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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Chromium Market Size

The global chromium market reached approximately USD 15.30 billion in 2023. The market is projected to grow at a CAGR of 3% between 2024 and 2032.

Key Takeaways

  • Chromium is a critical ingredient in the production of stainless steel, contributing to the material's corrosion resistance and durability.
  • Chromium is widely used in aircraft to protect seal components against galling, corrosion, and wear.
  • Increasing industrialisation and infrastructure development in emerging markets, particularly in Asia and Africa, drive demand for chromium.

Chromium is a steel grey, lustrous, hard, and brittle transition metal that is used in alloys to increase strength and corrosion resistance and has a high melting point and stable structure, due to which it is used in textile and refractory sectors. It is mainly found in chromite ore, which is mined in Russia, Zimbabwe, New Zealand, Iran, Albania, and Turkey, among others.

The rising use of stainless steel in chemical and petrochemical products, consumer goods, and heavy transport, among others, is catalysing the chromium market growth. As chromium provides corrosive resistant properties to stainless steel, it is increasingly used in its production. Further, ferrochrome, an alloy of chromium and iron, is used as a base material in the manufacturing of steel. The introduction of favourable government initiatives and funding to boost the automotive sector, particularly in India and China, is expected to boost the steel demand, consequently favouring the market.

Chromium Market

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Key Trends and Developments

Growing usage of chromium salts; chromium in superalloys; shift towards low-carbon and circular economy practices; and technological advancements in production and processing are the major trends impacting the chromium market expansion

Date Event
Aug 2023 Sylvania Platinum announced a new joint venture with Limberg Mining Company, marking a significant expansion of its operations to include chrome production alongside its platinum group metals (PGMs) portfolio.
Sep 2023 Logar, a province based in Afghanistan, is all set to get its first chromite processing plant which is expected to process 400 tons of chromite per day.
Nov 2023 The Indian government, through its Ministry of Mines or relevant authorities, announced the auction of mineral blocks which may contain valuable minerals such as graphite, nickel, and chromium.
Feb 2024 Gulf Alloys and Metals (FZC) LLC initiated a trial run for its new ferrochrome alloy plant located in the Sohar Freezone, Oman.
Trends Impact
Growing usage of chromium salts These salts are a crucial raw material in the chemical sector and are widely used in electroplating, printing and dyeing, catalysts, fuels, medicines, and oxidants.
Chromium in superalloys Chromium plays a crucial role in the development and performance of superalloys, which are high-performance alloys designed to withstand extreme conditions.
Shift towards low-carbon and circular economy practices There is a growing emphasis on sustainability and circular economy principles, encouraging the recycling and re-use of chromium-containing materials.
Technological advancements in production and processing Innovations in chromium mining, processing, and recycling technologies are making chromium production more efficient and environmentally friendly.

Chromium Market Trends

Chromium is a key element in the formulation and enhancement of superalloys due to its unique properties that contribute significantly to the performance of these materials in extreme conditions. This is the major factor that supports the chromium market growth. One of the primary reasons chromium is valued in superalloys is its exceptional ability to enhance corrosion resistance. Chromium forms a stable, protective oxide layer on the surface of the alloy, shielding the underlying material from corrosive environments. This property is especially beneficial in applications exposed to oxidative or corrosive conditions, such as jet engines and gas turbines. Furthermore, superalloys are often required to operate at high temperatures where many metals would weaken or fail. Chromium contributes to the high-temperature strength and stability of superalloys by forming carbides and other stable phases within the alloy matrix.

The players in the chromium market are focusing on expanding their production capabilities to meet the rising demand. In August 2023, Sylvania Platinum announced a significant expansion into the chrome production market through a joint venture with Limberg Mining Company, marking a notable diversification of its operations. This partnership aims to leverage the resources from the tailings dam of the Limberg Chrome Mine, located on the western limb of South Africa's Bushveld Complex, under the newly formed Thaba Joint Venture.

Global Chromium Market by Segment

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Chromium Market Segmentation

“Chromium Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup Categories
Application Metallurgy, Chemicals, Refractory, Others
Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa

Metallurgy accounts for a major chromium market share due to high usage of chromium in stainless steel, which finds applications in multiple end-use sectors

Metallurgy holds the dominant share in the market. Chromium is a key ingredient in the manufacture of stainless steel, contributing to at least 10-20% of its composition. The addition of chromium imparts corrosion resistance, and a high polish finish, and enhances the steel's hardness and tensile strength. Since stainless steel is widely used across various end-use sectors including automotive, construction, and kitchen utensils, the demand for chromium in metallurgy is exceptionally high.

Innovations in metallurgical techniques and a continuous push for higher quality and performance standards in metal products keep the demand for high-purity chromium strong. As industrial sectors seek more durable, corrosion-resistant, and high-performance materials, the reliance on chromium in metallurgy grows.

Meanwhile, the chemical sector is also expected to support chromium demand. Chromium compounds, such as chromium salts, are used in a variety of chemical applications, including pigments, tanning leather, and wood preservation. Chromium (III) oxide, for example, is a green pigment used in paints, inks, and glasses and the growth in these sectors directly impacts the demand for chromium in the chemical sector. Chromium also acts as a catalyst in several industrial chemical reactions. It is used in the synthesis of various organic compounds, including plastics, synthetic rubbers, and other polymers and the increasing demand for these materials across industrial sectors fuels the growth of the chromite market in the chemical sector.

Global Chromium Market by Region

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Competitive Landscape

The market players are entering into partnerships and collaborations with other companies to secure chromium supply chains and improve their production capabilities

Company Headquarters Operations Products
Glencore PLC Zug, Switzerland Refining, processing, storage, and transportation of metals Zinc, lead, copper, aluminium, nickel, iron, among others
Al Tamman Indsil FerroChrome Muscat, Oman Production of high-grade ferrochrome Extra low-carbon and low-carbon ferrochrome
Odisha Mining Corporation Ltd Odisha, India Exploration, mining, and production of various minerals including iron ore, chrome ore Iron ore, chrome ore, and chrome concentrate
Samancor Chrome Johannesburg, South Africa Mining of chrome ore and the production of ferrochrome Ferrochrome and chrome ore

The market players are engaged in a variety of strategic activities to enhance their position, ensure sustainability, and meet the evolving demands of their customers. For example, companies are increasing their production capabilities to meet the rising demand for chromium, especially from the stainless steel and superalloy sectors.

Chromium Market Analysis by Region

The Asia Pacific region is the dominating market for chromium owing to the increasing consumption of chromium in various end-use sectors, including automotive, oil and gas, and construction, among others. Moreover, the increasing production of stainless steel in countries such as China and India utilises chromite extensively. In addition, the robust growth of the automotive, construction, and consumer sectors is also increasing the demand for chromium in the region. Many countries in the Asia Pacific region are key exporters of chromium and chromium-based products to other parts of the world and the demand in the international market encourages further development of chromium mining and processing in these countries.

The chromium market in regions like Europe and North America is supported by steady growth of the construction and infrastructure sectors. Europe is known for its stringent environmental and health regulations, which significantly influence the chromium market. Regulations such as REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals) affect how chromium compounds, especially hexavalent chromium, are used and handled. Meanwhile, North America, a leader in technological advancements in materials science, readily invests in research and development to find safer and more efficient ways to use chromium, especially in sectors like aerospace and defence, where performance and durability are critical.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
  • Application
  • Region
Breakup by Application
  • Metallurgy
  • Chemicals
  • Refractory 
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Glencore PLC
  • Al Tamman Indsil FerroChrome
  • Odisha Mining Corporation Ltd
  • Samancor Chrome
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the global chromium market attained a value of nearly USD 15.30 billion.

The market is projected to grow at a CAGR of 3% between 2024 and 2032.

The major drivers of the market are the robust growth of the automotive sector, increasing production of stainless steel, and the rising demand for chromium in the construction sector.

The key trends propelling the market development are the introduction of favourable government initiatives aimed at supporting the automotive sector, the growing use of chromium salts in the chemical sector, and technological advancements improving the efficiency of chromium.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The major applications of chromium are metallurgy, chemicals, and refractory, among others.

The major players in the market are Glencore PLC, Al Tamman Indsil FerroChrome, Odisha Mining Corporation Ltd, and Samancor Chrome, among others.

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