Global Chromium
Market Report
2025
Global Chromium market size will be USD 18.07 Billion by 2030. Chromium Industry's Compound Annual Growth Rate will be 4.07% from 2023 to 2030.
The base year for the calculation is 2024 and 2021 to 2024 will be historical period. The year 2025 will be estimated one while the forecasted data will be from year 2025 to 2033. When we deliver the report that time we updated report data till the purchase date.
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The global chromium market will expand significantly by xx% CAGR between 2024 and 2031.
The demand for trivalent chromium type is rising in the global chromium market.
Demand for pigment grade is rising in the global chromium market.
Demand for metallurgy applications is rising in the global chromium market.
Demand for Ferrochromium material is rising in the global chromium market.
Asia Pacific region will continue to lead, as dominating region and highest compound annual growth rate in the forecast year 2024 to 2031.
2019 | 2024 | 2025 | 2032 | 2033 | CAGR | |
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Global Chromium Market Sales Revenue | 121212 | 121212 | 121212 | 121212 | 121212 | 4.07% |
Base Year | 2024 |
Historical Data Time Period | 2021-2024 |
Forecast Period | 2025-2033 |
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Market Split by Application |
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Market Split by Grade |
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Market Split by Material |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Chromium Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The metal known as chromium (Cr) is silver-gray in color, hard, brittle, and does not tarnish in the air. It is widely distributed throughout the earth's crust in the form of rocks, vegetation, animals, soil, volcanic gases, and dust. It is extracted commercially from chromite, an oxide of magnesium, iron, aluminum, and chromium.
It is a vital dietary vitamin that the body needs to properly metabolize glucose and potentiate insulin. A shortage in it can lead to several major health issues. It helps to manufacture and harden stainless steel, increasing the product's efficacy. In addition, it helps an alloy become stronger and more resistant to corrosion, making it a good choice for electroplating. It is extensively used in the production of non-ferrous alloys, synthetic rubies, alloyed and stainless steel, and refractory additives. In addition, Cr is used globally in the mining, steel, chemical, petrochemical, energy and power, and automotive industries.
The stainless-steel industry is experiencing significant growth due to increasing demand for its products in various end-use markets, including automotive, aerospace, defense, marine, building and construction, and electronics. Asia Pacific is also expected to drive the market, with China being the largest consumer. Chromium is an essential alloying element in stainless steel, making it a major driver of demand. The U.S., a major producer of chromium-based chemicals, is a major supplier of chromium ore, which is used extensively for refractory applications.
However, the market's growth is challenged by its carcinogenic properties and price volatility. Chromium is toxic and found in trivalent (Cr III) and hexavalent (Cr VI) forms. Trivalent exposure is considered less toxic than hexavalent exposure, but prolonged exposure can cause severe respiratory system irritations, including shortness of breath, coughing, wheezing, and neurological and gastrointestinal effects.
• In 2022, global chromium production reached 41 million metric tons, with South Africa contributing the most at 45%. The World Steel Association reported a 3.5% increase in January 2023, while the Organization Internationale des Constructeurs d'Automobiles predicts 69 million new car sales and registrations in 2022.
Source (https://worldsteel.org/media-centre/press-releases/2023/january-2023-crude-steel-production/)
• The Chinese Association of Automotive Manufacturers reported a 3.4% year-over-year rise in car production, with 27 million automobiles expected in China.
Source (http://en.people.cn/n3/2023/0120/c90000-10198626.html)
The chromium market is driven by demand for stainless steel, automobile production, infrastructure investments, and chemical processes. Consumer spending drives chromium-enhanced products like jewelry and electronic devices. Research and development efforts and advancements in extraction and processing technologies shape the market's growth. Chromium is also used in the energy sector for corrosion-resistant alloys, the healthcare industry, and medical technology advancements. It also plays a role in environmental cleanup, particularly in treating industrial wastewater.
In a circular economy, chromium pricing could be impacted by recycling and circular economic concepts. It might be required to increase the recycling of stainless-steel scrap to develop more effective recycling techniques. One approach to producing chromium more sustainably and efficiently is to improve chromium extraction and processing technology through research and development. Innovative solutions that lessen their negative effects on the environment can enhance a variety of chromium uses.
• The amount of chromium recycled from scrap in the United States increased nearly 10 percent in 2023 to an estimated 100,000 metric tons.
Source (https://www.statista.com/statistics/209379/recycled-volume-of-chromium-in-the-us/)
Chromium may be able to find use in a new application that goes beyond stainless steel. The market can grow as a result of several cutting-edge catalysts and alloys, as well as electrical applications. As more producers of stainless steel implement recycling strategies, the demand for primary chromium will be impacted. Sustainability initiatives and the circular economy may affect chromium usage.
The market is expanding in several areas, including residential and commercial building construction, where the product is utilized as ornamental coatings, cement colorants, and other materials. Because of its qualities, including chemical and wear resistance, chrome green is a perfect pigment to employ when coloring building materials.
• In 2022, the building and infrastructure segment utilized 52 percent of the steel produced worldwide. In the same year, the automotive industry accounted for 12 percent of the global steel use, whereas electrical equipment made up three percent of total steel demand.
Source (https://www.statista.com/statistics/1107721/steel-usage-global-segment/)
With an increase in the consumption of steel, it is obvious that the consumption of chromium has increased too. This joint consumption of steel and chromium together for construction increases the growth of the market. It is anticipated to fuel the expansion of the chrome green market. The chrome green market is also being driven by the steel industry's product needs. It serves as a raw material for the chromium production process, which produces the metal needed to make stainless steel. This metal is used as a coating on the metal parts of cars and motorcycles, and it has a strong resistance to corrosion and a smooth finish.
• In 2022, 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021.
Source (https://www.acea.auto/figure/world-motor-vehicle-production/#:~:text=In%202022%2C%2085.4%20million%20motor,and%202022%2C%20per%20world%20region.)
With an increase in the automobile sector, more automobile parts are produced. This increases the consumption of chromium, as more metal parts need to have a chromium coating before finishing. The chromium market is anticipated to be driven by the growing need for stainless steel from a variety of end-use industries, including consumer goods, automotive & transportation, construction & infrastructure, and medical.
Due to its exceptional corrosion resistance, chromium is a great material to electroplate electrical and electronic equipment, especially electro-galvanized steel, zinc, copper, and aluminum. Because it is not corrosive, chromium is a perfect material for electroplating.
The production and export of electronic equipment reached US$ 52.6 billion in the fourth quarter of 2020, according to the Statistical Handbook of Japan 2021. It is projected that this amount will climb over the ensuing years.
Additionally, the well-known consumer electronics and media brand Lenovo Group released its annual report for the fiscal year that concluded in March 2021. It reported that the company's total revenue for the fiscal year 2020–2021 was US$ 60,742 million, a 20 percent increase over the previous year.
• According to recent research conducted by the Semiconductor Industry Association (SIA), US investments in computer manufacturing totaled about US$ 142.2 billion, while US investments in consumer electronics—such as TVs and cell phones—amounted to US$ 53 billion.
As a result, it is projected that the increased production and demand for electronic goods and equipment will raise the need for chromium, which is utilized in the electroplating of electrical and electronic equipment. This element will probably be the main driver of this market's expansion in the next years.
Significant barriers to chromium market demand are found in mining and extraction issues. Higher extraction costs are a result of the complex procedures needed to extract chromium from ores, which are frequently located in isolated areas. Furthermore, environmental issues associated with mining operations, such as habitat destruction and water pollution, may lead to increased regulatory oversight and opposition from the local community, which may have an effect on the supply chain as a whole.
Depletion of resources is another element influencing the demand for chromium. The scarcity of readily accessible high-grade chromium deposits makes extraction more difficult and expensive. This scarcity may cause supply chain disruptions that impact chromium-dependent industries including aerospace and stainless-steel manufacture.
These difficulties in mining and extraction not only restrict the supply of chromium but also add to market uncertainty, which affects pricing dynamics and may prevent the chromium market from expanding.
In chromium-rich tremolite skarns, metaquartzite, and chlorite veins, chromium oxide is naturally found as the mineral eskolaite. Another uncommon component of chondrite meteorites is eskolaite. The worldwide stoppage has affected mining operations, which has put pressure on market expansion.
The market is anticipated to be restrained by stringent government regulations governing the production of raw materials and the closure of industrial facilities. COVID-19 has affected the industrial and architectural sectors, exposing numerous issues for the paint and coatings business. The epidemic has impacted major economies, which has caused a slowdown in companies that use paints and coatings. Although the legal ramifications differ from place to location and contract to contract, the COVID-19 epidemic has a significant detrimental impact on the building industry as well.
Due to many supply chain disruptions, the COVID-19 epidemic is slowing down the expansion of the building industry and generating disruption and delays. In certain locations, the closure of building and construction companies has also been mandated by a few governments. Numerous building projects, both residential and non-residential, had to close. Due to supply chain delays, cash flow issues, and production shutdowns, it is anticipated that most housing projects will stay unfinished, posing numerous challenges for ceramic producers and the building sector overall.
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The increased production of goods related to stainless steel is anticipated to drive considerable growth in the chromium market throughout the projected period. Chromium is mostly used as an addition to hardened steel and improves corrosion resistance when it comes to the formulation or fabrication of stainless-steel grade for commercial usage. The need for chromium is being driven by an increase in applications, such as decorative plating, from the automobile finishing and plating industry. Automotive components plated with chromium offer several benefits, including resistance to corrosion and wear as well as the capacity to enhance a vehicle's external look. Throughout the projection period, these beneficial attributes are anticipated to propel market expansion.
However, during the projected period, the market's expansion may face obstacles from the rising environmental consciousness and the correspondingly strict laws governing the chromium plating process. However, the global COVID-19 outbreak in 2020 caused significant disruptions to the market. The regulatory organizations' imposition of limits caused a sharp decline in demand from the industry's primary application industries. The demand for chromium and related items suddenly increased in FY 2021 as a result of improvements in industrial production levels. The increase in energy costs resulted in further price increases in FY 2022.
Recent developments
• The Indian government imposed export restrictions in June 2023 to prevent the export of chromium ores and concentrates, which are used in several sectors, including the manufacturing of stainless steel. India exported 10.96 million USD worth of chromium ores and concentrates in 2022–2023, most of which went to China. Exporters must now seek a license from the Directorate General of Foreign Trade (DGFT) to ship chromium, under the new laws.
• A scientific breakthrough was made in June 2023 when ion enrichment chip–laser-induced breakdown spectroscopy (IEC-LIBS) was introduced by researchers. With the use of an ion enrichment chip and laser-induced breakdown spectroscopy, it is now possible to quickly and accurately identify the various oxidation states of chromium that are present in soil and water. The effectiveness of this strategy, which offers simplicity, environmental friendliness, and potential for useful field applications, is highlighted in the study, which was published in the Journal of Analytical Atomic Spectrometry. The IEC-LIBS method effectively detects trace levels of chromium in water and soil samples, assisting in monitoring compliance with environmental quality regulations.
• African Chrome Fields made an announcement in May 2023 regarding the impending opening of its cutting-edge aluminothermic smelting facility in Zimbabwe. The construction of this facility, which will cost about USD 40 million, is expected to be completed in the next two months. The factory converts chrome ore into ferrochrome without the use of outside electricity thanks to its exclusive cutting-edge technology. The plant will serve the interests of its South African and international customers, who depend on the company's premium ferrochrome products for their stainless-steel production needs, by supporting the company's mineral beneficiation operations.
Top Companies Market Share in Chromium Industry: (In no particular order of Rank)
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The Asia-Pacific region is expected to be the largest market for chromium due to its well-developed manufacturing sectors and increasing demand for metallurgical products. The region produces more chromium for stainless steel than any other region, making it the world's largest producer. China, India, and Japan are key players in the auto industry, with China producing 79.5 million tons in January 2023, a 2.3% increase from the previous year. The Indian automotive industry is predicted to reach USD 300 billion by 2026, with India producing 22.93 million cars annually in FY22. The chemical industry in the Asia-Pacific is also expanding rapidly, with chromium being used as a catalyst in oxidation processes, ethylene polymerization, and oligomerization catalysts. These factors are expected to boost the chromium market in the coming years.
Throughout the projection period, Europe is anticipated to develop at the second-fastest CAGR of XX%. The need for chromium in the area is being driven by growing applications, such as decorative plating, from the finishing and plating industry for automobiles. Automotive components plated with chromium offer several benefits, including resistance to corrosion and wear as well as the capacity to enhance a vehicle's external look. Throughout the projection period, these beneficial attributes are anticipated to propel market expansion. However, during the projected period, the market's expansion may face obstacles from the rising environmental consciousness and the correspondingly strict laws governing the chromium plating process.
The current report Scope analyzes Chromium Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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Global Chromium Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Chromium Industry growth. Chromium market has been segmented with the help of its Type, Application Grade, and others. Chromium market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Due to the benefits and features that hexavalent chromium provides, trivalent chromium continued to hold a sizable market share in 2021. This was mostly caused by the rising demand for chrome plating brought on by hexavalent chromium. Trivalent chromium plating is a versatile coating that can be applied to a wide range of metals with ease. It exhibits high resistance to heat, chemicals, ultraviolet light, and uneven surfaces and geometries, and may be applied even at lower temperatures. This contrasts with hexavalent chromium, which is only effective on a restricted range of metals and can be challenging to apply. This factor lengthens the total product lifecycle of a commercial or industrial machine, as well as its performance, durability, and smoother operation. Furthermore, when compared to hexavalent chromium, trivalent chromium offers alternatives that are less toxic, higher quality, better coverage, simpler cleaning procedures, and less hazardous waste production. Due to these benefits, demand for it is increasing more quickly than that of chromium hexavalent, which is expected to drive market growth in the upcoming years.
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The metallurgy industry led the chromium market in 2021, with North America's crude steel production expected to reach 108.3 million tonnes, 17.8% higher than in 2020. South America's production reached 42.1 million tonnes, a 21.7% increase over 2020. Emirates Global Aluminium, a renowned aluminum manufacturer, produced 1.09 million metric tonnes in the first half of 2021. Chromium is crucial in protecting metals from corrosion and giving them a glossy sheen, especially in stainless steel production. It also enhances the strength and durability of aluminum during heating. The primary metallurgical application involves the synthesis of chrome metal, which is used to produce stainless steel. As stainless steel is used more frequently in construction and automotive sectors, chromium demand is expected to rise. The use of Cr2O3 in paints and coatings is also increasing, and its application in ceramics extends to roofing, refractory bricks, mortars, glasses, and tiles.
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The market is divided into four categories based on type: chemical grade, metallurgical grade, refractory grade, and pigment grade. Due to the rising use of this product in the manufacturing of paints and coatings, plastics, enamels, ceramics, sports surfaces, and cosmetics, pigment grade has the most market share among these. Pigment grade offers corrosion resistance qualities and is unaffected by alkalis, acids, and solvents, making it a good material for coatings. The burgeoning paints and coatings sector is an additional driver of the chromium oxide market expansion. The primary usage of the metallurgical grade is in the production of chromium metal. It creates a coating on the surface of stainless steel, further shielding the metal against rust. This market is anticipated to grow as a result of the automotive and metal processing sectors' rising need for metallurgical-grade materials. The production of refractory bricks, which line furnaces, mortars, and high-temperature ovens, as well as the creation of fire-proof and anticorrosive surfaces, tiles, and colored bricks, are the main uses for refractory grade products. In addition to having good mechanical strength, resistance to corrosion, and resilience against thermal stress, it can tolerate high temperatures. Because of its qualities, increasing demand for refractory grades across a range of sectors is anticipated to significantly propel market size. The chemical grade is ideal for polishing leather, optical surfaces, jewels like sapphire, emerald, and ruby, as well as valuable stones and precious stones in laboratories and institutions. Growth prospects are also anticipated due to the consumer and chemical industries' increasing demand for chemical grades.
In 2022, the ferrochromium segment generated the highest revenue share, amounting to XX%. Iron (Fe) and chromium (Cr) make up the majority of the alloy ferrochromium. It adds desired qualities including hardness, strength at high temperatures, and corrosion resistance, which is why it is frequently employed in the fabrication of stainless steel. Smelting chromite ore, a mineral that contains chromium along with other elements like iron, silicon, and carbon, produces ferrochromium. Several reasons, including the expansion of the global stainless-steel industry, increased construction activity, and industrial growth, all have an impact on the demand for ferrochromium. The manufacturing of stainless steel is the main factor driving the need for chromium compounds. Because it resists corrosion and increases the steel's strength and durability, chromium is an essential component in the production of stainless steel. Applications for chromium compounds are found in a wide range of industries and chemical processes. They are employed in the manufacturing of compounds for surface treatment, catalysts, pigments, and dyes.
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The Global Chromium Market is witnessing significant growth in the near future.
In 2023, the Trivalent Chromium segment accounted for noticeable share of global Chromium Market and is projected to experience significant growth in the near future.
The Metallurgy segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Glencore , Zimasco and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
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Type | Trivalent Chromium, Hexavalent Chromium |
Application | Metallurgy, Refractory And Foundry, Chemical, Alloyed Steel Production, Stainless Steel Production, Refractory Additives, Non-Ferrous Alloy Production, Others |
Grade | Chemical Grade, Metallurgical Grade, Refractory Grade, Pigment Grade |
Material | Ferrochromium, Chromium Chemicals, Chromium Metals, Others |
List of Competitors | Glencore, Kermas, Zimasco, ENRC, Samancor, Assmang, OMC, Hernic Ferrochrome, African Chrome Fields, Tata, CVK Mineral, IFM, Al Tamman, Gulf Mining Group, AlbCHROME, Sinosteel |
This chapter will help you gain GLOBAL Market Analysis of Chromium. Further deep in this chapter, you will be able to review Global Chromium Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
This chapter will help you gain North America Market Analysis of Chromium. Further deep in this chapter, you will be able to review North America Chromium Market Split by various segments and Country Split.
Chapter 2 North America Market Analysis
This chapter will help you gain Europe Market Analysis of Chromium. Further deep in this chapter, you will be able to review Europe Chromium Market Split by various segments and Country Split.
Chapter 3 Europe Market Analysis
This chapter will help you gain Asia Pacific Market Analysis of Chromium. Further deep in this chapter, you will be able to review Asia Pacific Chromium Market Split by various segments and Country Split.
Chapter 4 Asia Pacific Market Analysis
This chapter will help you gain South America Market Analysis of Chromium. Further deep in this chapter, you will be able to review South America Chromium Market Split by various segments and Country Split.
Chapter 5 South America Market Analysis
This chapter will help you gain Middle East and Africa Market Analysis of Chromium. Further deep in this chapter, you will be able to review Middle East and Africa Chromium Market Split by various segments and Country Split.
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
This chapter provides an in-depth analysis of the market share among key competitors of Chromium. The analysis highlights each competitor's position in the market, growth trends, and financial performance, offering insights into competitive dynamics, and emerging players.
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
This chapter would comprehensively cover market drivers, trends, restraints, opportunities, and various in-depth analyses like industrial chain, PESTEL, Porter’s Five Forces, and ESG, among others. It would also include product life cycle, technological advancements, and patent insights.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2021 - 2033
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Chapter 11 Market Split by Application Analysis 2021 - 2033
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Chapter 12 Market Split by Grade Analysis 2021 - 2033
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Chapter 13 Market Split by Material Analysis 2021 - 2033
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Chromium market
Chapter 14 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Trivalent Chromium have a significant impact on Chromium market? |
What are the key factors affecting the Trivalent Chromium and Hexavalent Chromium of Chromium Market? |
What is the CAGR/Growth Rate of Metallurgy during the forecast period? |
By type, which segment accounted for largest share of the global Chromium Market? |
Which region is expected to dominate the global Chromium Market within the forecast period? |
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