Chromium Market Size, Share Analysis, Trends & Growth 2023

Chromium (Cr) is a hard, lustrous, steel-gray metal that is commonly found in nature in the form of ores. It is also commercially produced through the reduction of chromite ore. It is an essential trace element involved in carbohydrate and lipid metabolism, which supports insulin function in regulating blood sugar levels. It improves the strength and corrosion resistance of an alloy and is considered suitable for electroplating. It is used in the production of stainless steel, where it imparts resistance to oxidation and enhances the durability and strength of the material.

The global chromium market size reached US$ 14.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.8 Billion by 2028, exhibiting a growth rate (CAGR) of 2.9% during 2023-2028.

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There is an increase in the use of Cr in the aerospace sector for coating turbine blades and other components to improve the resistance of components to high temperatures and corrosive environments, which enhances overall performance and longevity. This represents one of the primary factors supporting the market growth around the world. Moreover, the rising adoption of Cr in electrical contacts and circuit breakers due to its high electrical conductivity and resistance to oxidation is favoring the growth of the market. Apart from this, the growing usage of Cr in the oil and gas sector for downhole tools and components in drilling and exploration operations on account of its high strength and resistance to harsh environments properties is influencing the market positively.

Top Key Players covered in this report are: 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.

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The report segmented the market on the basis of region, grade, application and industry vertical.

Grade Insights:

The report has provided a detailed breakup and analysis of the chromium market based on the grade. This includes metallurgy, refractory and foundry, and chemical. According to the report, metallurgy represented the largest segment.

Application Insights:

A detailed breakup and analysis of the chromium market based on the application has also been provided in the report. This includes alloyed steel production, stainless steel production, refractory additives, non-ferrous alloy production, and others. According to the report, stainless steel production accounted for the largest market share.

Industry Vertical Insights:

A detailed breakup and analysis of the chromium market based on the industry vertical has also been provided in the report. This includes chemical and petrochemical, energy and power, mining, steel, automotive, and others.

Regional Insights:

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) was the largest market for chromium. Some of the factors driving the Asia Pacific chromium market included the presence of highly developed manufacturing industries, large production of stainless steel using chromium, technological advancements, etc.

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