Chromium Oxide Market Highlights
The Chromium Oxide Market is projected to be valued at USD 353,564.5 Thousand by the end of 2030 and expected to exhibit a CAGR of 5.13% during the forecast period.
The key factor driving the growth of the global market is the increasing demand for the product in the paints & coatings industry majorly as a pigment. These pigments exhibit superior performance properties in terms of opacity, resistance to acid and alkali, chemical resistance, corrosion resistance, exterior durability, and compatibility.
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Key Players
MRFR recognizes the following companies as the key players in the global chromium oxide market— Venator Materials PLC (UK), LANXESS (Germany), Hubei Zhenhua Chemical Co., Ltd (China), Elementis plc (UK), Saint-Gobain (France), Reade International Corp (US), Vishnu Chemicals (India), American Elements (US), Hunter Chemical LLC (US), and Chrome Star Chemical Works (India), among others.
The chromium oxide coatings exhibit excellent self-mating and anti-galling properties, owing to which they are recommended for applications wherein resistance to wear by abrasive grains, particle erosion, hard surfaces, and cavitation is required. The healthy growth of the paints & coatings industry globally, which is mainly attributed to increasing investments in construction activities globally, particularly residential construction, is expected to boost the demand for chromium oxide pigments in the coming years.
The growth of the construction industry in the developing countries of Asia-Pacific and the Middle East & Africa due to rise in residential and commercial construction activities has fueled the demand for concrete and cement, and thereby for cement colorants, decorative coatings, and other building materials. In the building & construction industry, oxide pigments are ideal for coloring materials used in the construction industry, such as concrete and other construction materials. The growing urbanization with increasing per capita disposable income and changing lifestyles are important factors driving the growth of the construction industry in the developing markets. This is likely to create lucrative opportunities for the manufacturers of chromium oxide during the review period.
However, the health hazards associated with chromium oxide is expected to hamper the growth of the global market to an extent during the forecast period. Chromium oxide is considered toxic and can lead to various chronic and acute health issues on inhalation, skin contact, ingestion, or eye contact.
Segment Analysis
The global chromium oxide market has been segmented on the basis of grade, application, and region.
Based on grade, the market has been divided into pigment grade, metallurgical grade, and refractory grade. The pigment grade segment accounted for the largest market share and was valued at USD 95.77 million in 2017 and is expected to exhibit a significant CAGR of 5.32% during the forecast period. This is attributed to its excellent lightfastness and weatherability, resistance to acids, alkalis, solvents, and corrosion resistant properties. Chromium oxide pigments are majorly used in the formulation of paints, coatings, enamels, and plastic products.
By application, the global chromium oxide market has been segmented into paints & coatings, glasses, ceramics, inks & dyes, bricks & concrete, metallurgy, and others. The metallurgy segment accounted for the largest market share of over 30% in 2017 and is projected to be valued at over USD 104 million by the end of 2030.
Regional Analysis
The global chromium oxide market is studied with respect to five key regions, namely Asia-Pacific, North America, Europe, the Middle East & Africa, and Latin America. The Asia-Pacific market was the leading regional market in 2017 and is expected to be a dominant market, registering a CAGR of around 6% during the forecast period. The European market held the second-largest share of the global market and is projected to be valued at over USD 93 million by the end of 2030. North America also held a substantial market share of around 14% in 2017.
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Key Findings of the Study:
- Global chromium oxide market is projected to reach over 7 kilotons by 2030 with a CAGR of around 4% during the forecast period of 2018–2030
- Asia-Pacific dominated the global market with a share of over 45% owing to the increasing demand for chromium oxide in the major economies of China, India, Thailand, and Indonesia
- The pigment grade segment held 45% of the global market share in 2017 and is expected to be valued at over USD 186.6 million by the end of 2030
- Metallurgy is estimated to be the dominant application segment in the global chromium oxide market during the forecast period
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According to the Fortune Business Insights report, titled “Chromium Oxide Market Size, Share & Industry Analysis, By Type (Pigment Grade, Metallurgical Grade, Refractory Grade, Chemical Grade), By Application (Paints & Coatings, Ceramic, Metallurgy, Rubber, Others), and Regional Forecast, 2019-2026”, the global Chromium Oxide Market value stood at USD 492.4 million in 2018.The global chromium oxide market size is set to touch USD 703.3 million by 2026, exhibiting a 4.6% CAGR during the forecast period.
Rapid rise in urbanization is increasing and intensifying construction activities in residential and commercial spaces.
This is mainly on account of growing metal production, developing construction industry, and rising demand for automobiles in India and China.
For example, in March 2019, LANXESS exhibited chromium oxide pigments under the brand name Colortherm, having a high milling stability and heat resistance.
Similarly, the MIDURAL Group has developed Chromium 1915 which is designed to be used in the production of chrome-infused industrial reagents and other materials such as potassium dichromate and chromium anhydride.About us:Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions.
We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses.
The global chromium oxide market was valued US$ 192.58 Mn in 2019 and is expected to reach 414.26 Mn by 2027, at a CAGR of 3.8 % during the forecast period.
It occurs naturally as a rare mineral eskolaite and holds a wide range of applications in coatings resulting in excellent resistance to wear, abrasion, corrosion, and chemicals.The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.Market Drivers and Restraints:Technological advancement and development in the method of the manufacturing process in developed and developing countries are driving the growth of the chromium oxide market globally.
Chromium oxide has broad application in the automotive industries for coating and polishing of various machinery parts as it has corrosion free property which is expected to drive the market growth, which will further propel the market demand in the global market.Development in the commercial sector with increased urbanization linked with construction activity is booming the market demand for steel thus driving the growth of the chromium oxide market.
Chromium Oxide is broadly utilized covering market value with significant growth of 45.3 Mn.
Major key vendors are investing in the chromium oxide market, as this market is expected to show constant growth with wide opportunities for manufacturers and end-users.However, the unavailability of raw materials and observed side effects after the application is expected to hamper the chromium oxide market growth.
Additionally, the presence of substitutes in the market hinders market growth in the coming years.Chromium Oxide Market Segment analysis:In the chromium oxide market application segment, the metallurgy sub-segment was calculated to be the dominant sector holding the largest market share with the prominent application at a CAGR of 2.2 % by 2027.
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