Chromium oxide is crucial component in the production of ceramics for which households are expected to propel the demand, for the production of components such as teacups, mugs, and sinks, among others. Over the forecast period, the anticipated rise in demand for rubber for various applications such as medical devices, surgical gloves, clothes, and toys, among others, is likely to bolster the market growth. This can be attributed to the increasing infrastructure development activities and urbanisation projects. Increasing Demand for Chromium Oxide for Various Applications to Boost Growth of the Chromium Oxide IndustryĬhromium oxide is a versatile compound which is used in numerous industries among which, the rubber and paints and coatings segments are generating a heightened demand for the chromium oxide market. The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Chromium oxide is also used as a catalyst in the industrial sector.īased on type, the market for chromium oxide can be segmented into:īy application, the chromium oxide market has been divided into:
The appearance of this compound can be a light or dark green crystal that is insoluble in water. Furthermore, the market in the region is anticipated to be aided by the growing expansion of steel manufacturers.Ĭhromium oxide, also known as dichromium trioxide, is defined as an inorganic compound made of chromium which naturally occurs in a mineral eskolaite. Over the forecast period, the thriving construction industry, owing to the high economic growth in the region and favourable policies of the government is anticipated to propel the demand for chromium oxide. The presence of large populations in expanding economies such as India and China, is generating a high consumption of automotive components which are propelling the demand for the compound. The chromium oxide market in the Asia Pacific region is being driven by the strong foothold of major manufacturers dealing with the supply of chromium oxide.
The Asia Pacific Region Accounts for a Sizable Segment of the Market for Chromium Oxide This format is used as a colourant in enamels, sun-proof coatings, and printing of currency, and is likely to bolster the market growth. In the forecast period, there is an anticipated increase in demand for metallurgical grade chromium oxide in the form of an amorphous olive green mineral powder.
Growing research and development activities in the aerospace sector and increasing spending of government on aerospace and defence-related projects are likely to accelerate the demand for metallurgical grade chromium oxide in the coming years. Meanwhile, it is also used in the production of high purity chromium metals which are applied in the aerospace industry. In this regard, the growing demand for steel in industries such as construction and automotive is driving the segment’s growth. Metallurgical grade chromium oxide is used in the manufacture of stainless steel and special steel.
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Read more about this report - REQUEST FREE SAMPLE COPY IN PDFĭemand for Metallurgical Grade Chromium Oxide in Stainless and Special Steel Production Driving Market Growth The market is further expected to grow in the forecast period of 2023-2028 at a CAGR of 4.40% to reach USD 660.98 million by 2027. The global chromium oxide market size stood at a value of around USD 532.95 million in 2021.
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