Global Chromium Trioxide Market By Form (Pellets, Powder and Nano-powder and Others), By Product Type (Wood preservation products, Manufacturing and Others), By Application and By Region - Global Forecast to 2030

“Global Chromium Trioxide Market” is the title of a recently published market report compiled by MarketResearch.Biz. The report contains information and data, and inputs from both primary and secondary data sources, that have been verified and validated by experts in the target market. The report presents a thorough study of revenues, historical data, and information, key developments, and strategies by major players that offer vital insights and perspectives in to various scenarios market. Besides critical data and related information, the report includes key trends (both present and future), factors that are driving market growth, factors that are or could be potential restraints to market growth, as well as opportunities that can be leveraged for potential revenue generation in untapped regions and countries. It also covers threats or challenges for existing as well as new entrants in the market. The global chromium trioxide market has been segmented on the basis of form, product, as well as regions and countries.

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The Global Chromium Trioxide Market was valued at UЅD $634.3 Мn in 2020, and is projected to achieve a valuation of UЅD $714.2 Мn by 2030, at a САGR of 1.4%.

Overview:

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.

Dynamics:

The increasing usage of chromium trioxide in the metallurgy industry for applications such as in the manufacture of alloys like stainless steel, metal ceramics, etc., and the subsequent increase in the use of these products by various end-user sectors, is one of many primary factors that are expected to fuel the revenue growth of the global chromium trioxide market in the foreseeable future. Moreover, the growing use of chromium trioxide for application such as Physical Vapor Deposition (PVD), Chemical Vapor Deposition (CVD), as well as other optical applications in the electronics and semiconductor sector is also a factor that is slated to further contribute to future market growth opportunities for this global industry.

However, in light of the recent COVID-19 outbreak, the operations of numerous industries have either been temporarily halted or are functioning with a minimal workforce due to enforced lockdowns and imposed restrictions by respective governing bodies. The global chromium trioxide market is no different, and this is expected to have a significantly negative impact on the revenue growth of this industry in the years to come. Additionally, owing to the carcinogenic and mutagenic properties of chromium trioxide, it is classified as a Substance of Very High Concern (SVHC) under the Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) of the European Union. This is a factor that may also impede on potential revenue growth opportunities for the global chromium trioxide market in the coming years.

Nonetheless, the ever-increasing demand for chromium trioxide, especially in emerging economies, owing to their numerous advantageous properties is another factor that is anticipated to have a profound impact on the revenue growth of the global chromium trioxide market in the foreseeable future.

Segmentation of the global chromium trioxide market is as follows:

In terms of form, the pellets segment accounted for the maximum number of revenue shares of the global chromium trioxide market in 2020, and is expected to continue doing so over the forecast period. The powder & nano powder segment is also anticipated to index a high CAGR over the next 10 years.

With regards to application, the metal finishing & chrome plating segment accounted for the highest number of revenue shares of the global chromium trioxide market in 2020, and is anticipated to register the highest CAGR over the next decade. The wood preservation products manufacturing segment accounted for the second-highest number of revenue shares in 2020, and is indicative of retaining its respective position over the forecast period.

Regional Segmentation and Analysis:

The markets in the Asia Pacific region accounted for the maximum number of revenue shares of the global chromium trioxide market in 2020, and are indicative of remaining this industry’s front-runner over the next decade. The markets in Europe and North America accounted for the second-, and the third-most number of revenue shares in 2020, and are anticipated to continue doing so over the forecast period.

Segmentation of the Global Chromium Trioxide Market:

Segmentation by Form:

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

Segmentation by Product:

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

Segmentation by Regions:

• North America
• Europe
• APAC
• South America
• MEA