Global Chromium Market Trends, Applications, Analysis, Growth, and Forecast to 2026

MarketResearch.biz delivers in-depth insights on the global chromium market in its upcoming report titled, “Global Chromium Market Trends, Applications, Analysis, Growth, and Forecast to 2026”. The global chromium market is estimated to register a CAGR of X.X% in terms of value during forecast period 2017 to 2026. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2026. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global chromium market has been segmented on the basis of grade, application, and region.

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This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.

Chromium is a chemical element with symbol Cr. Chromium is a steely-gray lustrous and brittle. Chromium is a hard metal that possess corrosion resistance property. Chromium when polished, gains a very shiny surface which is used to plate other metals so as to form a protective and attractive covering. Chromium is widely used in many applications such as in metal ceramics, chrome plating, as dyes and paints, in alloys-stainless steel, as a catalyst in dyeing and tanning of leather.

Chromium is widely used in metallurgical applications to provide corrosion resistance and a shiny finish and is a necessary alloying element in the formulation of stainless steel, growing consumption of chromium for stainless steel as an alloy is a major factor driving growth of the global chromium market. In addition, rising demand for chromium in piston rings and piston rods used in manufacturing of vehicles is another factor expected to fuel growth of the target market over the forecast period.

However, carcinogenic properties of chromium and volatile pricing scenario of raw materials are factors expected to limit growth of the global chromium market over the forecast period.

A major and rising trend in the global chromium market is increasing adoption of chromium as element in steel metal for decorative plating in automotive sector. This trend is expected to continue over the forecast period, and in turn boost market growth.

Currently, market in Asia-Pacific accounts for highest market share in the global chromium market in terms of revenue. This can be attributed to presence of major stainless steel manufacturing facilities in countries such as China and India which are contributing towards increasing demand for chromium in the region. Moreover, India is a largest chromium producer and exporter, while China is a major importer in the target market. These are factors projected to further propel growth of the global chromium market over the forecast period. The market in Europe is also expected to witness significant growth over the forecast period, owing to increasing demand for chromium alloy in the manufacturing of stainless steel in the region. Also the market in Asia-Pacific is expected to register a CAGR of X.X% during the forecast period.

Global chromium market segmentation:

By grade:

• Metallurgical
• Refractory & foundry
• Chemical intermediary

By application:

• Stainless steel production
• Alloyed steel production
• Non-ferrous alloy production
• Refractory additives
• Others (chemicals sector and automotive sector)

By region:

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