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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.
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.
Chromium Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global chromium market attained a value of nearly USD 15.30 billion.
The market is projected to grow at a CAGR of 3% between 2024 and 2032.
The major drivers of the market are the robust growth of the automotive sector, increasing production of stainless steel, and the rising demand for chromium in the construction sector.
The key trends propelling the market development are the introduction of favourable government initiatives aimed at supporting the automotive sector, the growing use of chromium salts in the chemical sector, and technological advancements improving the efficiency of chromium.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major applications of chromium are metallurgy, chemicals, and refractory, among others.
The major players in the market are Glencore PLC, Al Tamman Indsil FerroChrome, Odisha Mining Corporation Ltd, and Samancor Chrome, among others.
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