“Global Chromium Trioxide Market, by Form (Pellets, Powder and Nano-powder, Sputtering Targets, Solvent), By Product (Metal Finishing & Chrome Plating, Wood Preservation Products, Manufacturing, Chemical Products Manufacturing, Others), as well as by Region – Global Forecast 2021 to 2029.”, which offers a comprehensive view of the global chromium trioxide market through systematic segmentation, covering every aspect of this target market. The 5-year (2020–2025) cumulative revenue of this market is projected to be over USD $675.9 Mn, and is estimated to increase moderately over the latter part of the forecast period.
Chromium trioxide is an organic compound with the formula CrO₃. It is the acidic anhydride of chromic acid, and is sometimes marketed under the same name. The compound is a dark-purple solid under anhydrous conditions, bright orange when wet and which dissolves in water concomitant with hydrolysis.
Exponential growth being experienced by the automotive industry on account of booming population figures, heightened industrial activity, and robust urbanization are some of the primary factors that are anticipated to have an immensely profound impact on the revenue growth of the global chromium trioxide market over the next decade. Moreover, the significant utilization of chromium trioxide in various metallurgic processes as this inorganic compound is used for the purposes of chrome plating due to it reactive nature with metals such as zinc, cadmium, etc. Furthermore, chromium trioxide is a useful compound that offers several favorable characteristics such as improved corrosion resistance, etc. In addition to this, chromium trioxide is extensively used in the electronics and semiconductor industry for the purposes of Chemical Vapor Deposition (CVD), Physical Vapor Deposition (PVD), among other optical applications. The positive trajectory being experienced by these end-use industries is expected to have a considerable influence on the market growth of the global chromium trioxide industry in the foreseeable future. These aforementioned factors are some of the most crucial elements that are anticipated to play a critical role in edging the projected revenue of the global chromium trioxide market to USD $714.2 Mn by 2029, at a CAGR of 1.4%.
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