Chromium Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | < 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Chromium Market Analysis
During the forecast period, the chromium market is expected to grow at a CAGR of about 4%.
The COVID-19 pandemic had a big effect on the chromium market because of the global restrictions on the auto, building, and construction industries. But since 2021, the industries have grown, and the market is expected to do the same during the projection period.
- The rising usage of chromium alloying with other metals in automobiles, construction equipment, and commercial and military aircraft engines is driving market growth.
- However, exposure to chromium can cause health and environmental effects, which is expected to hinder market growth.
- In the coming years, the development of the trivalent chromium hard chrome plating process is likely to lead to growth in the market.
- The Asia-Pacific region has led the market for the past few years and is also expected to have 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 2022. 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.
- Global stainless-steel production largely relies on chromium supply. World crude steel production for the 63 countries that report to the World Steel Association was 145.3 million tons (Mt) in January 2023, a mere 3.5% more than the previous month's production quantity. A total of approximately 1,830 million tons of crude steel were produced during the whole of 2022, as reported by the association.
- 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 Organization Internationale des Constructeurs d'Automobiles (OICA), the total number of new automobile sales and registrations in OICA member countries will be close to 69 million units in 2022. So, a rise in the number of vehicles sold or made would lead to a rise in the market demand for chromium.
- So, a rise in demand for steel and aluminum from different industries would lead to a rise in production of steel and aluminum, which would be good for the chromium market.
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, the Asia-Pacific region produced around 107 million tons of crude steel in January 2023, making it the world's largest producer. In 2022, the region's total crude steel production was estimated to be over 1,350 million tons.
- Furthermore, China was estimated to have produced 79.5 million tons in January 2023, a 2.3% increase over January 2022. India made about 11 million tons during the month, while Japan made 7.2 million tons.
- 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 Chinese Association of Automotive Manufacturers says that the number of cars made in China rose by about 3.4% in 2022 compared to the year before. In 2022, approximately 27 million automobiles were to be produced, compared to 26.08 million units in 2021.
- The India Brand Equity Foundation also forecasts that the Indian automotive industry will reach USD 300 billion by 2026. The report also said that India made 22.93 million cars every year in FY22.
- In the Asia-Pacific region, 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 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 Kermas Group Ltd, Assmang Proprietary Limited, CVK Group, Glencore, Odisha Mining Corporation Ltd, among others.
Chromium Market Leaders
Kermas Group Ltd
Assmang Proprietary Limited
CVK Group
Odisha Mining Corporation Ltd
Glencore
*Disclaimer: Major Players sorted in no particular order
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 2 production facilities in Corpus Christi (TX) and Castle Hayne (NC) as well as 3 facilities in Amarillo (TX), Dakota (NE) and Milwaukee (WI).
- June 2022: Tenaris announced that the company will invest nearly USD 29 million in its steel shop in Dalmine to expand the facility's capabilities to produce specialty steels with a high chromium content, such as chromium 13. The investment is projected to be completed by the first part of 2023 and will 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. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand for Metallurgical Uses
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Associated Health Effects
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Application
5.1.1 Chemical
5.1.2 Metallurgical
5.1.3 Refractory
5.1.4 Other Applications
5.2 Geography
5.2.1 Asia-Pacific
5.2.1.1 China
5.2.1.2 India
5.2.1.3 Japan
5.2.1.4 South Korea
5.2.1.5 Rest of Asia-Pacific
5.2.2 North America
5.2.2.1 United States
5.2.2.2 Canada
5.2.2.3 Mexico
5.2.3 Europe
5.2.3.1 Germany
5.2.3.2 United Kingdom
5.2.3.3 France
5.2.3.4 Italy
5.2.3.5 Rest of Europe
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Rest of South America
5.2.5 Middle-East and Africa
5.2.5.1 Saudi Arabia
5.2.5.2 South Africa
5.2.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share(%) ** / Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Al Tamman Indsil FerroChrome LLC
6.4.2 Assmang Proprietary Limited
6.4.3 CVK Group
6.4.4 Glencore
6.4.5 Hernic Ferrochrome (Pty) Ltd.
6.4.6 International Ferro Metals Limited
6.4.7 Kermas Group Ltd.
6.4.8 MVC Holdings LLC
6.4.9 Odisha Mining Corporation Ltd.
6.4.10 Tenaris
6.4.11 Yildirim Holding
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Development of Trivalent Chromium Hard Chrome Plating
7.2 Other Opportunities
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. The report also covers the market sizes and forecasts for the chromium market in 15 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of volume (tons).
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| Refractory | |
| Other Applications |
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Chromium Market Research FAQs
What is the current Chromium Market size?
The Chromium Market is projected to register a CAGR of less than 4% during the forecast period (2024-2029)
Who are the key players in Chromium Market?
Kermas Group Ltd, Assmang Proprietary Limited, CVK Group, Odisha Mining Corporation Ltd and Glencore are the major companies operating in the Chromium Market.
Which is the fastest growing region in Chromium Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Chromium Market?
In 2024, the Asia-Pacific accounts for the largest market share in Chromium Market.
What years does this Chromium Market cover?
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.
What are the future trends expected in the Chromium Market?
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
How is the Chromium Market segmented?
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 Intelligenceā¢ 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.
