Chromium Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Sodium Dichromate Market Analysis Report is Segmented by Application (Chemical, Metallurgical, Refractory, and Other Applications) and Geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The Report Offers Market Size and Forecasts for Chromium in Volume (tons) for all the Above Segments.

Chromium Market Size

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Chromium Market Summary
Study Period 2019 - 2029
Market Volume (2024) 43.19 kilotons
Market Volume (2029) 52.33 kilotons
CAGR (2024 - 2029) 3.91 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Chromium Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Chromium Market Analysis

The Chromium Market size is estimated at 43.19 kilotons in 2024, and is expected to reach 52.33 kilotons by 2029, growing at a CAGR of 3.91% during the forecast period (2024-2029).

The COVID-19 pandemic had a big effect on the chromium market because of the global restrictions on the auto, building, and construction industries. However, since 2021, industries have grown, and the market is expected to do the same during the forecast period.

  • Over the medium term, the growing demand for metallurgical uses and increasing refractory applications in industries are expected to drive market growth.
  • However, exposure to chromium can cause health and environmental effects, which are expected to hinder market growth.
  • In the coming years, the development of the trivalent chromium hard chrome plating process is likely to lead to market growth.
  • Asia-Pacific has led the market for the past few years, and it is also expected to register the highest CAGR during the forecast period.

Chromium Market Trends

Metallurgical Applications to Witness Growth in Future

  • Chromium is being utilized in metallurgical processes to improve its hardenability, impact strengths, resistance to corrosion, oxidation to other metals, and many other properties for use in heavy machinery, the construction sector, and other applications.
  • According to the US Geological Survey, roughly 41 million metric tons of chromium were produced globally from mines in 2023. With around 45% of the total production, South Africa accounted for the majority share (18 million metric tons).
  • It is an important part of making stainless steel because, even when heated to very high temperatures, it keeps its hardening and corrosion-resistant properties. In the same way, chromium is used to make aluminum stronger and more durable and to keep its shape when heated at high temperatures.
  • According to the World Steel Association, global crude steel production in 2023 reached 1,849.7 million tons, registering a growth of about 1% compared to 1,831.5 million tons in 2022. It is further expected to increase during the forecast period.
  • The most significant quantity of steel globally is produced in Asia-Pacific, particularly in countries like China, Japan, and India. China is also projected to remain the largest consumer of iron and steel. The country's production of crude steel is likely to increase during the forecast period, owing to the recovery in consumption.
  • Crude steel production in North America was 109.6 million tons in 2023, increasing by 5.3% compared to 2022. The United States produced 80.7 million tons in 2022, increasing by 7.6% from 2022.
  • In metallurgical processes, mixing chromium with other metals can help make important parts for commercial and military aircraft engines, such as stainless steel tankers, acids, and bulk hopper trailers used to move fertilizers and other materials that absorb water.
  • In the auto industry, chromium is mostly used for electroplating and conversion coatings on the outside and inside of car parts. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, around 85.01 million vehicles were produced across the globe, witnessing a growth rate of 5.99% compared to 80.20 million vehicles in 2021.
  • In North America, according to the OICA, automotive production in 2022 accounted for 14,798,146 units, an increase of 9.88% compared to that in 2021, which was reportedly 13,467,065 units. Additionally, in North America, the sales of electric vehicles in 2022 accounted for 1,108 thousand units, compared to 748 thousand unit sales in 2021.
  • Therefore, a rise in the number of vehicles manufactured, along with demand in the steel manufacturing industry, is expected to fuel the market demand for chromium.
Chromium Market: Chromium Mine Production, in Thousand Metric Tons, Global, 2023

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific is likely to be the biggest market in the world. This is because China, India, and other parts of the region have very well-developed manufacturing sectors, and the metallurgical industry is increasing its demand.
  • Asia-Pacific uses more chromium to make stainless steel than any other region. This is because stainless steel is becoming more important in every manufacturing sector around the world.
  • According to the World Steel Association, Asia produced 1,367.2 million tons of crude steel in 2023, an increase of 0.7% compared to 2022.
  • China's crude steel production in 2023 reached 1,019.1 million tons, an increase of about 0.6% compared to 2022. India's crude steel production in 2023 reached 140.2 million tons, which increased by 11.8% compared to 2022.
  • Chromium is also important in the auto industry. Since China makes the most cars, the market for chromium in that country is expected to grow at a very fast rate.
  • The production and sales in Asia-Pacific are primarily dominated by countries like China, India, and Japan, which consist of large automotive manufacturers and a vast number of production bases within the countries.
  • According to the China Association of Automobile Manufacturers (CAAM), with a total vehicle production of 27 million units in 2022, China has the most significant automotive production base in the world, registering an increase of 3.4 % compared to 2021.
  • In China, the main focus is to increase production and sales of electric vehicles. To this end, the country has set a target to produce 7 million electric vehicles per year by 2025. By 2025, the goal is to bring electric vehicles into 20 % of total new vehicle production in China.
  • India has become the second-largest automotive vehicle manufacturer in the region. According to the Society of Indian Automobile Manufacturers (SIAM), during FY 2022-2023, the total number of automobiles manufactured in the country grew by about 12.55% compared to FY 2021-2022 and reached 2,59,31,867 units.
  • According to the Japan Automobile Manufacturers Association (JAMA), motor vehicle production in the country in 2023 grew by 14.84% and was valued at 8,998,538 units.
  • In Asia-Pacific, the chemical industry is rapidly expanding. Chromium is employed as a catalyst in oxidation processes, ethylene polymerization, and oligomerization catalysts used in the industrial manufacture of polyethylene and 1-hexene, and these qualities are projected to boost the chromium market in the coming years.
  • Therefore, the aforementioned factors are expected to significantly impact the market in the coming years.
Chromium Market - Growth Rate by Region

Chromium Industry Overview

The chromium market is partially consolidated in nature, with a few major players dominating a significant portion of the market. Some of the major companies are (not in any particular order) Kermas Investment Group, Assmang Proprietary Limited, CVK Madencilik, Odisha Mining Corporation Ltd, and Glencore.

Chromium Market Leaders

  1. Kermas Investment Group

  2. Assmang Proprietary Limited

  3. CVK Madencilik

  4. Odisha Mining Corporation Ltd.

  5. Glencore

*Disclaimer: Major Players sorted in no particular order

Chromium Market Concentration
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Chromium Market News

  • November 2022: Yildirim Group announced the acquisition of 100% shares of Elementis plc's chromium business for an enterprise value of USD 170 million. With this agreement in place, Yildirim Group has acquired Elementis Chromium's two production facilities in Corpus Christi (TX) and Castle Hayne (NC), as well as three facilities in Amarillo (TX), Dakota (NE) and Milwaukee (WI).
  • June 2022: Tenaris announced that it would invest nearly USD 29 million in its steel shop in Dalmine to expand the facility's capacity to produce specialty steels with a high chromium content, such as chromium 13. The investment was projected to be completed by the first part of 2023 and involve three stages of the production process.
  • January 2022: Yildirim Group acquired Albchrome Holding, an Albanian chrome and ferrochromium company. The main motive of this acquisition is to support the continuation of its progress and to further strengthen the company's position in the world markets.

Chromium Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Growing Demand for Metallurgical Uses

      2. 4.1.2 Increasing Refractory Applications in Industries

      3. 4.1.3 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Associated Health Effects

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Buyers

      2. 4.4.2 Bargaining Power of Suppliers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 By Application

      1. 5.1.1 Chemical

      2. 5.1.2 Metallurgical

      3. 5.1.3 Refractory

      4. 5.1.4 Other Applications (Glass Polishing, Industrial Catalysts, and Pigments )

    2. 5.2 By Geography

      1. 5.2.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Malaysia

        6. Thailand

        7. Indonesia

        8. Vietnam

        9. Rest of Asia-Pacific

      2. 5.2.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.2.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Spain

        6. NORDIC

        7. Turkey

        8. Russia

        9. Rest of Europe

      4. 5.2.4 South America

        1. Brazil

        2. Argentina

        3. Colombia

        4. Rest of South America

      5. 5.2.5 Middle East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Nigeria

        4. Qatar

        5. Egypt

        6. United Arab Emirates

        7. Rest of Middle East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Al Tamman Indsil FerroChrome L.L.C

      2. 6.4.2 Assmang Proprietary Limited

      3. 6.4.3 CVK Madencilik

      4. 6.4.4 Glencore

      5. 6.4.5 Hernic Ferrochrome (Pty) Ltd (Hernic)

      6. 6.4.6 International Ferro Metals (IFM)

      7. 6.4.7 Kermas Investment Group

      8. 6.4.8 MVC Holdings LLC

      9. 6.4.9 Odisha Mining Corporation Ltd

      10. 6.4.10 Tenaris

      11. 6.4.11 YILDIRIM Group of Companies

    5. *List Not Exhaustive

    1. 7.1 Development of Trivalent Chromium Hard Chrome Plating

    2. 7.2 Other Opportunities

**Subject to Availability
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Chromium Industry Segmentation

The chemical element chromium has the symbol Cr and the atomic number 24. It is a steely-grey transition metal that is glossy, hard, and brittle. The metal chromium is prized for its great corrosion resistance and hardness. Stainless steel and chrome plating (chromium electroplating) account for 85% of commercial use.

The chromium market is segmented by application and geography. By application, the market is segmented into chemical, metallurgical, refractory, and others (glass polishing, industrial catalysts, and pigments). The report also covers the market sizes and forecasts for the chromium market in 27 countries across major regions. For each segment, market sizing and forecasts were made on the basis of volume (tons).

By Application
Other Applications (Glass Polishing, Industrial Catalysts, and Pigments )
By Geography
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
United Arab Emirates
Rest of Middle East and Africa
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Chromium Market Research FAQs

The Chromium Market size is expected to reach 43.19 kilotons in 2024 and grow at a CAGR of 3.91% to reach 52.33 kilotons by 2029.

In 2024, the Chromium Market size is expected to reach 43.19 kilotons.

Kermas Investment Group, Assmang Proprietary Limited, CVK Madencilik, Odisha Mining Corporation Ltd. and Glencore are the major companies operating in the Chromium Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Chromium Market.

In 2023, the Chromium Market size was estimated at 41.50 kilotons. The report covers the Chromium Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Chromium Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The future trends expected in the Chromium Market are a) Continued growth in metallurgical applications, particularly in stainless steel production b) Advancements in processes like trivalent chromium plating c) Expanding chemical industry

The Chromium Market is segmented by a) Application: chemical, metallurgical and refractory b) Material: Ferrochromium, Chromium Chemicals, Chromium Metals

Chromium Industry Report

The global chromium market is witnessing significant growth, fueled by its widespread use in metallurgy, chemicals, and refractories, and is poised for substantial expansion. The Asia-Pacific region, led by China and India, dominates due to its industrial growth and the vital role of chromium in stainless steel production for the construction, automotive, and electronics sectors. North America and Europe are also experiencing rapid growth, driven by the aerospace and automotive industries' need for corrosion-resistant materials and the rising popularity of chromium applications. The ferrochromium segment, crucial for enhancing stainless steel's strength and corrosion resistance, holds a significant market share, while the chemicals segment is set to grow the fastest, highlighting chromium's versatility. The market's growth is propelled by the increasing demand for stainless steel, advancements in automotive production, infrastructure investments, and advancements in chromium production techniques. Ongoing R&D to explore new applications and improve extraction and processing technologies is vital for meeting the global demand for chromium. For detailed market insights, Mordor Intelligence™ Industry Reports offer a comprehensive analysis, including market share, size, revenue growth rate, forecast outlook, and a historical overview, available as a free report PDF download.

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Chromium Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)