According to the global chromium market report by IMARC Group, finds that the 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.
Chromium is a complex, steel-grey metallic component found naturally in soil, animals, plants, rocks, volcanic dust, and gasses. It is also present in several food items, such as beer, wine, brewer’s yeast, meat, nuts, spices, fruits, vegetables, and grain products. It is widely utilized in manufacturing dyes, alloys, electroplating, and pigments, treating cooling tower water, and preserving wood and leather. Nowadays, chromium is used in formulating dietary supplements as it consists of antioxidants and plays an essential role in lipid, carbohydrate, and protein metabolism.
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Market Trends and Drivers:
The market is primarily driven by the increasing sales of passenger vehicles worldwide. Chromium is utilized for producing stainless steel, used in manufacturing car exhaust systems and other auto parts, such as suspension, body, hose clamps, seatbelt springs, chassis, and fuel tanks. Apart from this, chromium is used in the pharmaceutical industry to produce medicines essential for improving blood sugar levels among people with prediabetes and type 1 and type 2 diabetes.
Furthermore, there has been escalating demand for chromium-based medications with the growing prevalence of human immunodeficiency virus (HIV) and rising cases of high blood sugar due to extreme steroid intake. This is also on account of the increasing geriatric population, which is more susceptible to developing diabetes and other serious health conditions. Furthermore, the expanding product application in drilling muds, textiles, and toner for copying machines owing to its easy availability at affordable prices, is creating a favorable outlook for the market.
Global Chromium Market 2023-2028 Competitive Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
ACI Alloys, Belmont Metals Inc., Edgetech Industries LLC, Eurasian Resources Group, Ferbasa, Glencore plc, Gulf Mining Materials Company, Al Tamman Indsil FerroChrome L.L.C, Odisha Mining Corporation Limited, ProChem Inc. International, RD Mathis Company, Samancor Chrome Ltd., etc.
The report has segmented the market on the basis of grade, application, industry vertical and region.
Breakup by Grade:
- Refractory and Foundry
Breakup by Application:
- Alloyed Steel Production
- Stainless Steel Production
- Refractory Additives
- Non-Ferrous Alloy Production
Breakup by Industry Vertical:
- Chemical and Petrochemical
- Energy and Power
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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