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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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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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