Global Chromium Trioxide Market by Form, by Application, and by Region/Country (North America, Europe, Asia Pacific, South America, and Middle East & Africa) – Forecast from 2020 to 2029

“Global Chromium Trioxide Market” is a published report at MarketResearch.biz. The global chromium trioxide market is expected to be valued at approximately US$ 0.6Bn in 2020 and is projected to register a CAGR of 1.3%. The global chromium trioxide market report has been segmented on the basis of form, application, and region.

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Overview

Chromium trioxide is known as an inorganic compound with the CrO₃ formula.  It is also known by other trade names, such as chromic anhydride, Chromic acid, and Chromium VI Oxide. There are many applications of chromium trioxide, which include manufacturing of wood preservation products, metal finishing, catalyst manufacture, pigment manufacture, and chromium dioxide manufacture. There are other uses in the production of potassium and ammonium dichromate. Majorly, chromic acid is used in the electroplating industry for usage of chrome plating, for the generation of leather tannery and various catalysts. Chromium trioxide is also utilized as passivation against corrosion. Such applications find widespread use in the automotive sector as well as other industrial sectors where galvanized steel and iron need protection from corrosion.

Dynamics

Chromium trioxide majorly used in alloys including stainless steel, metal ceramics, and chrome plating. Chromium plating is widely used to provide steel a polished silver mirror coating. It is especially used in metallurgy to impart corrosion resistance and a shiny finish. The global automotive industry is currently witnessing significant growth, especially in developed countries in regions such as North America and Europe. However, markets in developing countries in Asia Pacific are expected to register high revenue growth rates in the coming years, and this is attributed to increasing disposable income among consumers in countries in the region. This, in turn, is estimated to drive growth of the global chromium trioxide market to a significant extent over the forecast period. In the semiconductor and electronics industry, chromium oxide is used for physical vapor deposition (PVD), chemical vapor deposition (CVD), and also for optical applications, which are other factors driving growth of the market of chromium trioxide. Growing demand from the printing and dyeing industry in developing countries is expected to be one of the major factors driving growth of the global chromium trioxide market.

Increasing demand from emerging economies for chromium trioxide due to its anti-corrosion properties is projected to create growth opportunities for players operating in the global chromium trioxide market over the forecast period. The wide usage of chromium trioxide in aerospace sector is ‘low volume uses’ as compared to other industries. Chromium trioxide is mainly used in surface treatments such as hard chrome plating and chromic acid anodizing to assure corrosion protection. The market in Asia Pacific is projected to contribute a major share in the global market. This is primarily attributed to high demand from the automotive sector and chemical products. Moreover, rapid economic growth, large-scale automotive production plants, and increasing industrialization further exhibit growth of the target market. The markets in North America and Europe are projected to register substantial growth in the target market in terms of revenue share over the forecast period due to high demand from manufacturing of wood preservation products and metal finishing applications in the region.

Global Chromium Trioxide Market Segment Analysis:

By Form:

Among form segments, the pellets segment is projected to account for major revenue share in the target market. The pellets segment is projected to register highest CAGR of over 1.1% over the forecast period.

By Application:

Among application segments, the metal finishing & Chrome plating segment is projected to account for major revenue share and is projected to register highest CAGR of over 1.2% over the forecast period.

Global Chromium Trioxide Market Regional Analysis:

Asia Pacific market is estimated to contribute highest revenue share in the global chromium trioxide market. The Asia Pacific market is projected to register highest CAGR of over 1.4% over the next 10 years.

Key Development by Companies

Thermo Fisher Scientific, Inc.

Year 2019

Divestiture; In January, the company agreed to divest its anatomical pathology business to PHC Holdings for US$1.14 billion.

Corporate Changes/Expansions; In February, the company launched a new dosimetry monitoring service for its safety programs.

Contracts/Agreements; In February, the company partnered with Torque to build an exclusive Slipstream manufacturing facility to produce Torque's Deep-Primed T cell immunotherapies.

Acquisitions/Mergers/Takeovers; In March, Thermo Fisher agreed to acquire Brammer Bio for US$1.7 billion.

Contracts/Agreements; In April, Thermo Fisher and NX Prenatal collaborated to enable high volume clinical mass spec proteomic evaluation of plasma samples enriched for exosomes via the NeXosome platform.

Contracts/Agreements; In April, the company and Genovis signed a collaborative research project to develop advanced end-to-end workflows for biotherapeutics analysis using liquid chromatography-mass spectrometry (LC-MS).

Contracts/Agreements; In May, Thermo Fisher Scientific and Scinogy entered into an agreement to develop and commercialize fit-for-purpose instrumentation and reagent systems for the scalability of cell and gene therapy manufacturing.

Contracts/Agreements; In June, Thermo Fisher Scientific partnered with Evosep to develop clinical research proteomics workflows for profiling large plasma sample cohorts for proteomics, translational research and pharmaceutical applications.

Global Chromium Trioxide Market Segmentation: 

By Form:

• Pellets
• Powder and Nano-powder
• Sputtering Targets
• Solvent

By Application:

• Metal Finishing & Chrome plating
• Wood preservation products
• Manufacturing
• Chemical Products Manufacturing
• Others

By Region:

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

• Thermo Fisher Scientific, Inc.
• Merck KGaA
• Soda Sanayii A.S
• Novotroitsk Plant of Chromium Compounds
• Seidler Chemical Co., Inc.
• Biopharm Inc.
• Sisco Research Laboratories Pvt. Ltd.
• American Elements Corporation
• Del Amo Chemical Company Inc.
• Loba Chemie Pvt. Ltd.