Dublin, Nov. 15, 2023 (GLOBE NEWSWIRE) -- The "Chromium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
Global Chromium Market Size Hits US$14.9 Billion in 2022; Expected to Reach US$17.8 Billion by 2028, Driven by Increasing Use in Micronutrients, Refractory Additives, and Manufacturing
Chromium, a lustrous, hard metal, is used in various applications due to its properties. It is extracted mainly from chromite and is essential in numerous industrial processes. The market is seeing growth due to its increasing use in metallurgy, nutritional supplements, and the automotive industry.
Market Drivers:
- Diverse Industrial Applications: Chromium's role in hardening and manufacturing stainless steel, along with its use in electroplating, drives market growth.
- Nutritional Supplement Use: The growing application of chromium in dietary supplements for humans and animals is supporting market expansion.
- Automotive Industry Demand: Chromium's utilization in car exhaust systems and other auto parts is a significant market driver.
Market Trends:
- Metallurgical Processes: The use of chromium in metallurgy, especially in stainless steel production, is a major trend.
- Leather Tanning and Paint Pigments: Chromium's role in other industries like leather tanning and paint pigments further boosts its demand.
Key Market Segmentation:
- By Grade: Metallurgy, Refractory and Foundry, Chemical
- By Application: Alloyed Steel Production, Stainless Steel Production, Refractory Additives, Non-Ferrous Alloy Production, Others
- By Industry Vertical: Chemical and Petrochemical, Energy and Power, Mining, Steel, Automotive, Others
Competitive Landscape: The report includes a detailed analysis of major companies including:
- ACI Alloys
- Al Tamman Indsil FerroChrome L.L.C
- Belmont Metals Inc.
- Edgetech Industries LLC
- Eurasian Resources Group
- Ferbasa
- Glencore plc
- Gulf Mining Materials Company
- Odisha Mining Corporation Limited
- ProChem Inc. International
- RD Mathis Company and Samancor Chrome Ltd.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 143 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $14.9 Billion |
| Forecasted Market Value (USD) by 2028 | $17.8 Billion |
| Compound Annual Growth Rate | 3.0% |
| Regions Covered | Global |
The "Chromium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report offers in-depth insights into the chromium market's current trends and future projections, highlighting its growing importance across various industries.
For more information about this report visit https://www.researchandmarkets.com/r/anlyom
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