The global chromium market size is projected to hit around USD 36.69 billion by 2032 from USD 22.66 billion in 2023, growing at a CAGR of 5.50% from 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 widespread use of chromium in various industries, including metallurgy, chemicals, and electronics. Chromium, a transition metal, holds significance due to its corrosion-resistant properties and applications in the production of stainless steel, alloys, and pigments. As a critical element, the market experiences fluctuations influenced by global industrial demands, technological advancements, and regulatory changes.
Growth Factors
The growth of the Chromium market is propelled by the increasing demand for stainless steel in construction and infrastructure projects worldwide. The automotive industry’s reliance on chromium for corrosion-resistant coatings also contributes to market expansion. Furthermore, the rise in aerospace applications, spurred by the aviation sector’s growth, amplifies the demand for chromium alloys, fostering market development.
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Chromium Market Scope
| Report Coverage | Details |
| Growth Rate from 2023 to 2032 | CAGR of 5.50% |
| Market Size in 2023 | USD 22.66 Billion |
| Market Size by 2032 | USD 36.69 Billion |
| Largest Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Material and By Application |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Chromium Market Dynamics
Drivers:
One of the key drivers of the Chromium market is the surge in infrastructure development, particularly in emerging economies. The construction of residential and commercial buildings, coupled with the expansion of transportation networks, necessitates the use of chromium-based materials. Additionally, the growing emphasis on sustainable practices and the recycling of stainless steel contribute to the sustained demand for chromium.
Trends:
A prominent trend in the Chromium market is the exploration of innovative processes and technologies for chromium extraction and refining. Sustainable mining practices, coupled with advancements in recycling technologies, are gaining traction. Additionally, there is a noticeable shift towards the development of chromium-free coatings in response to environmental concerns, influencing market trends.
Region Snapshot
The Chromium market exhibits regional variations, with Asia-Pacific emerging as a dominant player. The rapid industrialization in countries like China and India propels the demand for stainless steel and, consequently, chromium. North America and Europe also contribute significantly, driven by the automotive and aerospace industries. Africa remains a key source of chromium ore, impacting global supply dynamics.
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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.
Competitive Landscape:
The Chromium market features a competitive landscape with key players engaging in strategic initiatives such as mergers, acquisitions, and research and development activities. Major market participants include mining companies, stainless steel producers, and chemical manufacturers. Understanding the importance of securing a sustainable chromium supply chain, companies are investing in exploration activities and forging partnerships to ensure a competitive edge in the market. Price fluctuations and geopolitical factors also play a role in shaping the competitive dynamics of the Chromium market.
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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