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Chromium Phosphate Market: Latest Innovations, Drivers and Industry Key Events 2015- 2021
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The market for medical applications has been been gaining market share where chromium phosphates are used for treating leukemia and difficulties arising due to ailments including rheumatoid arthritis and hemophilia. Factors such as increasing demand for architectural coatings are expected to majorly drive the chromium phosphate market. Chromium phosphate based coatings are used as a paint base for exterior applications and extrusions in doors and windows. Other factors such as the growth of the corrosion inhibitor industry are expected to provide growth to the market.
Corrosion inhibitors have been witnessing significant adoption owing to their properties that avoid contamination, prevention of system shutdown and preserving cosmetic appearance. However, owing to growing demand for chromium phosphate in other applications, sourcing of raw materials has been a primary concern for the industry. Due to this, prices of raw materials are expected to hamper the profit margin of chromium phosphate manufactures.
Increasing number of research and development (R&D) activities in the medical industry for chromium phosphate is expected to provide new opportunities for the growth of the market.Asia Pacific was the largest consumer for chromium phosphate and is expected to witness the fastest growth with the growing number of industrial activities for corrosion inhibitors and construction.
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American Elements, Bayer AG, Brenntag AG, CHEMOS GmbH, Chemetall GmbH, Oxkem, Service Chemical Inc. and Sigma-Aldrich Corporation are some of the key manufacturers for chromium phosphate dominating the market.
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