Global Chromium Market to Grow at a CAGR of 3% During 2024-2032, Aided by the Robust Growth of Automotive Industry

The market for chromium is driven by the rising production of stainless steel. Moreover, chromium is used in the manufacturing of carbon steels, full alloy steels, bearing and high-speed steel, welding materials, and superalloys, which is providing further impetus to the market growth. In addition, chromium is converted into sodium dichromate for refinement into other chemicals and chromium metals, which is aiding the market growth. The increasing demand for chromium ore production in the mining areas of South Africa, India, and Turkey, among others, is further augmenting the market growth. Furthermore, the increasing production of ferrochrome in China owing to end-uses in major industries is also invigorating the market growth. Moreover, the use of chromium to provide shiny finish and decorative plating in the automobile sector are fuelling the market growth.

Glencore PLC (OTCMKTS: GLNCY), one of the leading companies in the market, signed an agreement with Swedish Stirling to install 25 power generation units in its South Africa plant in July 2019. The rising cost of electricity in South Africa put a strain on the tightening margin of ferrochrome producers. This also aids the production of ferrochrome products and increase the import by the Chinese manufacturers. Moreover, the plant produces charge chrome, which is used to test the company’s Premus technology and reduces the energy requirement through pre-production. Such developments by the key players are expected to propel the growth of the chromium industry in the forecast period.

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Market Analysis by Application and Region:

• The market, on the basis of application, can be divided into metallurgy, chemicals, and refractory, among others.

• The regional markets for chromium include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The extensive use of chromium in dyes and paints owing to its corrosive resistant properties is aiding the market growth.

• The market is being driven by the rising demand for stainless steel in various industries due to its durability and low-maintenance.

• The robust growth of the automotive sector is increasing the demand for chromium, which is augmenting the industry growth.

• The surging use of alloys made of chromium, which are used in aircraft for functioning in high-temperature, high-stress, and chemically oxidising environments, is boosting the industry growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market of chromium for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the applications and regions of chromium.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.

• The market report also analyses the trade data by covering the major importing and exporting countries.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global chromium market are Glencore PLC, Al Tamman Indsil FerroChrome, Odisha Mining Corporation Ltd, and Samancor Chrome, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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