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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.
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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