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The global chromium oxide market size was valued at USD 526.86 million in 2021. The market is projected to grow from USD 544.94 million in 2022 to USD 740.30 million by 2029, exhibiting a CAGR of 4.5% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with chromium oxide experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 0.9% in 2020 as compared to 2019.
Chromium oxide, an inorganic compound, is available in many forms, such as powder, nanopowder, pellets, and pieces. It is known as chromia and chrome green due to its green color. The compound has properties, such as wear resistance, abrasion resistance, and resistance to chemicals, making it suitable for use in applications, such as coatings, paints, ceramics, glass, inks, and can be used as a catalyst. The properties of the product also include heat stability and dispersibility.
Green chrome oxide is often used in industrial paints, which require a lot of wear. Military vehicles, for example, are painted with green chrome oxide paint. This preserves their color when exposed to high heat and sun, making them suitable for outdoor applications. In glass manufacturing, it is used for imparting green color to the glass. There are plenty of different wine bottle colors out there, but the most common color is green and amber. Growing wine consumption is likely to boost the production of the wine glass bottle, which in turn is driving the market.
Chromium Oxide to Witness Significant Decline in Demand Amid Pandemic
Chromium oxide naturally occurs as the mineral eskolaite in chromium-rich tremolite skarns, metaquartzite, and chlorite veins. Eskolaite also constitutes a rare portion of chondrite meteorites. The global shutdown has influenced mining activities and has thus created pressure on market growth. Strict government regulation for raw material production and the shutdown of manufacturing units are expected to constrain the market.
COVID-19 has exposed many challenges for the paints & coatings industry by impacting architectural and industrial sectors. Major economies have been affected by the pandemic, resulting in a slowdown in businesses using paints & coatings. The COVID-19 pandemic also has a major negative effect on the construction industry, although the legal implications vary from region to region and contract to contract. The effect of the COVID-19 outbreak is slowing the building industry's growth, causing disruption and delay that can be attributed to several disrupted supply chains. Also, a few governments have ordered the shutdown of building and construction firms across regions. Many residential and non-residential building projects were forced to close. Ceramic producers and the building industry as a whole are likely to face many obstacles, as most housing projects are expected to remain unfinished due to supply chain delays, cash flow constraints and shutdown of production.
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Growing Demand for Chromium Oxide from Paints & Coatings Industry to Favor Market Growth
Growing global demand from the paints & coatings industry stands as an opportunity for growth in the market as the compound is widely used as pigment for various applications, such as paints & coatings, ceramics, glass products, plastics, rubber, and cosmetics. The demand for paint & coatings will be increasing due to applications in construction, automotive, aerospace, equipment manufacturing, consumer durables, and others. Moreover, the high development of infrastructures in the Asia Pacific is expected to drive the market for the product in paints & coatings. In addition, the increasing residential activities will provide an opportunity for market growth. Chromium oxide is used as a pigment in varying concentration levels of different intensities of colors in glass, ceramics, and plastics. The increasing demand and use of glass, ceramic, and plastic products will provide opportunities for the market.
Expansion of Construction & Steel Industries to Surge Product Demand
The market is gaining momentum across various applications, such as the construction of residential and commercial buildings, where this product is used as cement colorant, decorative coatings, and other materials. The use of chrome green as a pigment is ideal for coloring materials used in construction, owing to their properties, such as wear resistance and resistance to chemicals. This is expected to propel the chrome green market growth.
Additionally, the product demand in the steel industry is also driving the chrome green market. It is used as a raw material for the production of chromium, a metal used in the manufacturing of stainless steel. This metal provides high resistance to corrosion and produces a smooth finish and is also used as a coating on metal components of cars and motorbikes. Rising demand for stainless steel from various end-use industries, such as automotive & transportation, construction & infrastructure, consumer goods, and medical is expected to drive the chromia market.
Regulations over Consumption of Chromium Chemicals to Hamper Market Growth
The key market restraint for the global market is the regulations developed by various governments and associations over the consumption of chromium chemicals. Chromium(III) is an essential component in the diet of human beings in small amounts but can turn out toxic at high levels. Chromium can be found in nature and air, water, and food at low levels. Chromium(III) and chromium(VI) both are toxic to aquatic life. Excessive inhalation of chromium(III) can cause asthma attacks and repeated contact with skin may cause skin allergies and irritation. The hexavalent form of chromium can cause dermatitis and ulcerations. Hence, the chromium chemicals need to be handled and stored cautiously to avoid skin contact and excessive release in nature. Moreover, the government and related associations have developed regulations on the use of chromium chemicals.
Pigment Grade Expected to Generate Highest Revenue owing to its Usage in Several Applications
On the basis of type, the market is segmented into pigment grade, metallurgical grade, refractory grade, and chemical grade. Amongst these, pigment grade accounts for the largest market share owing to the increased product usage in the production of paints & coatings, plastics, enamels, ceramics, sports surfaces, and cosmetics. Pigment grade remains unaffected by alkalis, acids, and solvents and also has corrosion resistance properties that make it a suitable material for use in coatings. The growing paints & coatings industry is another factor driving the chromium oxide market growth.
The metallurgical grade is majorly used to produce chromium metal. In stainless steel, it forms a layer on the surface and further protects the metal from corrosion. Increasing demand for metallurgical grade products from automotive & metal processing industries is expected to propel this market. Refractory grade product is generally used for the production of refractory bricks to line furnaces, mortars, and high-temperature ovens and in the production of fire-proof surfaces, anticorrosive surfaces, tiles, and color bricks. It can withstand high temperatures and provide good mechanical strength, corrosion resistance, and resistance against thermal shock. Rising demand for refractory grades from several industries is expected to fuel this market size substantially due to its properties. The chemical grade is highly suitable for polishing leathers, optical surfaces, precious stones, and gems such as emerald, ruby, and sapphire, and chemical synthesis processes in laboratories and universities. Growing demand for chemical grade from consumer and chemical industries is also expected to provide growth opportunities.
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Metallurgy Segment is Expected to Dominate Market due to Increasing Steel Production
On the basis of application, the market is categorized into paints & coatings, ceramic, metallurgy, rubber, and others. Amongst these applications, the metallurgy segment is expected to remain dominant in terms of market volume during the forecast period. The metallurgical application mainly includes the production of chrome metal that is further used in the production of stainless steel. Increasing the use of stainless steel in industries such as automotive and construction is expected to increase the demand for chromium.
The use of Cr2O3 for paints & coatings is growing at a significant CAGR owing to its properties such as resistance to chemicals, weather, and climatic changes. Additionally, its use in ceramics is related to glasses, tiles, roofing, refractory bricks, and mortars. This material can withstand high temperatures and provide good mechanical strength and resistance from thermal shock, and hence is in demand from the refractory industry.
Asia Pacific Chromium Oxide Market Size, 2021 (USD Million)
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The Asia Pacific market size stood at USD 299.30 million in 2021. Asia Pacific accounted for the highest chromium oxide market share in 2021 and is expected to remain the largest over the forecast period due to expanding metal and building & construction industries in China and India. Increasing demand is attributed to its applications in paints & coatings, and metallurgy, along with high automotive production, which is elevating the market value in Asia Pacific. Additionally, growing industrialization and rapid urbanization that would increase the need for coatings are also driving the regional market growth.
Europe is projected to witness significant growth rate in the global market. The increasing demand from the metal and building & construction industries would contribute to the market growth in the region. Furthermore, the use of the compound in plastics and ceramics is another factor increasing the use of the product due to its high rigidity and tensile strength.
North America is also expected to witness significant growth in the global market. The U.S. is a major consumer of chromium-based chemicals owing to its large consumption in paints & coatings and metallurgy applications.
In the Middle East & Africa, increased pigment production is one of the major factors influencing growth. In this region, paints & coatings is the major product application. The rising demand for long-lasting, anti-corrosive, and abrasion-resistant coating from various industries has increased the consumption of this material.
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Latin America is expected to observe substantial growth in this market. Brazil is the largest market in this region. The compound is used in numerous applications consisting of coatings for materials, and the production of chromium metal remains the top market trend for Brazil.
Key Market Players to Strengthen their Market Position by Providing Advanced Solutions to the Metal and Paint & Coatings Industries
The major producers of chromium oxide are present in Asia Pacific and Europe. One of the major companies in this market, LANXESS, deals with advanced intermediates, specialty additives, performance chemicals, and engineering materials. It provides inorganic pigments as one of its constituents. The company has shown dominance around the globe by applying the acquisition strategy. Elementis, another major player, is expanding globally by using its new Reignite Growth strategy and providing a diversified range of chromic oxide grades. Elementis has a strong influence in Europe.
An Infographic Representation of Chromium Oxide Market
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The market research report provides a detailed analysis of the market and focuses on crucial aspects such as competition landscape, product, and applications. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.
Value (USD Million) and Volume (Kiloton)
By Type, Application, and Geography
Fortune Business Insights says that the global market worth was USD 526.86 million in 2021 and is projected to reach USD 740.30 million by 2029.
In 2021, the market size stood at USD 526.86 million.
Growing at a CAGR of 4.5%, the market will exhibit steady growth during the forecast period (2022-2029).
Metallurgy is expected to be the leading segment in the global market.
The growing product demand due to rise in construction and steel industries is driving the market.
LANXESS, ELEMENTIS, Luoyang Zhengjie, and Hebei Chromate Chemical are the top key players in the market.
Asia Pacific dominated the global market in 2021.
Robust demand from the paints & coatings industry for use in coatings applications in residential and commercial structures could increase the product adoption.
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