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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.
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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