The global chromium market size is expected to reach USD 16.55 billion by 2025
NEW YORK, March 19, 2018 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05360503
The global chromium market size is expected to reach USD 16.55 billion by 2025, according to a new report by Grand View Research, Inc., registering a 2.7% CAGR during the forecast period. Increasing demand from the stainless steel industry has been a key factor driving market growth globally. Robust growth of various end-use industries in Asia Pacific is fueling stainless steel demand and, in turn, demand for chromium.
Chromium finds extensive application across segments such as chrome plating and finishing, in production of synthetic rubies, metal ceramics, dyes and paints, and in various super alloys. It is also used in metallurgy to render a shiny finish and impart corrosion resistance.
Asia Pacific is witnessing increased demand for chromium due to booming manufacturing in automotive and electronics industries in the region.China and India are key contributors in these industries.
Strong GDP growth rate, increasing income, and government support are driving automotive production in these countries. Moreover, stronger demand has been observed from lower-tier cities in these countries owing to decline in automobile prices.
Rising number of buyers on account of the unique properties exhibited by chromium, such as corrosion resistance and shiny texture, has led to low bargaining power of buyers.Growing demand for chromium in metal finishing and plating industry in Asia Pacific is expected to drive the market.
However, the carcinogenic properties of chromium may lead to severe health effects, thereby hampering market growth.
Further key findings from the report suggest:
? The global chromium market was valued at USD 13.07 billion in 2016 and is expected denote a CAGR of 2.7% from 2017 to 2025
? Metallurgy was the largest application segment in 2016 and is expected to register a CAGR of 2.8% between 2017 and 2025
? The chemical segment was valued at USD 708.2 million in 2016 and is anticipated to witness moderate growth over the next eight years. Chromium-based chemicals include chrome oxide, chromic acid, and potassium dichromate
? The Asia Pacific market is projected to experience substantial growth over the next eight years owing to rising demand from various stainless steel end-use industries, especially automotive and aerospace. In terms of revenue, APAC is expected to register a CAGR of 3.1% between 2017 and 2025
? Key players including Kermas Group Ltd., Glencore PLC, Samancor Chrome, Assmang Proprietary Limited, Odisha Mining Corporation, Hernic Ferrochrome (Pty) Ltd., CVK Group, Al Tamman Indsil FerroChrome LLC, and Gulf Mining Group LLC are engaged in mining and production of chromium in the global market.
Read the full report: https://www.reportlinker.com/p05360503
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