Chromium Oxide Overview Analysis Review, Overview, Growth Forecast, Demand and Development Research Report to 2027
Market Highlights
The Chromium Oxide Market is projected to be valued at USD
353,564.5 Thousand by the end of 2030 and expected to exhibit a CAGR of
5.13% during the forecast period.
The key factor driving the growth of the global market is
the increasing demand for the product in the paints & coatings industry
majorly as a pigment. These pigments exhibit superior performance properties in
terms of opacity, resistance to acid and alkali, chemical resistance, corrosion
resistance, exterior durability, and compatibility. The chromium oxide coatings exhibit excellent self-mating
and anti-galling properties, owing to which they are recommended for
applications wherein resistance to wear by abrasive grains, particle erosion,
hard surfaces, and cavitation is required. The healthy growth of the paints
& coatings industry globally, which is mainly attributed to increasing
investments in construction activities globally, particularly residential construction,
is expected to boost the demand for chromium oxide pigments in the coming years.
The growth of the construction industry in the developing
countries of Asia-Pacific and the Middle East & Africa due to rise in
residential and commercial construction activities has fueled the demand for
concrete and cement, and thereby for cement colorants, decorative coatings, and
other building materials. In the building & construction industry, oxide
pigments are ideal for coloring materials used in the construction industry,
such as concrete and other construction materials. The growing urbanization
with increasing per capita disposable income and changing lifestyles are
important factors driving the growth of the construction industry in the
developing markets. This is likely to create lucrative opportunities for the
manufacturers of chromium oxide during the review period.
However, the health hazards associated with chromium oxide is
expected to hamper the growth of the global market to an extent during the forecast
period. Chromium oxide is considered toxic and can lead to various chronic and
acute health issues on inhalation, skin contact, ingestion, or eye contact.
Segment Analysis
The global chromium
oxide market has been segmented on the basis of grade, application, and region.
Based on grade, the market has been divided into pigment grade,
metallurgical grade, and refractory grade. The pigment grade segment accounted
for the largest market share and was valued at USD 95.77 million in 2017 and is expected to exhibit a
significant CAGR of 5.32% during
the forecast period. This is attributed to its excellent lightfastness and
weatherability, resistance to acids, alkalis, solvents, and corrosion resistant
properties. Chromium oxide pigments are majorly used in the formulation of
paints, coatings, enamels, and plastic products.
By application, the global chromium oxide market has been
segmented into paints & coatings, glasses, ceramics, inks & dyes,
bricks & concrete, metallurgy, and others. The metallurgy segment accounted
for the largest market share of over 30% in 2017 and
is projected to be valued at over USD 104 million by
the end of 2030.
Key Players
MRFR recognizes the following companies as the key players in the global chromium oxide market— Venator Materials
PLC (UK), LANXESS (Germany), Hubei Zhenhua Chemical Co., Ltd (China), Elementis
plc (UK), Saint-Gobain (France), Reade International Corp (US), Vishnu
Chemicals (India), American Elements (US), Hunter Chemical LLC (US), and Chrome
Star Chemical Works (India), among
others.
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Regional Analysis
The global chromium oxide market is
studied with respect to five key regions, namely Asia-Pacific, North America,
Europe, the Middle East & Africa, and Latin America. The Asia-Pacific
market was the leading regional market in 2017 and
is expected to be a dominant market, registering a CAGR of around 6% during the forecast period.
The European market held the second-largest share of the global market and is
projected to be valued at over USD 93 million by
the end of 2030. North America also held a substantial
market share of around 14% in 2017.
Key Findings of the Study:
·
Global chromium oxide
market is projected to reach over 7 kilotons by 2030 with
a CAGR of around 4% during
the forecast period of 2018–2030
·
Asia-Pacific dominated
the global market with a share of over 45% owing
to the increasing demand for chromium oxide in the major economies of China,
India, Thailand, and Indonesia
·
The pigment grade segment held 45% of the global market share in 2017 and is expected to be valued at over USD 186.6 million by the end of 2030
- Metallurgy is estimated to be the dominant
application segment in the global chromium oxide market during the
forecast period
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