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The global chromium oxide market size was USD 514.2 million in 2019 and is projected to reach USD 712.2 million by 2027, exhibiting a CAGR of 4.3% during the forecast period.
Chromium oxide has properties such as 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 also include heat stability and dispersibility.
Green chromium oxide is often used in industrial paints which require a lot of wear. Military vehicles, for example, are painted with green Cr2O3 paint. This preserves their color when exposed to high heat and sun, making it suitable for outdoor applications. In glass manufacturing, it is used for imparting green color to the glass. Global wine production and consumption increased 13% and 1.7% respectively from 2017 to 2018, according to the International Organization of Vine and Wine (OIV). 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.
Impact on Chromium Oxide Market due to COVID-19 Outbreak
Chromium oxide naturally occurs as the mineral eskolaite found in chromium-rich tremolite skarns, metaquartzite, and chlorite veins. Eskolaite also constitutes a rare portion of chondrite meteorites. The global shutdown has influenced the mining activities and has thus created pressure on the market growth. Strict government regulation for raw material production and shutdown of manufacturing units is expected to constrain the market.
COVID-19 has exposed many challenges for the paints & coatings industry by impacting both the architectural and industrial sectors. Major economies have been affected by the pandemic, resulting in slowdown of 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 Coloured Plastics to Favour Growth
Chromium oxide is used in the plastics industry for coloring plastics according to requirements such as good dispensability, easy to disperse so as to quickly achieve their final tinting strength, high thermal stability, high luminosity. All these requirements depend on how resistant plastic is to fading when exposed to light, and weather stability. These pigments are suitable for coloring most plastics types including acrylonitrile butadiene styrene (ABS), polystyrene, polyvinyl chloride, polymers in engineering, and polyolefin. They are related to packaging materials, plastic tubes used in the building industry, cockpits for vehicles, pipes and connector components, and plastics used in the electrical field.
Expansion of Construction & Steel Industries to Stoke Product Demand
The market is gaining momentum in 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 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 product demand in the steel industry is also driving the chrome green market. It is used as a raw material for the production chromium, a metal which is used in the manufacturing of stainless steel. This 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.
High Cost and Adverse Effects of Chromium Oxide on Human Health to Hamper Growth
Despite its wide applications, the use of the product has been limited because, due to the preparation process, these are much costlier than the emerald greens or chrome greens. The demand may be affected by its toxicological content and the adverse effects on human health. While this product is not a severe health threat, it may cause skin and eye irritation, and may cause nausea and other problems if ingested. Proper safety measures and equipment for body defense should be used when the substance is applied.
Pigment Grade Segment to Generate the Highest Revenue
On the basis of type, the market for chromium oxide 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 additionally provide good mechanical strength, corrosion resistance, and resistance against thermal shock. Rising demand for refractory grade from several industries owing to its properties is expected to fuel this market size substantially.
The chemical grade is highly suitable for polishing of leathers, optical surfaces, precious stones, and gems such as emerald, ruby, and sapphire, and for 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 Accounted for Dominant Market Volume in 2019
On the basis of application, the market for chromium oxide 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, 2019 (USD Million)
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Asia Pacific dominated the chromium oxide market share in 2019 and is expected to remain largest throughout the forecast period owing to expanding metal and building & construction industries in countries such as 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 the Asia Pacific region. Additionally, growing industrialization and urbanization that would increase the need for coatings is also driving the regional market growth.
Europe is projected to witness significant growth in the global market. The increasing demand from the metal and building & construction industries would contribute to the market growth in the region.
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 demand for pigment production is one of the major factors influencing growth. In this region, paints & coatings are the largely used application. The rising demand for long-lasting, anti-corrosive, and abrasion-resistant coating from the various industries has increased the consumption of this substance.
South 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.
Market Players are Adopting Strategies to Maintain their Position in the Market
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 the European region.
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 leading companies, 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)
Fortune Business Insights says that the global chromium oxide market size was USD 514.2 million in 2019 and is projected to reach USD 712.2 million by 2027.
In 2019, the market value stood at USD 514.2 million.
Growing at a CAGR of 4.3%, the market will exhibit steady growth in the forecast period (2020-2027).
The metallurgy segment is expected to be the leading segment in this market during the forecast period.
Rising demand in steel and paints & coatings industries will drive the market growth.
LANXESS, ELEMENTIS, Luoyang Zhengjie, and Hebei Chromate Chemical are the key players in the market.
Asia Pacific dominated the global market in 2019.
Rising demand for stainless steel and paints & coatings is an important market trend.
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