Pune, Sept. 21, 2020 (GLOBE NEWSWIRE) -- The global chromium oxide market size is projected to reach USD 712.2 million by 2027, exhibiting a CAGR of 4.3% during the forecast period. Steadily rising demand for stainless steel worldwide will bode well for the growth of this market, shares Fortune Business Insights™ in its report, titled “Chromium Oxide Market Size, Share & COVID-19 Impact Analysis, By Type (Pigment Grade, Metallurgical Grade, Refractory Grade, Chemical Grade), By Application (Paints & Coatings, Ceramic, Metallurgy, Rubber, Others), and Regional Forecast, 2020-2027”.
According to the International Stainless Steel Forum, the demand for stainless steel is growing by 5.80% every year, with global production reaching 52.2 million tons (Mt) in 2019. Stainless steel is a variant of regular steel that has been made corrosion-resistant through the addition of certain alloys. Typically, it consists of a minimum of 10.5% chromium for better corrosion resistance and strength. This chromium creates a layer on the oxidation taking place on the steel’s surface and prevents further corrosion. As a result of anti-corrosion properties, this steel is extensively used in a variety of industries such as automotive, equipment manufacturing, and construction. Thus, as stainless steel is wide demand across industries, the demand for chromium oxide is likely to remain stable over the forecast period.
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The report states that the global market value stood at USD 514.2 million in 2019 and also offers the following:
- Tangible insights into the trends, drivers, and various other aspects of the market;
- Actionable analysis of the factors restricting the growth of the market;
- Granular study of the different market segments; and
- A detailed evaluation of the regional prospects and the competitive dynamics influencing the market.
Market Restraint
Health Risks Posed by Certain Chromium Compounds May Hinder Growth
A leading restraining factor for the chromium oxide market growth is the potential health hazards posed by some chromium compounds. For example, the Centers for Disease Control and Prevention (CDC) found, through a series of studies, that chromium compounds can cause pulmonary sensitization and lead to respiratory tract irritation when inhaled.
Prolonged inhalation of chromium oxide can also trigger lifelong conditions such as asthma, chronic bronchitis, and polyps of the upper respiratory tract, the CDC highlights. Furthermore, the New Jersey Department of Health’s ‘Hazardous Substance Factsheet’ has categorized chromium trioxide as carcinogenic. With workers in steel manufacturing and automotive industries getting constantly exposed to chromium compounds, organizations such as the Occupational Safety and Health Administration have come up with strict guidelines to prevent excessive exposure of workers to these toxic compounds. These regulations, coupled with the growing awareness about the adverse health effects of these compounds, may hamper the growth of this market.
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Regional Insights
Asia Pacific to Command the Market Backed by Prolific Growth in the Metallurgical Industry
Asia Pacific, which boasted a market size of USD 290.0 million in 2019, is expected to dominate the chromium oxide market share during the forecast period on account of the robust growth of the regional metallurgical industry. The demand for chromium oxide is being further driven by the rapid expansion of construction activities in India and China.
In Europe, the market is slated to grow promisingly in the coming years on owing to the extensive adoption of chrome oxide for ceramic and plastic applications. The market in North America will be mainly powered by the high demand for chromium compounds and chemicals in the paint & coatings industry.
Competitive Landscape
Key Players to Focus on Targeted Expansion of Operations
With an eye to capture the international market for chromium-based chemicals, key players in this market are focused on expanding their operations strategically in certain target regions. For this, the majority of companies are entering into partnerships with regional players to leverage their established distribution network to gain entry into the market.
List of the Leading Companies Profiled in the Global Chromium Oxide Market are:
- NIPPON CHEMICAL INDUSTRIAL CO., LTD. (Japan)
- Luoyang Zhengjie Science & Technology Industry Trade Co. Ltd (China)
- Sichuan Yinhe Chemicals (China)
- LANXESS (Germany)
- Vishnu Chemicals Ltd. (India)
- ELEMENTIS (UK)
- Shijiazhuang Jirong Chemicals Co. Ltd. (China)
- Hebei Chromate Chemical Co. Ltd. (China)
- Venator (U.S.)
- Hunter Chemical LLC (U.S.)
- MidUral Group (Russia)
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Key Industry Developments:
November 2019: MidUral Group teamed up with Turkey-based Yidirim Group to design and build a new complex dedicated for the production of chrome chemicals and superalloys. Chrome oxide will be manufactured utilizing an eco-friendly technology, with the group planning to double its ore extraction in Voskhod Mining and processing unit in Kazakhstan.
February 2019: Elementis Chromium announced the appointment of Maroon Group as the exclusive distributor of the company’s chromic oxide in the Southwest, Eastern, and Midwestern US regions. Maroon Group will deploy its technical sales team to promote Elementis’s offerings, leveraging its wide customer network across the US.
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