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The global chromium oxide market size is projected to reach USD 712.2 million by 2027 on account of extensive adoption of chrome oxide for metallurgical operations, states Fortune Business Insights™ in its report, titled “Chromium Oxide Market Size, Share & COVID-19 Impact Analysis, By Type (Pigment Grade, Metallurgical Grade, Refractory Grade, Chemical Grade), By Application (Paints & Coatings, Ceramic, Metallurgy, Rubber, Others), and Regional Forecast, 2020-2027”. As per the report, the value of the global market was at USD 514.2 million in 2019 and is expected to register a CAGR of 4.3% from 2020 to 2027.
The COVID-19 pandemic is anticipated to stall the chromium oxide market growth as manufacturing activities worldwide have been severely hit by the pandemic. Additionally, strict regulations on trade and travel have disrupted global raw materials supply, which has further stymied industrial operations.
Lanxess Divests Its Chrome Chemical Business
In January 2020, Lanxess, the German specialty chemicals major, announced the completion of the sale of its chrome chemicals business to Brother Enteprises, a leather chemicals company based in China. At an estimated value of USD 89 million, the deal took nearly 6 months to reach fruition. Lanxess has been producing chrome-based chemicals at two plants in South Africa, one at Merebank and the other at Newcastle, with both collectively generating USD 111 million annually in revenue. While the Newcastle facility is engaged in producing sodium dichromate, the Merebank plant has been built to manufacture chrome tanning salts, which are then used for leather tanning process.
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Rising Adoption of Chromia for Paints Manufacturing to Boost the Market
Chromia, or green chrome oxide, is known to be an extremely stable and highly durable compound, which is most commonly used as a pigment in the paint & coatings industry. Since it does not react with sodium hydroxide or hydrochloric acid, chromium oxide green is widely applied for outdoor paint applications. Furthermore, owing to its heat-resistant properties along with this chemical strength, this compound is ideally suited for industrial coatings and paints, where a lot of wear is involved. Moreover, the demand for paints is slated to skyrocket in the next few decades with exponential growth in the construction industry. For instance, Oxford Economics estimates that the global construction output will surge by 85% and reach a value of USD 15.5 trillion by 2030. Together, these developments will ensure enduring growth of this market during the forecast period.
Aggressive Marketing Strategies Adopted by Key Players to Fuel Competition
Given the extensive applicability of chromium oxide and other chromium compounds, key players in this market are exploring and utilizing different avenues to increase the visibility of their products. To that end, companies are developing novel chemical offerings through innovation and enhanced R&D activities. This strategy is enabling companies to diversify their portfolios, attract new customers, and consolidate their position in the market. Further, many players are also collaborating with each other to enlarge their market share and establish presence in promising regions.
List of Key Companies Profiled in this Market Report:
Further Report Findings:
Table of Segmentation:
Value (USD Million) and Volume (Kiloton)