June 15, 2024

Chromium Market Size To Reach Around USD 36.69 Billion By 2032

The global chromium market size was estimated at  US$ 22.66 billion in 2023 and is expected to reach US$ 36.69  billion by 2032, indicating a CAGR of 5.50% from 2023 to 2032.

Chromium Market Size 2023 To 2032

Key Takeaways

  • Asia-Pacific contributed more than 50% of revenue share in 2022.
  • North America is estimated to expand the fastest CAGR between 2023 and 2032.
  • By material, the ferrochromium segment has held the largest market share of 32% in 2022.
  • By material, the chromium metals segment is anticipated to grow at a remarkable CAGR of 6.1% between 2023 and 2032.
  • By application, the metallurgy segment generated over 92% of revenue share in 2022.
  • By application, the chemicals segment is expected to expand at the fastest CAGR over the projected period.

The Chromium market is a dynamic sector characterized by the extraction, production, and utilization of chromium, a versatile metal widely employed in various industries. Chromium finds extensive applications in the manufacturing of stainless steel, alloy production, and diverse end-user industries such as aerospace, automotive, and electronics. As a critical element for enhancing corrosion resistance and durability in materials, the Chromium market plays a pivotal role in supporting global industrial growth.

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Growth Factors

Several factors contribute to the growth of the Chromium market. The increasing demand for stainless steel, driven by infrastructure development and the automotive industry, serves as a primary growth factor. Technological advancements in mining and extraction processes further facilitate market expansion, ensuring a sustainable supply chain. Additionally, the rising applications of chromium in emerging sectors, such as renewable energy technologies, contribute to the market’s positive trajectory.

Chromium Market Scope

Report CoverageDetails
Growth Rate from 2023 to 2032CAGR of 5.50%
Market Size in 2023USD 22.66 Billion
Market Size by 2032USD 36.69 Billion
Largest MarketAsia Pacific
Base Year2022
Forecast Period2023 to 2032
Segments CoveredBy Material and By Application
Regions CoveredNorth America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Read More: Building Materials Market Size To Cross USD 1,829.78 Bn By 2032

Chromium Market Dynamics

Drivers:

The Chromium market is driven by various factors that fuel its expansion. The escalating need for corrosion-resistant materials in construction and infrastructure projects propels the demand for chromium. Furthermore, the automotive industry’s shift towards lightweight, high-strength materials, where chromium alloys play a crucial role, acts as a significant driver. Global economic development, particularly in emerging economies, also stimulates demand for chromium, as it is an essential component in the production of various consumer goods.

Opportunities:

Amidst the evolving industrial landscape, the Chromium market presents promising opportunities. The growing focus on sustainable practices and eco-friendly technologies opens avenues for chromium in applications such as green energy systems and electric vehicles. Additionally, research and development initiatives to discover novel applications of chromium compounds in fields like healthcare and electronics create new growth opportunities for market players.

Challenges:

Despite its growth, the Chromium market faces challenges that require strategic navigation. Environmental concerns related to chromium mining and processing pose sustainability challenges, prompting the industry to adopt eco-friendly practices. Fluctuating raw material prices and geopolitical factors affecting the supply chain also present hurdles. Striking a balance between meeting the rising demand and addressing environmental and geopolitical challenges remains a critical challenge for stakeholders.

Regional Insights:

The Chromium market exhibits regional variations driven by economic activities, industrialization, and infrastructure development. Asia-Pacific stands out as a major consumer and producer, fueled by rapid urbanization and industrial growth. North America and Europe, driven by the automotive and aerospace sectors, also contribute significantly to the market. Africa, rich in chromium reserves, plays a crucial role in the global supply chain. The market’s dynamics in each region are influenced by a combination of local demand, regulatory frameworks, and global economic trends.

Recent Developments

  • In November 2022, Yildirim Group made a significant move by acquiring 100% shares of Elementis plc’s chromium business for USD 170 million. This strategic acquisition includes Elementis Chromium’s production facilities in Corpus Christi (TX), Castle Hayne (NC), Amarillo (TX), Dakota (NE), and Milwaukee (WI), strengthening Yildirim Group’s presence in the chromium market.
  • In June 2022, Tenaris announced a substantial investment of nearly USD 29 million in its Dalmine steel shop. The investment aims to enhance the facility’s capabilities in producing specialty steels, particularly those with a high chromium content, like chromium 13. The multi-stage investment is slated for completion in the first part of 2023.
  • In January 2022, Yildirim Group further expanded its footprint in the chromium market by acquiring Albchrome Holding, an Albanian chrome and ferrochromium company. This strategic move aligns with Yildirim Group’s objective to reinforce its position in global markets and support its ongoing progress in the industry.

Chromium Market Companies

  • Glencore
  • Yildirim Group
  • Hernic Ferrochrome
  • Eurasian Resources Group
  • Outokumpu
  • Samancor Chrome
  • Assmang Proprietary Limited
  • Afarak Group
  • Tata Steel
  • Jindal Stainless
  • Shanxi Taigang Stainless Steel Co., Ltd.
  • Baosteel Group
  • POSCO
  • Acerinox
  • Allegheny Technologies Incorporated

Segments Covered in the Report

By Material

  • Ferrochromium
  • Chromium Chemicals
  • Chromium Metals
  • Others

By Application

  • Metallurgy
  • Chemicals
  • Refractory
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology (Premium Insights)

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Chromium Market 

5.1. COVID-19 Landscape: Chromium Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Chromium Market, By Material

8.1. Chromium Market Revenue and Volume, by Material, 2023-2032

8.1.1. Ferrochromium

8.1.1.1. Market Revenue and Volume Forecast (2020-2032)

8.1.2. Chromium Chemicals

8.1.2.1. Market Revenue and Volume Forecast (2020-2032)

8.1.3. Chromium Metals

8.1.3.1. Market Revenue and Volume Forecast (2020-2032)

8.1.4. Others

8.1.4.1. Market Revenue and Volume Forecast (2020-2032)

Chapter 9. Global Chromium Market, By Application

9.1. Chromium Market Revenue and Volume, by Application, 2023-2032

9.1.1. Metallurgy

9.1.1.1. Market Revenue and Volume Forecast (2020-2032)

9.1.2. Chemicals

9.1.2.1. Market Revenue and Volume Forecast (2020-2032)

9.1.3. Refractory

9.1.3.1. Market Revenue and Volume Forecast (2020-2032)

9.1.4. Others

9.1.4.1. Market Revenue and Volume Forecast (2020-2032)

Chapter 10. Global Chromium Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.1.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.1.3. U.S.

10.1.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.1.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.1.4. Rest of North America

10.1.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.1.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2. Europe

10.2.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.2.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2.3. UK

10.2.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.2.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2.4. Germany

10.2.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.2.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2.5. France

10.2.5.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.2.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2.6. Rest of Europe

10.2.6.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.2.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3. APAC

10.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3.3. India

10.3.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.3.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3.4. China

10.3.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.3.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3.5. Japan

10.3.5.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.3.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3.6. Rest of APAC

10.3.6.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.3.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4. MEA

10.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4.3. GCC

10.4.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.4.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4.4. North Africa

10.4.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.4.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4.5. South Africa

10.4.5.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.4.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4.6. Rest of MEA

10.4.6.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.4.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.5. Latin America

10.5.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.5.3. Brazil

10.5.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.5.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.5.4. Rest of LATAM

10.5.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.5.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

Chapter 11. Company Profiles

11.1. Glencore

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. Yildirim Group

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. Hernic Ferrochrome

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. Eurasian Resources Group

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. Recent Initiatives

11.5. Outokumpu

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

11.6. Samancor Chrome

11.6.1. Company Overview

11.6.2. Product Offerings

11.6.3. Financial Performance

11.6.4. Recent Initiatives

11.7. Assmang Proprietary Limited

11.7.1. Company Overview

11.7.2. Product Offerings

11.7.3. Financial Performance

11.7.4. Recent Initiatives

11.8. Afarak Group

11.8.1. Company Overview

11.8.2. Product Offerings

11.8.3. Financial Performance

11.8.4. Recent Initiatives

11.9. Tata Steel

11.9.1. Company Overview

11.9.2. Product Offerings

11.9.3. Financial Performance

11.9.4. Recent Initiatives

11.10. Jindal Stainless

11.10.1. Company Overview

11.10.2. Product Offerings

11.10.3. Financial Performance

11.10.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

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