The global chromium oxide market size is set to touch USD 703.3 million by 2026, exhibiting a 4.6% CAGR during the forecast period. Rising steel production will be the key factor driving the global Chromium Oxide Market growth during the forecast period. Steel production is one of the core economic activities for any country and steel is extensively used in a variety of industries such as automotive and construction.
According to the Fortune Business Insights report, titled “Chromium Oxide Market Size, Share & Industry Analysis, By Type (Pigment Grade, Metallurgical Grade, Refractory Grade, Chemical Grade), By Application (Paints & Coatings, Ceramic, Metallurgy, Rubber, Others), and Regional Forecast, 2019-2026”, the global Chromium Oxide Market value stood at USD 492.4 million in 2018.
Besides this, the report also provides an in-depth evaluation and analysis of the different dynamics and aspects that will influence the development of the market during the forecast period.
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Economic development across the globe has further raised the demand for steel, leading to a constant rise in its production. According to the World Steel Association (WSA), the steel industry accounts for close to USD 2.9 trillion in terms of value addition. The WSA has further reported that compared to 2017, in 2018, steel production rose by 4.6%, with Asia recording the highest growth. Chromium oxide is a crucial compound in the production of steel and increasing activities in the steel industry will likely raise the global chromium oxide market demand in the forecast period.
Chromium is a hard metal that occurs in steel-gray color. It is used in alloys to increase corrosion resistance and strength of the material. Chromium oxide is an important oxygen compound of chromium, prepared when sodium dichromate is calcified in the presence of Sulphur or carbon. The compound is green in color in its powder form.
Accelerating Urbanization to Propel the Market
According to the UN Department of Economic and Social Affairs, by 2050, 68% of the world’s population will be living in urban areas. They estimate that urban areas could see an influx of close to 2.5 billion people by 2050, with 90% of this addition happening in Asia and Africa. Moreover, the World Health Organization (WHO) projects that between 2020 and 2025, the global urban population will increase at a rate of 1.63% per year and between 2025 and 2030, the increase will be of 1.44% annually. Rapid rise in urbanization is increasing and intensifying construction activities in residential and commercial spaces. This has given a boost to steel production, which, in turn, has the raised the demand for chromium oxide. This compound of chromium plays a vital role in manufacturing stainless steel as the chromium coating on the steel reacts with the oxygen outside and prevents corrosion of the alloy. In construction, stainless steel provides strength and support to the structure and ensures its long life. Therefore, expansion of the construction industry will favor the expansion of the global Chromium Oxide Market size till 2026.
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Asia-Pacific to Occupy a Leading Position in the Market
Among regions, Asia-Pacific is expected to hold the dominant portion of the global Chromium Oxide Market share. This is mainly on account of growing metal production, developing construction industry, and rising demand for automobiles in India and China. Increasing demand for chromium oxide in plastics and ceramics will be the key factor driving the Chromium Oxide Market in Europe. Wide application of chromium oxide in paints and coatings in the US is likely to spur the market growth in North America. In Africa and the Middle East, the market will primarily be driven by growing demand for chromium oxide in pigment production.
New Product Launches to Energize Market Competition
Key competitors in the global Chromium Oxide Market are strategizing to strengthen their position in the market by coming out with novel products. For example, in March 2019, LANXESS exhibited chromium oxide pigments under the brand name Colortherm, having a high milling stability and heat resistance. Similarly, the MIDURAL Group has developed Chromium 1915 which is designed to be used in the production of chrome-infused industrial reagents and other materials such as potassium dichromate and chromium anhydride.
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