Global Chromic Acid Market Forecast, Trend Analysis And Competition Tracking - Market insights 2015 to 2031

Global Chromic Acid Market Introduction

Chromic acid is a water-soluble chemical that gets its name from the Greek word "chroma" meaning color. This compound is ionic, such as chromate (CrO4) or dichromate (Cr2O7). The oxidation state of this compound is +6. Chromic acid is typically strong enough to dissolve metal substances, which may include mercury salts, lead salts, copper salts, zinc salts, iron salts and silver salts.

The chromic acid is a strong oxidizer that can oxidize sulfur dioxide into sulfur trioxide. This is a process used to produce a variety of compounds including potassium sulfate, potassium hydrogen sulfate, and diammonium hydrogen sulfite. These compounds are used as agricultural fertilizers. There are many different ways chromic acid can be used in the laboratory. It can be used to oxidize alcohols, ketones, and carboxylic acids. Chromic acid can also be used to reduce nitro groups to amines or phenols to alcohols. Chromium trioxide is an excellent reducing agent due to its ability to act as reductant and therefore has great potential in organic synthesis.

Global Chromic Acid Market Revenue Outlook

Global Chromic Acid market was valued at over US$ 585.9 Mn in 2020 and is projected to register а САGR of over 4.2% by 2031.

Despite the negative impact on the overall market revenue due to the COVID-19 pandemic, several developments are expected in the market. In the first quarter of 2021, demand for chromic acid started to show an improving growth due to strong demand from the chemical industry. The Asia-Pacific region noted tight supply due to temporary production shutdowns; nonetheless, demand for chromic acid picked up in the region due to a recovery in the construction and automotive industries.

Increasing demand for chromic acid from several end-use industries

Chromic acid is widely used in various industries and applications, such as in the manufacture of stainless steel and aluminum alloys, electroplating and metal finishing, paints, dyes and tanning agents. The increasing use of chromic acid in several applications is due to its ability to quickly dissolve metal oxides, silicates, and alkali hydroxides. Chromic acid is also an oxidizing agent for cleaning surfaces. It is used in the production of chrome plating solutions used in the automotive industry to coat wheels and other parts for vehicles. These solutions are readily available in the form of liquid or powder, but may be difficult to purchase.

Opportunities for revenue growth of the global chromic acid market

Companies are now focusing on a variety of strategic policies to expand their operations globally. Policy on strategic mergers and acquisitions, joint ventures, and partnerships with other companies. This is usually to develop new products and expand existing product portfolios in order to maintain their respective leading market industry players positions. This factor that is expected to fuel the demand and further support financial development and provide global suppliers and manufacturers with a trajectory of revenue growth opportunities during the forecast period.

Harmful effects of chromic acid may limit the revenue growth of target market

The harmful effects of chromic acid are contained to the respiratory system. These effects include chronic bronchitis, cough, laryngitis, and pulmonary edema. The production of chromium salts is also linked to kidney problems and cancer. Chromic acid is a persistent environmental contaminant that can cause harm to the digestive system, immune system, and reproductive organs. The most common harmful effects of chromium III is to cause stomach ulcers by reducing the body’s production of the enzyme called cysteine.

COVID-19 Impact Analysis of Chromic Acid Market

The COVID-19 pandemic has slowed key trade activity in several countries. The outbreak of this particular epidemic has also affected the respective supply chains of these companies. As major economies implemented preventive manufacturing lockdowns, a considerable gap between supply and demand in the market was created, making it difficult for manufacturers and distributors to effectively manage their supply operations. These are some of the major factors that are expected to negatively impact the future revenue growth prospects of the global tetrabromobisphenol A (TBBA) market. With most countries currently easing/lifting their respective lockdowns, chemical manufacturers are expected to continue to face challenges related to labor shortages and disrupted logistics operations.

Regional Analysis:

The Asia-Pacific region in chromic acid market accounts for more than 50% of the global consumption because it remains one of the largest industrial production centers in the world. The region dominates the market because of its high production rates and growing demand for chromates. This trend has been fueled by increased government support and private investment for infrastructure development, coupled with increasing demand from emerging economies in Asia. China is the leading producer of chromium dioxide, which is a key ingredient in electroplating, chrome plating, and color printing industries.

Competitive Landscape:

The Chromic Acid market landscape appears highly consolidated, with a major chunk of it being dominated by players with their base in Asia-Pacific.

• LANXESS South Africa
• Soda Sanayii
• Elementis
• MidUral Group
• Novotroitsk Plant of Chromium Compounds
• Hunter Chemical
• Atotech Deutschland
• Vishnu Chemicals
• Chongqing Minfeng Chemical
• Sichuan Yinhe Chemical
• Huangshi Zhenhua Chemical
• BlueStar Yima Chrome Chemical Materials
• Other Key Industry Players

Report Scope

• Forecast Period: 2022-2031
• Actual Year: 2021
• Historical Data Available for: 2015-2020

Key Regions Covered

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Segments Covered

Chromic Acid Market, By Product Type

• Laboratory Grade
• Industrial Grade

Chromic Acid Market, By Application

• Metal Plating
• Wood Preservation
• Other Applications