Chromium Oxide Market to Exhibit 4.5% CAGR from 2022 to 2029; Bullish Demand from Steel Industry to Foster Growth Potentials

The global chromium oxide market size is estimated to rise from USD 544.94 million in 2022 to USD 740.30 million by 2029. Expanding application of the inorganic compound across paints & coatings, metallurgy, and ceramic sectors will propel the industry growth. Besides, a notable surge in wine consumption will augur well for leading companies gearing to boost their portfolios.

According to the latest research report by Fortune Business Insights™ 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, 2022-2029,” the market garnered USD 526.86 million in 2021. It is expected to witness 4.5% CAGR during the forecast period.

Dip in Construction Activities amidst the COVID-19 Pandemic to Mar Growth Prospect

The ravage of the COVID-19 pandemic became pronounced across paints & coating and construction sectors in 2020 and 2021. A notable delay and disruption in supply chain activities challenged chromium oxide manufacturers. Moreover, the shutdown of construction and building firms, along with the halt in building projects, could impact the global outlook. Some factors, such as production shutdown or postponement of projects, could reshape the industry dynamics.

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https://www.fortunebusinessinsights.com/industry-reports/chromium-oxide-market-101579

Major Players Prioritize Advanced Solutions for Metal and Paint & Coating Sectors to Tap Markets

Soaring competition in the global market suggests industry participants could focus on performance chemicals, specialty additives, advanced intermediates and engineering materials. Leading players are poised to shift attention toward the metal and paint & coating industries to gain a competitive edge. Well-established players and new entrants could emphasize investments in advanced solutions, thereby fostering the chromium oxide market share.

Notable Demand from Steel Sector to Underscore Industry Growth

Stakeholders expect the steel sector and construction industry to exhibit resilience at the time when the COVID-19 outbreak jolted most industries globally. With the construction of commercial and residential buildings picking pace, the use of the compound as decorative coating and cement colorant could gain traction. Prominently, the notable use of chromium to produce steel has played an invaluable role in boosting resistance against corrosion and providing a smooth finish. Strong demand for stainless steel from consumer goods, automotive, construction and medical will propel the chromium oxide market growth during the assessment period. However, rigorous government regulations could impede the industry outlook in the ensuing period.

Industry Players Focus on Innovations to Bolster Product Offering

Leading companies of chromium oxide are slated to emphasize organic and inorganic strategies to expand their footprint across yet-to-be-penetrated areas. Strategic approaches, such as product launches, technological advancements, mergers & acquisitions and R&D activities, will likely shape the industry dynamics. Besides, major players are likely to bolster their geographical footprint through investments in innovations.

List of Companies Profiled in the Global Market

• LANXESS (Germany)


• ELEMENTIS (U.K.)


• Vishnu Chemicals Limited (India)


• NIPPON CHEMICAL INDUSTRIAL CO., LTD. (Japan)


• Venator (U.S.)


•  MidUral Group (Russia)


• American Elements (U.S.)


• Hubei Zhenhua Chemical Co., LTD (China)


• Luoyang Zhengjie Science & Technology Industry Trade Co., Ltd. (China)


• Hebei Chromate Chemical Co. Ltd. (China)


• HUNTER Chemical LLC (U.S.)


• Chrome Star Chemical Works (India)


• Shijiazhuang Jirong Chemical Co. (China)


• Sichuan Yinhe Chemicals (China)

Further Report Findings

• Based on type, the pigment grade segment will account for a considerable share of the global market on account of compound usage in paints & coatings and plastics.


• Asia Pacific market size was valued at USD 299.30 million in 2021 and will grow with expanding applications across construction sectors.


• Europe market outlook will be robust owing to the strong demand for plastics and ceramics.

Table of Segmentation