The growing demand from the stainless steel industry and superior corrosion resistance properties are driving the need for the market.
The global Chromium market is forecast to reach USD 17.35 Billion by 2027, according to a new report by Reports and Data. Chromium is commonly used in metallurgical applications to provide resistance to corrosion and lustrous finish. The developing usage of Chromium as a component in steel metal for plating in the cars is a large and developing trend in the market. Chromium plating is a significant pattern in cars because of the metal's stylish plausibility and anti-corrosion properties.
A significant and rising pattern in the worldwide market is the expanding demand, as a component in steel metal for decorative plating in-car division. Expanding requests from the hardened steel industry for different end-use markets, for example, car, aviation, resistance, marine, building and construction, and gadgets, are required to be the key development factor. Moreover, critical interest from the Asia Pacific is foreseen to fuel the market over the following years. China was the biggest purchaser of the item as it is perhaps the biggest maker of treated steel and other steel items.
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Be that as it may, cancer-causing properties and unpredictability in costs are representing a test to the development of the market. It seriously influences the respiratory tract in people following a delayed introduction. Coughing, shortness of breath, wheezing, and neurological and gastrointestinal impacts are among regular disturbances brought about by its use.
Key participants include Gulf Mining Group LLC, MVC Holdings LLC, AI Tamman Indsil Ferochrome LLC, CVK Group, Hernic Ferrochrome (Pty) Ltd., Odisha Mining Corporation, Assmang Proprietary Ltd., Samancor Chrome, Glencore PLC, and Kermas Group Ltd., among others.
The COVID-19 impact:
Covid-19’s spread has affected mineral and alloy activities worldwide. Logistic limitations and reconsiderations of the raw material requirements are becoming a problem for producers of minerals and alloys. Lockdown measures in many countries to reduce the spread of the COVID-19 pandemic has had a major impact on steel customers including closed-down auto and building parts mainly with China being a mass producer for chromium. The steel producers have relied on derived demand as an intermediate commodity to rationalize production. The steel industry has declined rationally as a result of the COVID-19 pandemic due to the fall in demand which has affected the chromium industry.
Further key findings from the report suggest
- Owing to its properties, such as good weldability, corrosion resistance, machinability, and electrical conductivity, the metal plays a vital role in the stainless-steel industry, which further satisfies the demand from end-use industries.
- The production of motor vehicles in India and Thailand is rising at a considerable pace, along with the increasing use of chromium per vehicle. This has given rise to lucrative opportunities on the APAC market and is growing with a CAGR of 2.7% in the region.
- In 2019 the chemical segment was estimated to generate a revenue of USD 1.34 billion and was projected to see modest market growth in the coming years. The chemicals used include chromium oxide, chromic acid, and potassium dichromate.
- Chromium finds broad application across sections, for example, chrome plating, metal earthenware production, colors and paints, and indifferent super amalgams. It is additionally utilized in metallurgy to render a sparkly completion and confer erosion obstruction.
- The demand for the market is limited. Most of the large and existing market players sell and distribute widely to clients worldwide. Conversely, most of the smaller players are based on their regional markets.
For the purpose of this report, Reports and Data have segmented into the global Chromium market on the basis of type, grade, application, and region:
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
Type Outlook (Revenue, USD Billion; 2017-2027)
- Chromium Ore
Grade Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
- Stainless steel production
- Alloyed steel production
- Non-ferrous alloy production
- Refractory additives
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