The global chromium oxide market size was around USD 551.13 million in 2022 and is estimated to reach USD 826.11 million by 2031, expanding at a CAGR of 4.6% during the forecast period, 2023–2031. The market growth is attributed to the rising product demand due to the rise in the steel and construction industries.
Chromium oxide is an inorganic compound. Chromium oxide has properties including wear resistance, resistance to chemicals, and abrasion resistance. Thus, chromium oxide is used in paints, coatings, inks, glass, and ceramics. Chromium oxide is also used in various chemical reactions as a catalyst. It provides dispersibility and heat stability.
It is available in the form of pieces, powder, pellets, and nano powder. Chromium oxide is recognized as a chrome green and chromia owing to its green color. Chrome oxide is used in industrial paints, which are subjected to a lot of wear and tear. For instance, military vehicles are painted with green chrome oxide paint.
This paint makes vehicles suitable for outdoor applications as it preserves painted color when exposed to high heat and sun. Chromium oxide is widely used in glass manufacturing as it provides green color to the glass. Green-colored glass bottles are used for wines and juice. Chromium oxide helps in preserving the flavor of the wine.
It also allows some light protection to preserve the wine’s flavor. The manufacturing industry mostly used green and amber colors for wine bottles. Moreover, the intensity of the color can be changed by varying concentration levels. As per the International Organization of Vine and Wine (OIV), global wine consumption and production increased by 1.7% and 13% respectively.
COVID-19 Impact on Chromium Oxide Market
The research report finds that the COVID-19 pandemic affected various industries. The COVID-19 pandemic affected the architectural and industrial sectors and highlighted a number of difficulties for the paints and coatings industry. The pandemic has a significant impact on the building sector, though the legal ramifications differ from place to region and contract to contract.
Moreover, the pandemic has had a negative impact on the building industry, which is producing disruptions and delays that are linked to various broken supply chains. Various automotive manufacturers have a stop their manufacturing plants during the pandemic due to the labor shortage. Moreover, global automotive light vehicle sales have dropped by 20% from 2019-2020.
Many companies are resuming public transportation services, thus implementing various safety procedures & norms which is expected to favor the global chromium oxide market.
Chromium Oxide Market Dynamics
The research report presents a complete market overview by providing a detailed analysis of the current market trends, existing drivers, growth opportunities, and emerging challenges. The chromium oxide report offers up-to-date information about factors that can shape the market outcome or overall performance during the forecast period, 2022 to 2030.
Major Drivers
Increasing product demand from steel & construction industries
The increasing product demand from the steel & construction industries is anticipated to drive market growth during the forecast period. Chromium metal is used in the manufacturing of stainless steel. This metal offers high resistance to corrosion and provides a smooth finish. The increasing demand for stainless steel from several industries including construction & infrastructure, medical, and consumer goods is projected to drive the market expansion.
Current Restraints
Regulations over consumption of chromium chemicals
Chromium is found in air, water, nature, and food at low levels. Chromium is an essential component in the diet of human beings. However, the minimum amount of chromium oxide is expected to consume as it can turn out toxic at high levels. Excessive inhalation of chromium causes asthma attacks and cause skin allergies and irritation. The government implemented regulations on the use of chromium chemicals.
The regulations on the consumption of chromium chemicals are expected to hamper the market expansion in the coming years. Chromium oxide can cause skin irritations. Chromium oxide is toxic to aquatic life. The hexavalent form of chromium can cause dermatitis and ulcerations.
Market Opportunities
Rising product demand from chemical industries
The rising product demand from chemical industries is projected to create lucrative opportunities for the key market players. The chromium chemicals need to be handled and stored cautiously to avoid skin contact. Chromium oxide has high demand from universities and laboratories. The chemical grade is suitable for optical surfaces, polishing leathers, precious stones, and gems including ruby, emerald, and sapphire.
Scope of Chromium Oxide Market Report
The chromium oxide research report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Chromium Oxide Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Type (Metallurgical Grade, Pigment Grade, Refractory Grade, and Chemical Grade), and Application (Ceramic, Metallurgy, Paints & Coatings, Rubber, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Hubei Zhenhua Chemical Co., LTD; Luoyang Zhengjie Science & Technology Industry Trade Co., Ltd.; Hebei Chromate Chemical Co. Ltd.; HUNTER Chemical LLC; Chrome Star Chemical Works; Shijiazhuang Jirong Chemical Co.; Sichuan Yinhe Chemicals; LANXESS; ELEMENTIS; Vishnu Chemicals Limited; NIPPON CHEMICAL INDUSTRIAL CO., LTD.; Venator; MidUral Group; and American Elements
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Chromium Oxide Market Segment Insights
Pigment grade segment to expand at a considerable CAGR
On the basis of type, the chromium oxide market is segmented into metallurgical grade, pigment grade, refractory grade, and chemical grade. The pigment grade segment is projected to expand at a considerable CAGR during the forecast period, due to increased product usage in the production of plastics, paints & coatings, enamels, sports surfaces, and cosmetics.
Pigment-grade is corrosion resistant and unaffected by acids, alkalis, and solvents, which makes it a suitable material for use in coatings. The metallurgical grade segment is anticipated to account for a major market share during the forecast period, owing to rising product demand from the automotive & metal processing industry.
The metallurgical grade is majorly used to produce chromium metal. In stainless steel, metallurgical grade forms a layer on the surface and protects from corrosion. Refractory product is widely used in the production of refractory bricks to line furnaces, high-temperature ovens, and mortars. The increasing demand for refractory grades from several industries is anticipated to propel the market expansion due to its properties.
Metallurgy segment to hold a significant market share
Based on application, the market is divided into ceramic, metallurgy, paints & coatings, rubber, and others. The metallurgy segment is expected to hold a significant share of the market in the coming years, due to rising steel production. Metallurgy is a procedure that is used for the extraction of metals in their pure form.
Chrome metal is used in the production of stainless steel. The product demand from the construction and automotive industries is anticipated to drive market growth. The paints & coatings segment accounts for a significant market share, due to its properties including resistance to weather, chemicals, and climatic changes.
Chromium oxide provides good mechanical strength and resistance to thermal shock. The material can withstand high temperatures and thus it’s in high demand from the refractory industry.
Asia Pacific to dominate the market
In terms of regions, the chromium oxide market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the forecast period, owing to rising industrialization and rapid urbanization which increase the need for coatings.
The expanding metal and building & construction industries in China and India are anticipated to propel market growth in the region. The market in North America is anticipated to expand at a rapid pace during the forecast period, due to the large consumption of paints & coatings and metallurgy applications. The U.S. is a prominent consumer of chromium-based chemicals.
Moreover, Europe is anticipated to observe substantial growth in the market during the forecast period, due to increasing the use of plastics and ceramics in the region. In the Middle East & Africa is projected to observe substantial growth, due to the increased pigment production and major product application in paint & coatings. The increasing demand for anti-corrosive, long-lasting, and abrasion-resistant coating from various industries fuels the market growth.
Segments
The global chromium oxide market has been segmented on the basis of
Type
- Metallurgical Grade
- Pigment Grade
- Refractory Grade
- Chemical Grade
Application
- Ceramic
- Metallurgy
- Paints & Coatings
- Rubber
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Hubei Zhenhua Chemical Co., LTD
- Luoyang Zhengjie Science & Technology Industry Trade Co., Ltd.
- Hebei Chromate Chemical Co. Ltd
- HUNTER Chemical LLC
- Chrome Star Chemical Works
- Shijiazhuang Jirong Chemical Co
- Sichuan Yinhe Chemicals
- LANXESS
- ELEMENTIS
- Vishnu Chemicals Limited
- NIPPON CHEMICAL INDUSTRIAL CO., LTD.
- Venator
- MidUral Group
- American Elements
Competitive Landscape
Key players competing in the global chromium oxide market are Hubei Zhenhua Chemical Co., LTD; Luoyang Zhengjie Science & Technology Industry Trade Co., Ltd.; Hebei Chromate Chemical Co. Ltd.; HUNTER Chemical LLC; Chrome Star Chemical Works; Shijiazhuang Jirong Chemical Co.; Sichuan Yinhe Chemicals; LANXESS; ELEMENTIS; Vishnu Chemicals Limited; NIPPON CHEMICAL INDUSTRIAL CO., LTD.; Venator; MidUral Group; and American Elements.
Key players are actively engaged in R&D programs and aim at the expansion of manufacturing units to expand their consumer base and increase their product portfolio. Some of the major companies in the market have adopted various organic growth strategies including product launches, mergers, partnerships, and collaborations to increase their market share and witness significant growth.
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