Global Chromium Market – Industry Trends and Forecast to 2031

Chromium Market Analysis and Size

The global chromium market continues to evolve with significant dynamics influencing its growth trajectory. Chromium, a critical element in stainless steel production, plating applications, and alloy manufacturing, maintains robust demand across industrial sectors. The market's expansion is driven by steady growth in stainless steel consumption, particularly in construction, automotive, and aerospace industries worldwide. Rising urbanization and infrastructure development initiatives further bolster demand for stainless steel, where chromium's corrosion-resistant properties are pivotal. In addition, technological advancements in alloy formulations and increasing applications in chemical processing and refractory materials contribute to market expansion.

Global chromium market size was valued at USD 15.30 billion in 2023 and is projected to reach USD 20.15 billion by 2031, with a CAGR of 3.50% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.         

Report Scope and Market Segmentation       

Market Definition

Chromium is a steel-gray metal that is highly resistant to corrosion. Chromium is widely used in various industrial applications, including stainless steel production, chrome plating, and alloys to improve hardness and resistance to wear. It also finds applications in the chemical industry, as a pigment in paints and dyes, and in the manufacture of refractory materials.            

Chromium Market Dynamics

Drivers

• Growing Stainless Steel Demand    

Stainless steel's corrosion resistance and durability make it indispensable in the construction, transportation, and consumer goods sectors. As cities expand and modernize their infrastructures, from skyscrapers to bridges and railways, the need for stainless steel grows unabated. This trend not only drives demand for chromium as a critical alloying element but also underscores its role in sustainable urban development and industrial progress.  The increasing pace of urbanization and ongoing infrastructure projects worldwide continue to propel demand for stainless steel, a key consumer of the chromium market.                   

• Rapid Industrialization in Emerging Economies  

Rapid industrialization in emerging economies such as China and India significantly boosts demand for chromium in alloy production and infrastructure development. These countries are witnessing massive investments in manufacturing, construction, and transportation sectors, all of which heavily rely on chromium alloys for their robustness and anti-corrosive properties. As these economies continue to grow, driven by urbanization and rising middle-class consumption, the demand for chromium is expected to rise commensurately, creating opportunities for both local and international market players to expand their presence and investments.

Opportunities

• Expansion in Aerospace Industry    

Chromium's role in enhancing the strength-to-weight ratio of alloys makes it ideal for critical aerospace components, such as turbine blades, landing gear, and structural components. As global air traffic continues to grow and aircraft manufacturers focus on fuel efficiency and performance, the demand for advanced chromium alloys is poised to increase. This trend not only underscores chromium's importance in aerospace innovation but also opens avenues for technological advancements and collaborations across the aerospace supply chain. The aerospace industry's increasing demand for lightweight, high-strength materials presents significant opportunities for chromium alloys.        

• Technological Innovations for New Chromium-Based Products   

Investments in research and development for new chromium-based products and applications are unlocking doors for market expansion. Innovations in alloy formulations, surface treatments, and manufacturing processes are enhancing the performance and versatility of chromium in various industries. Research initiatives are focusing on developing chromium alloys with improved mechanical properties, corrosion resistance, and environmental sustainability. These technological advancements not only cater to existing applications in stainless steel and aerospace but also pave the way for new opportunities in sectors such as electronics, renewable energy, and healthcare, driving the future growth of the chromium market.

Restraints/Challenges

• Growing Presence of Substitute Materials      

Advancements in substitute materials like nickel alloys and composite materials pose a challenge to the growth of traditional chromium applications. Nickel alloys, for instance, offer similar corrosion resistance properties as chromium alloys and are increasingly preferred in certain industrial applications. In addition, composite materials combining fibers and resins are gaining traction in sectors where lightweight and high-strength properties are essential. The availability and price competitiveness of these substitutes relative to chromium alloys could influence market dynamics and limit the growth potential of chromium in certain applications.           

• Volatility in Raw Material Prices

Fluctuations in chromite ore prices significantly impact production costs and profit margins for chromium producers. Chromite, the primary source of chromium, is subject to price volatility influenced by geopolitical factors, mining regulations, and global demand-supply dynamics. Price fluctuations not only affect the profitability of chromium mining and processing operations but also impact end-user industries reliant on stable chromium supply chains. 

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an analyst brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In November 2022, Yildirim Group finalized the acquisition of Elementis plc's chromium business for USD 170 million. This acquisition includes Elementis Chromium's assets such as production facilities in Corpus Christi (TX) and Castle Hayne (NC), along with additional facilities in Amarillo (TX), Dakota (NE), and Milwaukee (WI)
• In June 2022, Tenaris announced a USD 29 million investment in its Dalmine steel shop to enhance production capacity for specialty steels high in chromium, like chromium 13. The investment, slated for completion by early 2023, involves upgrades across three stages of the production process

Chromium Market Scope

The market is segmented on the basis of type, grade, material, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Trivalent Chromium
• Hexavalent Chromium

Grade

• Metallurgical Grade
• Refractory and Foundry Grade
• Chemical Intermediary Grade
• Others

Material

• Ferrochromium
• Chromium Chemicals
• Chromium Metals
• Others

Application

• Stainless Steel Production
• Alloyed Steel Production
• Non-Ferrous Alloy Production
• Refractory Additives
• Others

Chromium Regional Analysis/Insights

The market is analyzed and market size insights and trends are provided by country, type, grade, material, and application as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Brazil, Argentina, rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, rest of Europe, Japan, China, India, South Korea, Australia, New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, Israel, South Africa, and rest of Middle East and Africa

Asia-Pacific is expected to dominate the market due to the concentration of major stainless steel manufacturing facilities across the region. This dominance is bolstered by robust industrial growth and infrastructure development in countries like China and India, where stainless steel demand remains high for the construction, automotive, and consumer goods sectors.           

Europe is expected to be the fastest growing region due to increasing chromium ore production and the presence of key stainless steel manufacturers. This region benefits from technological advancements and stringent environmental regulations that favor sustainable chromium mining and processing practices.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Chromium Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Some of the major players operating in the market are:

• Al Tamman Indsil FerroChrome L.L.C (Oman)
• Assmang Proprietary Limited (South Africa)
• CVK Madencilik (Turkey)
• Glencore (Switzerland)
• Hernic Ferrochrome (Pty) Ltd (Hernic) (South Africa)
• International Ferro Metals (IFM) (South Africa)
• Kermas Investment Group (U.K.)
• MVC Holdings LLC (U.S.)
• Odisha Mining Corporation Ltd (India)
• Tenaris (Luxembourg)
• YILDIRIM Group of Companies (Turkey)

SKU-59645