Global Chromium Market Report and Forecast 2024-2032

Global Chromium Market Size

The global chromium market reached approximately USD 15.30 billion in 2023. The market is projected to grow at a CAGR of 3% between 2024 and 2032.

Key Takeaways

• Chromium is a critical ingredient in the production of stainless steel, contributing to the material's corrosion resistance and durability.

• Chromium is widely used in aircraft to protect seal components against galling, corrosion, and wear.

• Increasing industrialisation and infrastructure development in emerging markets, particularly in Asia and Africa, drive demand for chromium.

Chromium is a steel grey, lustrous, hard, and brittle transition metal that is used in alloys to increase strength and corrosion resistance and has a high melting point and stable structure, due to which it is used in textile and refractory sectors. It is mainly found in chromite ore, which is mined in Russia, Zimbabwe, New Zealand, Iran, Albania, and Turkey, among others.

The rising use of stainless steel in chemical and petrochemical products, consumer goods, and heavy transport, among others, is catalysing the chromium market growth. As chromium provides corrosive resistant properties to stainless steel, it is increasingly used in its production. Further, ferrochrome, an alloy of chromium and iron, is used as a base material in the manufacturing of steel. The introduction of favourable government initiatives and funding to boost the automotive sector, particularly in India and China, is expected to boost the steel demand, consequently favouring the market.

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Key Trends and Developments

Growing usage of chromium salts; chromium in superalloys; shift towards low-carbon and circular economy practices; and technological advancements in production and processing are the major trends impacting the chromium market expansion

Chromium Market Trends

Chromium is a key element in the formulation and enhancement of superalloys due to its unique properties that contribute significantly to the performance of these materials in extreme conditions. This is the major factor that supports the chromium market growth. One of the primary reasons chromium is valued in superalloys is its exceptional ability to enhance corrosion resistance. Chromium forms a stable, protective oxide layer on the surface of the alloy, shielding the underlying material from corrosive environments. This property is especially beneficial in applications exposed to oxidative or corrosive conditions, such as jet engines and gas turbines. Furthermore, superalloys are often required to operate at high temperatures where many metals would weaken or fail. Chromium contributes to the high-temperature strength and stability of superalloys by forming carbides and other stable phases within the alloy matrix.

The players in the chromium market are focusing on expanding their production capabilities to meet the rising demand. In August 2023, Sylvania Platinum announced a significant expansion into the chrome production market through a joint venture with Limberg Mining Company, marking a notable diversification of its operations. This partnership aims to leverage the resources from the tailings dam of the Limberg Chrome Mine, located on the western limb of South Africa's Bushveld Complex, under the newly formed Thaba Joint Venture.

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Chromium Market Segmentation

“Chromium Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Metallurgy accounts for a major chromium market share due to high usage of chromium in stainless steel, which finds applications in multiple end-use sectors

Metallurgy holds the dominant share in the market. Chromium is a key ingredient in the manufacture of stainless steel, contributing to at least 10-20% of its composition. The addition of chromium imparts corrosion resistance, and a high polish finish, and enhances the steel's hardness and tensile strength. Since stainless steel is widely used across various end-use sectors including automotive, construction, and kitchen utensils, the demand for chromium in metallurgy is exceptionally high.

Innovations in metallurgical techniques and a continuous push for higher quality and performance standards in metal products keep the demand for high-purity chromium strong. As industrial sectors seek more durable, corrosion-resistant, and high-performance materials, the reliance on chromium in metallurgy grows.

Meanwhile, the chemical sector is also expected to support chromium demand. Chromium compounds, such as chromium salts, are used in a variety of chemical applications, including pigments, tanning leather, and wood preservation. Chromium (III) oxide, for example, is a green pigment used in paints, inks, and glasses and the growth in these sectors directly impacts the demand for chromium in the chemical sector. Chromium also acts as a catalyst in several industrial chemical reactions. It is used in the synthesis of various organic compounds, including plastics, synthetic rubbers, and other polymers and the increasing demand for these materials across industrial sectors fuels the growth of the chromite market in the chemical sector.

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Competitive Landscape

The market players are entering into partnerships and collaborations with other companies to secure chromium supply chains and improve their production capabilities

The market players are engaged in a variety of strategic activities to enhance their position, ensure sustainability, and meet the evolving demands of their customers. For example, companies are increasing their production capabilities to meet the rising demand for chromium, especially from the stainless steel and superalloy sectors.

Chromium Market Analysis by Region

The Asia Pacific region is the dominating market for chromium owing to the increasing consumption of chromium in various end-use sectors, including automotive, oil and gas, and construction, among others. Moreover, the increasing production of stainless steel in countries such as China and India utilises chromite extensively. In addition, the robust growth of the automotive, construction, and consumer sectors is also increasing the demand for chromium in the region. Many countries in the Asia Pacific region are key exporters of chromium and chromium-based products to other parts of the world and the demand in the international market encourages further development of chromium mining and processing in these countries.

The chromium market in regions like Europe and North America is supported by steady growth of the construction and infrastructure sectors. Europe is known for its stringent environmental and health regulations, which significantly influence the chromium market. Regulations such as REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals) affect how chromium compounds, especially hexavalent chromium, are used and handled. Meanwhile, North America, a leader in technological advancements in materials science, readily invests in research and development to find safer and more efficient ways to use chromium, especially in sectors like aerospace and defence, where performance and durability are critical.

Key Highlights of the Report

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