Global Chromium Market Assessment and Key Insights Analyzed till 2026

Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Chromium Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2026” offers a detailed analysis of the market, providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the global Chromium market have been elaborated upon in the research report.

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Chromium seeks robust adoption in metallurgical applications, and is considered to be an essential alloying element in stainless steel. Mounting demand for stainless steel is therefore a major determinant for adoption of chromium worldwide. The high-strength stainless steel has sought extensive employment across a wide variety of industrial sectors including manufacturing, transport, construction & infrastructure, and automotive. Properties such as rust resistance and easy sterilization of stainless have made it ideal for application in daily use products. With chromium being essential raw material for manufacturing ferrochrome, expansion in the steel industry will create high demand for chromium in the foreseeable future.

Decorative plating is a key trend that prevails in the automotive sector for coating a variety of vehicle components, which include interior & exterior trims, wheel covers, mirror housings, emblems & logos, and door handles. Utilization of metals, such as steel, which contains chromium as an essential element, for decorative plating has gained tremendous traction over the past decade. Additionally, robust demand for functional chromium has been witnessed in piston rings and piston rods. These factors coupled with robust sales of vehicles across the globe are expected to create high demand for chromium.

According to Transparency Market Research’ new report, the global market for chromium will record a moderate growth between the period 2017 and 2026. Chromium sales across the globe are expected to close in on roughly US$ 18,000 Mn by 2026-end.

APEJ to Remain Largest Market for Chromium

Asia-Pacific excluding Japan (APEJ) is anticipated to stick to its position of being the largest market for chromium. This region is likely to pave several avenues for the market, with robust presence of prominent stainless steel manufacturing facilities in its emerging countries such as China and India. Among these countries, India accounts for a majority share of chromium ore production & export, whereas China stands as the largest exporter of chromium in the region.

With an evaluated market revenue share of over 80% during 2017 to 2026, metallurgical grade chromium will continue to be dominant among chromium grades in the market. This dominance can be attributed to the fact that metallurgical grade chromium is the most eminent among all the existing chromium ore grades. Additionally production of non-met chromium for use in foundry is likely to surge with growing inclination of several manufacturers toward production of foundry products. As, non-met chromium is a common by-product of metallurgical grade chromium, growing demand for foundry products will influence adoption of this chromium grade segment in the upcoming years.

Read Complete Table of Content of the Report at @ https://www.mrrse.com/chromium-market

Stainless Steel Production to Remain Leading Application of Chromium

In terms of revenues, chromium will continue to seek the largest application in stainless steel production, as stainless steel manufacturers have and will endure as major consumers of chromium. Chromium has been extensively utilized in the form of metals, scrape, and ferroalloys of stainless steel in the metallurgical applications. Chromium is also a crucial alloy element employed in the production of high strength steel, as it exerts excellent corrosion resistance, hardness, and mechanical properties.

Intense competition and highly fragmented nature of the global chromium market has led the players to concentrate on the product quality differentiation and affordable pricing structure. In a bid to retain their shares in the market, the market players are making robust investments in research & development activities associated with production processes of chromium. Key market participants contributing to growth of global chromium market include Al Tamman Indsil FerroChrome LLC, Assmang Proprietary Limited, Chrometco, CVK Group, Glencore PLC, Gulf Mining Group LLC, Ferbasa, and Hernic Ferrochrome (Pty) Ltd.

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This release was published on openPR.