Press release
Global Chrome ore Market will multiply at an impressive CAGR by 2027 & Top Key Players Glencore, Rio Tinto, BHP, Vale S.A., Jiangxi Copper Corporation Limited (JCCL), China Shenhua Energy Company (CSEC), Anglo American and Freeport-McMoRan
The global chrome ore market is segmented by type into chromite, chromium- rich spar, hard chrome spinel; by applications into metallurgical, chemical & foundry, refractory, others. Whole Chrome Ore Market is anticipated to mask a significant CAGR of % during the forecast period i.e. 2019-2027.
Chrome ore is a natural mineral formation containing chromium in such compounds and concentration as to make its commercial exploitation technically feasible and economically suitable. The metallurgical industry uses chromite ore (also known as chrome ore) to produce chromium ferroalloys and metal. It is also used in the chemical industry to make sodium dichromate which is both a chemical industry product and an intermediate product used to make other chromium chemicals. Chrome ore is mainly used to smelt special alloys with elements such as cobalt, nickel and tungsten. These special steels and special alloys are crucial materials for aerospace, automotive, shipbuilding and defense industries for the production of guns, missiles, rockets and ships.
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Market size & trend
The global Chrome Ore Market is expected to grow at a significant CAGR in forecast period.
Asia Pacific is expected to hold the largest share in global Chrome Ore Market till the expected forecast period i.e. 2019-2027. Additionally, increased support from government on mining and exporting the ore minerals is expected to escalate the growth of market in forecast period of 2019-2027. North America is also expected to notice moderate growth in Chrome Ore Market backed by increased utilization of ore minerals by end users industries.
Growth drivers
Utilization of chromium ore by industries such as stainless steel, chemicals, pigments, refractories, and foundry sand have been increased over recent years. Additionally, rising application in metal alloy making in automotive industry is also expected to robust the growth of market in expected forecast period of 2019-2027.
Australia under Asia Pacific region with large field of rich ores and minerals is adding up for majority of contribution towards the market from Asia region. Additionally, adaptation of smart technologies for extracting and mining at fast rate is also expected to drive the growth of market in expected forecast period of 2019-2027.
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Challenges
One of the challenges that restraints the expansion of global Chrome Ore market in forecast period is rising pollution problems at the time of mining that disturbs the soil and ground water level.
The report titled “Global Chrome Ore Market: Global Demand Analysis & Opportunity Outlook 2025” delivers detailed overview of the global Chrome Ore Market in terms of market by region, by type, and by applications. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the global Chrome Ore Market which includes company profiling of Glencore, Rio Tinto, BHP, Vale S.A., Jiangxi Copper Corporation Limited (JCCL), China Shenhua Energy Company (CSEC), Anglo American, Freeport-McMoRan., Corporacion Nacional del Cobre de Chile (CODELCO), Zijin Mining Group Company Limited, The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of global Chrome Ore Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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