Chromium Oxide- Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2020 - 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.
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.
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.
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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 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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