The global chromium oxide market size was pegged at USD 526.86 million in 2021. The market is anticipated to rise from USD 544.94 million in 2022 to USD 740.30 million by 2029 at a 4.5% CAGR during the forecast period. Fortune Business Insights™ has elucidated these insights in its latest research report, titled, “Chromium Oxide Market, 2022-2029.”
According to the assessment, the compound has become sought-after across applications, including paints & coatings, metallurgy, ceramic and rubber. Chrome green compound is likely to gain traction for abrasion resistance, wear-resistance and resistance against chemicals. Prominently, a surge in wine consumption will act as a catalyst for robust industry growth.
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COVID-19 Impact
Pandemic-induced Disruptions Reshape Industry Dynamics
The onslaught of the COVID-19 pandemic jolted paints & coatings and construction sectors following the temporary shutdown or postponement of projects. It is worth noting that residential and commercial building projects witnessed a gloomy outlook with ceramic producers grappling with supply chain disruptions, including a shutdown of production. Meanwhile, the resumption of economic activities, including growth in the construction sector, could help chromium oxide manufacturers overcome COVID-19 challenges.
Segments
Based on type, the market is segmented into metallurgical grade, pigment grade, chemical grade, and refractory grade.
In terms of application, the market is fragmented into metallurgy, paints & coatings, ceramic, rubber, and others.
With respect to geography, the market covers North America, Asia Pacific, Europe, the Middle East & Africa and Latin America.
Report Coverage
The research report on chromium oxide offers a comprehensive perspective of the market size, share, volume, and revenue. It has also delved into SWOT analysis and Porters’ Five Force Analysis. The report has been prepared through qualitative and quantitative analysis to bolster the strategic approach. The primary interviews validate assumptions, findings and the prevailing business scenarios. The report also includes secondary resources, such as annual reports, press releases, white papers and journals.
Drivers and Restraints
Infrastructural Development to Encourage Investments
Industry participants expect a resumption of infrastructural activities to underpin chromium oxide market share. The gradual rise in the demand for paints and coatings across automotive, construction, equipment manufacturing, consumer durables and aerospace will encourage investments in the ensuing period. Soaring demand for plastic products, ceramic and glass across advanced and emerging economies will bode well for the business forecast. Furthermore, the expansion of the steel industry has prompted investments from end-use sectors. It is worth mentioning that chrome green has gained prominence in providing high resistance to corrosion and a smooth finish.
Meanwhile, rigorous regulations over the consumption of chromium chemicals could challenge prominent players gearing to expand their portfolios.
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Regional Insights
Asia Pacific to Witness Investments Galore with Investments in Paints and Coatings
China and India have emerged as favorable destinations following the penetration of metallurgy and paints & coatings sectors. Besides, rising automotive production in the Asia Pacific will provide promising growth opportunities in the ensuing period. Burgeoning urbanization and industrialization will further solidify the position of Asia Pacific in the global market.
The Europe chromium oxide market growth will witness an upward trajectory against the backdrop of expansion of building & construction industries. Besides, the presence of leading companies across the U.K., Germany, Italy, and France will boost regional growth. Industry players are likely to seek the compound to use in ceramics and plastics, owing to its high tensile strength and rigidity.
Leading companies expect the North America market forecast to be strong on the back of rising demand from the paints & coating sector. Stakeholders envisage the U.S. and Canada as major hubs for chromium-based chemicals. Moreover, the expansion of metallurgy, ceramic, and rubber industries will also bode well for the regional expansion.
Competitive Landscape
Prominent Players Invest in Advanced Solutions to Tap Markets
Major players are poised to inject funds into organic and inorganic strategies to expand their footfall globally. In a bid to boost investments in advanced solutions, leading companies are likely to prioritize mergers & acquisitions, technological advancements, product rollouts, and R&D activities. Furthermore, investments in innovations amidst stiff competition will redefine the global dynamics.
Major Players Profiled in the Report:
- LANXESS (Germany)
- ELEMENTIS (U.K.)
- Vishnu Chemicals Limited (India)
- NIPPON CHEMICAL INDUSTRIAL CO., LTD. (Japan)
- Venator (U.S.)
- MidUral Group (Russia)
- American Elements (U.S.)
- Hubei Zhenhua Chemical Co., LTD (China)
- Luoyang Zhengjie Science & Technology Industry Trade Co., Ltd. (China)
- Hebei Chromate Chemical Co. Ltd. (China)
- HUNTER Chemical LLC (U.S.)
- Chrome Star Chemical Works (India)
- Shijiazhuang Jirong Chemical Co. (China)
- Sichuan Yinhe Chemicals (China)
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