to enhance their properties. Stainless steel, for example, contains chromium to increase its corrosion resistance. This material is widely used in the manufacturing of kitchen appliances, automotive parts, and industrial equipment.

Chromium Compounds: Various chromium compounds find applications in different industries. Chromium oxide is used as a green pigment in ceramics and glass manufacturing. Additionally, chromates, which contain chromium, are utilized in the production of pigments, corrosion inhibitors, and in the tanning of leather.

Chromium Plating: Chromium’s ability to resist corrosion makes it a popular choice for electroplating. Items such as automotive parts, kitchen utensils, and bathroom fixtures often undergo chromium plating to enhance their aesthetic appeal and durability.

Application:

Metallurgy: The metallurgical industry extensively uses chromium in alloy production. Stainless steel, which contains chromium, is a crucial material in construction, transportation, and manufacturing.

Chemical Industry: Chromium compounds are essential in the chemical industry for various purposes. They are used in pigments, catalysts, and corrosion inhibitors. Chromic acid, a chromium compound, is employed in the production of specialty chemicals.

Electroplating: Chromium’s corrosion-resistant properties make it ideal for electroplating applications. This process is commonly used to coat metals like steel and aluminum, providing them with a protective and aesthetically pleasing chromium layer.

Aerospace and Defense: Chromium’s strength and corrosion resistance make it valuable in the aerospace and defense sectors. It is used in the production of aircraft components, missiles, and other defense applications.

Consumer Goods: Chromium is present in many everyday items. From kitchen appliances and cutlery to automotive trim, its corrosion-resistant properties contribute to the longevity and aesthetics of various consumer goods.

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.

Competitive Landscape:

The Chromium market features a competitive landscape characterized by the presence of key industry players and continuous innovation. Leading companies engage in strategic partnerships, mergers, and acquisitions to expand their market share and strengthen their product portfolios. Moreover, research and development activities remain pivotal, with a focus on developing advanced technologies for Chromium extraction and refining processes. Key players in the market are keenly observing market trends and consumer preferences to stay ahead in this competitive environment, ensuring a dynamic and evolving Chromium market.