Market Size of Chromium Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 3.91 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
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 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 | |
| Chemical | |
| Metallurgical | |
| Refractory | |
| Other Applications (Glass Polishing, Industrial Catalysts, and Pigments ) |
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Chromium Market Size Summary
The chromium market is poised for steady growth over the forecast period, driven by increasing demand in metallurgical and refractory applications. The market experienced significant disruptions due to the COVID-19 pandemic, particularly affecting the automotive and construction sectors. However, recovery has been underway since 2021, with industries rebounding and expected to continue this trend. The development of the trivalent chromium hard chrome plating process is anticipated to further stimulate market expansion. Despite the positive outlook, health and environmental concerns related to chromium exposure pose challenges to market growth. The Asia-Pacific region has been a dominant player in the chromium market, benefiting from its robust manufacturing sectors and increasing demand for stainless steel and other chromium-based products.
Chromium's role in enhancing the properties of metals makes it a critical component in various industries, including automotive, construction, and aerospace. Its use in stainless steel production is particularly significant, as it maintains the metal's hardness and corrosion resistance even at high temperatures. The automotive industry, especially in Asia-Pacific, is a major consumer of chromium, with countries like China and India leading in vehicle production. The region's expanding chemical industry also contributes to chromium demand, as it is used in various catalytic processes. The market is characterized by a few key players, with recent acquisitions and investments aimed at strengthening their market positions and expanding production capabilities. These developments are expected to have a substantial impact on the chromium market in the coming years.
Chromium Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Demand for Metallurgical Uses
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1.1.2 Increasing Refractory Applications in Industries
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1.1.3 Other Drivers
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1.2 Restraints
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1.2.1 Associated Health Effects
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Buyers
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1.4.2 Bargaining Power of Suppliers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 By Application
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2.1.1 Chemical
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2.1.2 Metallurgical
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2.1.3 Refractory
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2.1.4 Other Applications (Glass Polishing, Industrial Catalysts, and Pigments )
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2.2 By Geography
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2.2.1 Asia-Pacific
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2.2.1.1 China
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2.2.1.2 India
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2.2.1.3 Japan
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2.2.1.4 South Korea
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2.2.1.5 Malaysia
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2.2.1.6 Thailand
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2.2.1.7 Indonesia
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2.2.1.8 Vietnam
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2.2.1.9 Rest of Asia-Pacific
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2.2.2 North America
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2.2.2.1 United States
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2.2.2.2 Canada
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2.2.2.3 Mexico
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2.2.3 Europe
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2.2.3.1 Germany
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2.2.3.2 United Kingdom
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2.2.3.3 Italy
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2.2.3.4 France
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2.2.3.5 Spain
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2.2.3.6 NORDIC
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2.2.3.7 Turkey
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2.2.3.8 Russia
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2.2.3.9 Rest of Europe
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Colombia
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2.2.4.4 Rest of South America
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2.2.5 Middle East and Africa
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2.2.5.1 Saudi Arabia
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2.2.5.2 South Africa
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2.2.5.3 Nigeria
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2.2.5.4 Qatar
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2.2.5.5 Egypt
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2.2.5.6 United Arab Emirates
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2.2.5.7 Rest of Middle East and Africa
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Chromium Market Size FAQs
How big is the Chromium Market?
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.
What is the current Chromium Market size?
In 2024, the Chromium Market size is expected to reach 43.19 kilotons.
