Chromium Market Report 2022 | Industry Outlook, Price Trends, Regional Analysis and Growth by 2027

IMARC Group has recently released a new research study titled "Chromium Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

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What is the projected market size & growth rate of the chromium market?

The latest research study "Chromium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" by IMARC Group, finds that the global chromium market reached a value of US$ 14.37 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 17.33 Billion by 2027, exhibiting a CAGR of 3.10% during 2022-2027.

What is the Chromium?

Chromium is a complex, steel-grey metallic component found naturally in soil, animals, plants, rocks, volcanic dust, and gasses. It is also present in several food items, such as beer, wine, brewer's yeast, meat, nuts, spices, fruits, vegetables, and grain products. It is widely utilized in manufacturing dyes, alloys, electroplating, and pigments, treating cooling tower water, and preserving wood and leather. Nowadays, chromium is used in formulating dietary supplements as it consists of antioxidants and plays an essential role in lipid, carbohydrate, and protein metabolism.

Impact of COVID-19:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

What are the major market drivers in the chromium market?

The market is primarily driven by the increasing sales of passenger vehicles worldwide. Chromium is utilized for producing stainless steel, used in manufacturing car exhaust systems and other auto parts, such as suspension, body, hose clamps, seatbelt springs, chassis, and fuel tanks. Apart from this, chromium is used in the pharmaceutical industry to produce medicines essential for improving blood sugar levels among people with prediabetes and type 1 and type 2 diabetes.

Furthermore, there has been escalating demand for chromium-based medications with the growing prevalence of human immunodeficiency virus (HIV) and rising cases of high blood sugar due to extreme steroid intake. This is also on account of the increasing geriatric population, which is more susceptible to developing diabetes and other serious health conditions. Furthermore, the expanding product application in drilling muds, textiles, and toner for copying machines owing to its easy availability at affordable prices, is creating a favorable outlook for the market.

Get the table of contents with all detailed information: https://www.imarcgroup.com/chromium-market

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Grade:
• Metallurgy
• Refractory and Foundry
• Chemical

Breakup by Application:
• Alloyed Steel Production
• Stainless Steel Production
• Refractory Additives
• Non-Ferrous Alloy Production
• Others

Breakup by Industry Vertical:
• Chemical and Petrochemical
• Energy and Power
• Mining
• Steel
• Automotive
• Others

By Geography:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

List of Major Key Players:
• ACI Alloys
• Al Tamman Indsil FerroChrome L.L.C
• Belmont Metals Inc.
• Edgetech Industries LLC
• Eurasian Resources Group
• Ferbasa
• Glencore plc
• Gulf Mining Materials Company
• Odisha Mining Corporation Limited
• ProChem Inc. International
• RD Mathis Company
• Samancor Chrome Ltd.

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This release was published on openPR.