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The global chromium oxide market size was USD 492.4 million in 2018 is projected to reach USD 703.3 million by 2026, exhibiting a CAGR of 4.6% during the forecast period.
Chromium oxide, an inorganic compound and one of the major oxides of chromium, is available in many forms such as powdered, nanopowder, pellets, and pieces. It is used as a pigment in several applications and is known as chromia and chrome green due to its green color. Chromium oxide has properties like wear resistance, abrasion resistance, and resistance to chemicals which makes it suitable for the use in applications such as coatings, paints, ceramics, glass, inks, and can be used as a catalyst. The properties of chromium oxide also include heat stability and dispersibility.
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Chrome green is available in various grades namely, pigment, metallurgical, refractory, and chemical, based on its use in varied applications. The majorly used grades are pigment and metallurgical grades for the purpose of imparting color to cement bricks, to provide protective coatings to the various materials and to produce chromium metal for the manufacture of stainless steel. The increasing use of chromium oxide for different applications, owing to its properties, is expected to propel the chromium oxide market growth.
“Rising Demand for Chromium Oxide Owing to a Rise in Construction and Steel Industries”
The demand for chromium oxide is gaining momentum in various applications such as the construction of residential and commercial buildings, where it is used as cement colorant, decorative coatings, and other materials. The use of chrome green as a pigment is ideal for coloring materials which are 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 demand for chromium oxide in the steel industry is also driving the market. Chromium oxide is used as a raw material for the production chromium metal which is used in manufacturing of stainless steel. Chromium metal provides high resistance to corrosion and produces a smooth finish and is also used as 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 lead to an upsurge in the chromia market.
“The Pigment Grade Expected to Generate the Highest Revenue during the Forecast Period”
The chromium oxide market is segmented into pigment grade, metallurgical grade, refractory grade, and chemical grade, on the basis of types. Amongst these, pigment grade accounts for the largest market share owing to the increased use of chromium oxide in the production of paints & coatings, plastics, enamels, ceramics, sports surfaces, and cosmetics. Pigment grade remains unaffected by alkalis, acids, solvents and also has corrosion resistance properties that make chromium oxide a suitable material for use in coatings. The growing paints & coatings industry is another factor driving the chromium oxide market.
Metallurgical grade of chromium oxide is majorly used to produce chromium metal. In stainless steel, the chromium oxide forms a layer on the surface and further protects the metal from corrosion. Increase in demand for metallurgical grade chromium oxide from automotive & metal processing industries for use of chromium in the production of stainless steel or in automotive parts is expected to grow the chromia market.
Refractory grade chromium oxide is generally used for the production of refractory bricks to line furnaces, mortars, high-temperature ovens, and in production of fire-proof surfaces, anticorrosive surfaces, tiles, and color bricks. The refractory grade of chromium oxide can withstand high temperatures and additionally can provide good mechanical strength, corrosion resistance, and resistance against thermal shock. A rise in demand for refractory grade of chromium oxide from several industries owing to its properties is expected to grow the chromium oxide market size substantially. The chemical grade is highly suitable for polishing of leathers, optical surfaces, precious stones and gems like emerald, ruby, sapphire, and for chemical synthesis in the laboratories and universities. Growing demand for chemical-grade from consumer and chemical industries is expected to provide growth opportunities for the chromium oxide market trends.
“The Metallurgy Segment Accounted for the Dominant Market Volume in 2018, and is Expected to Continue to Remain Dominant Throughout the Forecast Period”
The chromium oxide market is categorized into paints & coatings, ceramic, metallurgy, rubber, and others, on the basis of application. Amongst these applications, the metallurgy segment is expected to remain dominant in terms of market volume during the forecast period. The metallurgical application of chromium oxide mainly includes the production of chrome metal that is further used in production of stainless steel. Increasing use of stainless steel in industries such as automotive and construction is expected to increase the demand for chromium oxide.
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The use of chromium oxide for paints & coatings is growing at a significant CAGR owing to its properties such as resistance to chemicals, weather, and climatic changes. Additionally, the use of chromium oxide in ceramics is related to glasses, tiles, roofing, refractory bricks, and mortars. This material can withstand high temperature and provide good mechanical strength, and resistance from thermal shock, hence, is in demand from refractory industry.
Asia Pacific accounted for the highest market share in 2018 and is expected to remain the largest throughout the forecast period due to expanding metal and building & construction industries in countries such as China and India. Increasing demand for chromium oxide is attributed to its applications in paints & coatings, and metallurgy, along with high automotive production which is driving the chrome green market value in the Asia Pacific region. Additionally, growing industrialization and urbanization that would increase the need for coatings is also driving the chrome green market value in Asia Pacific region.
Europe is projected to witness significant growth in the global market. The increasing demand for chromium oxide from the metal and building & construction industries would contribute to the chromium oxide market growth in the region. Furthermore, the use of chromium oxide in plastics and ceramics is another factor increasing the use of chromium oxide because of its high rigidity and tensile strength.
On the other hand, North America is expected to witness significant growth in the global chromium oxide market. The U.S. is a major consumer of chromium-based chemicals and chromium oxide owing to its large consumption in paints & coatings, and metallurgy applications.
North America Chromium Oxide Market Size, 2018
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In the Middle East & Africa, increased demand for chromium oxide for pigment production is one of the major factors influencing the growth. In this region, paints & coatings are largely used application for chromium oxide. The rise in demand for long-lasting, anti-corrosive, and abrasive resistant coating from the various industries has increased the consumption of chromium oxide.
South America is expected to observe substantial growth in the market. Brazil is the largest market for chromium oxide in this region. Use of chromium oxide in numerous applications comprising of coatings for materials, and the production of chromium metal remains the market trend for Brazil.
“Market Players like LANXESS, ELEMENTIS, Luoyang Zhengjie, and Hebei Chromate Chemical Would Strengthen the Market Position with Respect to Providing Chromium Oxide Solutions to the Metal and Paint & Coatings Industries”
The major producers of chromium oxide are present in the Asia Pacific and Europe. One of the major company LANXESS deals with advanced intermediates, specialty additives, performance chemicals, and engineering materials. It provides inorganic pigments including chromium oxide as one of its constituents. The company has shown dominance around the globe by applying the acquisition strategy. ELEMENTIS is expanding throughout the globe by using its new Reignite Growth strategy and providing diversified range of chromic oxide grades. ELEMENTIS has strong influence in Europe region.
Along with this, the chromium oxide market report provides an elaborative analysis of the global chrome green market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in the global chrome green market, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape and company profiles.
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Value (USD Million) and Volume (Kiloton)
Fortune Business Insights says that the chromium oxide market was valued at USD 492.4 Mn in 2018 and is projected to reach USD 703.3 Mn by 2026.
Growing at a CAGR of 4.6%, the chromium oxide market will exhibit steady growth in the forecast period (2019-2026)
The metallurgy segment is expected to be leading for chromium oxide market volume during the forecast period.
Rising demand for chromium oxide in steel and paints & coatings industries will drive the growth of the chromium oxide market.
The Asia Pacific is expected to hold the highest market share in the chromium oxide market.
LANXESS, ELEMENTIS, Luoyang Zhengjie, and Hebei Chromate Chemical are the key players in the market accounting for the major production volume of chromium oxide.
Rising demand for stainless steel and paints & coatings containing chromium oxide is an important chromium oxide market trend.