Chromium Phosphate Market, Industry Analysis & Forecast by 2017 - 2024.
Key raw materials used for the manufacturing process includes ethanol, ammonium dichromate, orthophosphoric acid, and chromium trioxide. It is highly toxic in nature and if exposed directly may cause respiratory, eye and skin irritation.
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Chromium phosphate has wide application usage in polymer industry as is used as laminated structure to dampen motor noise and vibration. In addition, it is used as catalysts in the dehydration of alcohols to ethers.
Increase in application scope in architectural coatings may drive chromium phosphate market size. The industry is mainly driven by rise in developments of construction sector along with exotic coatings demand. Rise in environmental awareness has led to product innovations to provide quality products in coating industry which are high quality, and affordable.
Architectural coatings are widely used in wall paintings, sculptures, furniture, and wood flooring. Increase in environmental concerns and health hazards has led to rise in strict regulations by EPA, thereby driving industry growth. Strict government guidelines by REACH has led to the development of water based and eco-friendly architectural coatings.
Rise in corrosion inhibitors sector may have a positive impact over the foreseeable period. Chromium phosphate based coatings provide excellent corrosion protection on aluminium and provides adhesion. Global corrosion inhibitors market size was valued at over 6 billion in 2016 due to robust growth construction industry. It extends equipment life, preserve cosmetic appearance, prevent system shutdowns, and avoid contamination, thereby reducing maintenance costs.
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Strong application outlook in medical industry should stimulate chromium phosphate market size growth over the forecast timeframe. It is widely used in the medication of arthritis, leukaemia and haemangioma. Haemangioma is abnormal collection of blood vessels and usually found on skin and internal organs like liver, brain and kidney. Rise in geriatric population along with increase in consumer awareness may propel industry growth.
North America, driven by the U.S. chromium phosphate market size may witness significant gains over the forecast period. Strong application outlook in medical devices along with stringent government regulations should drive regional industry growth. Increase in use of anti-corrosion and surface coating may fuel product demand.
Europe chromium phosphate market size, driven by U.K, France, Italy, and Germany, may witness steady gains owing to increase in paints & coatings industry. Companies are shifting their manufacturing units mainly in Asia Pacific region owing to easy raw material availability, which may hinder regional growth. However, high investment in pharmaceutical sector may help in chromium phosphate market size in the region.
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Lack of awareness regarding chromium phosphate usage in various end-use industries along with low production capacity may constraint industry growth. Fluctuating raw material costs may hamper industry profitability and affect chromium phosphate market price trend. However, strong R&D spending for various industrial applications may stimulate product demand.
Global chromium phosphate market share is highly organized with various manufacturers catering to the industry. Key manufacturing companies operating in the industry include Chemos, Sigma Aldrich, Covestro, American Elements, Brenntag, Service Chemical, and Oxkem.
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