The latest research study by IMARC Group, “Chromium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” offers a comprehensive analysis of the industry, which comprises insights on global chromium market. The global chromium market reached a value of US$ 14.37 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 17.33 Billion by 2027, exhibiting a CAGR of 3.10% during 2022-2027.
Chromium Industry Outlook:
Chromium is a complex, steel-grey metallic component found naturally in soil, animals, plants, rocks, volcanic dust, and gasses. It is also present in several food items, such as beer, wine, brewer’s yeast, meat, nuts, spices, fruits, vegetables, and grain products. It is widely utilized in manufacturing dyes, alloys, electroplating, and pigments, treating cooling tower water, and preserving wood and leather. Nowadays, chromium is used in formulating dietary supplements as it consists of antioxidants and plays an essential role in lipid, carbohydrate, and protein metabolism.
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The market is primarily driven by the increasing sales of passenger vehicles worldwide. Chromium is utilized for producing stainless steel, used in manufacturing car exhaust systems and other auto parts, such as suspension, body, hose clamps, seatbelt springs, chassis, and fuel tanks. Apart from this, chromium is used in the pharmaceutical industry to produce medicines essential for improving blood sugar levels among people with prediabetes and type 1 and type 2 diabetes.
Furthermore, there has been escalating demand for chromium-based medications with the growing prevalence of human immunodeficiency virus (HIV) and rising cases of high blood sugar due to extreme steroid intake. This is also on account of the increasing geriatric population, which is more susceptible to developing diabetes and other serious health conditions.
Furthermore, the expanding product application in drilling muds, textiles, and toner for copying machines owing to its easy availability at affordable prices, is creating a favorable outlook for the market.
Chromium Market Report Scope
Market size value in 2021
US$ 14.37 Billion
Market forecast in 2027
US$ 17.33 Billion
CAGR of 3.10% from 2022 to 2027
Base year for estimation
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
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Key Market Segmentation:
The report has segmented the global chromium market on the basis of grade, application, industry vertical and region.
Breakup by Grade:
- Refractory and Foundry
Breakup by Application:
- Alloyed Steel Production
- Stainless Steel Production
- Refractory Additives
- Non-Ferrous Alloy Production
Breakup by Industry Vertical:
- Chemical and Petrochemical
- Energy and Power
Breakup by Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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List of Key Companies Covered in this Market Report:
The major players in the market are ACI Alloys, Al Tamman Indsil FerroChrome L.L.C, Belmont Metals Inc., Edgetech Industries LLC, Eurasian Resources Group, Ferbasa, Glencore plc, Gulf Mining Materials Company, Odisha Mining Corporation Limited, ProChem Inc. International, RD Mathis Company and Samancor Chrome Ltd.
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About IMARC Group:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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