New York, Oct. 20, 2023 (GLOBE NEWSWIRE) -- The global Chromium Oxide Market is expected to witness significant growth at a remarkable CAGR of 4.0% during the forecast period of 2023-2031. Factors such as increasing demand for chromium oxide pigments and coatings and rising demand for chromium oxide in the chemical industry are accelerating the demand for chromium oxide, which, in turn, is boosting market growth. In addition, the growing construction and automotive industries will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the chromium oxide market is poised for strong expansion and is expected to reach USD 649.54 million by 2031 and USD 475.46 million by 2023. The market, which was valued at USD 460.11 million in 2022, is predicted to grow at a compound annual growth rate of 4.0% during the period 2023-2031. The report highlights the increasing demand for chromium oxide pigments and coatings, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the chromium oxide market.
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Chromium oxide is an inorganic compound with the chemical name chromic oxide. It's also known as chromium sesquioxide, dichromium trioxide, Chromium (3+) oxide, chrome green, and chromia. Chromium oxide is a green powder that is used as a pigment. It is prepared by calcining sodium dichromate in the presence of carbon or sulfur. It naturally occurs in the mineral eskolaite, which is mostly found in chromium-rich skarns, tremolite, chlorite veins, and meta quartzites.
Global Chromium oxide Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 (USD Million) | USD 649.54 Million |
| CAGR (2023-2031) | 4.0% |
| By Type | Pigment Grade, Metallurgical Grade, Refractory Grade, and Chemical Grade |
| By Application | Metallurgy, Ceramics, Coatings and Paints, Abrasives, and Others |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | LANXESS, Elementis, Nippon Chemical Industrial Co., Ltd., MidUral Group, American Elements, Hubei Zhenhua Chemical Co., LTD, Luoyang Zhengjie Science & Technology Industry Trade Co., Ltd., Hebei Chromate Chemical Co. Ltd., Vishnu Chemicals Limited, and Chrome Star Chemical Works |
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Global Chromium oxide Market Segmentation Details:
Based on Type, the the pigment grade segment contributed the largest shares to the market growth in 2022. Chromium oxide pigment grade is a type of chromium oxide that is specifically designed for use as a pigment. It is produced to a high degree of purity and uniformity, and it has several properties that make it ideal for use in a variety of applications, including high color strength, excellent chemical resistance, good heat resistance, abrasion resistance, and others.
Based on Application, the coatings and paints segment contributed the largest shares of 36.27% to the market growth in 2022. Chromium oxide pigments and colorants are used in a variety of paints and coatings, including architectural paints, industrial coatings, and automotive coatings. Owing to certain advantages of chromium oxide such as good heat resistance, abrasion resistance, and others, the chemical is widely demanded in coating applications specifically in the automotive industry, among others. Furthermore, the expansion of the automotive industry globally is leading to further demand for coatings and paints.
Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution of 36.30% to the market growth. The emerging economies of the Asia Pacific region, such as India, Indonesia, and Vietnam, are witnessing rapid industrialization and urbanization. This is leading to increased demand for chromium oxide pigments and coatings from these countries. Furthermore, the growing construction and automotive industries in the region is driving the demand for chromium oxide pigments and coatings.
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Competitive Landscape
LANXESS, Elementis, and Nippon Chemical Industrial Co., Ltd. are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of chromium oxide. Further, the chromium oxide market is expected to grow steadily due to growing construction and automotive industries, especially in the regions such as the Asia Pacific, and North America are estimated to boost the market statistics in the coming years.
Recent Developments
- In July 2022, LANXESS, a specialty chemicals company, has acquired IFF's microbial control business. This acquisition significantly increased LANXESS's portfolio of antimicrobial active ingredients and formulations for material protection, preservatives, and disinfectants. It also strengthened LANXESS's global presence, especially in the United States.
- In July 2023, Hyderabad-based speciality chemical manufacturer Vishnu Chemicals has announced that it has acquired 100 per cent stake in Chennai-based Ramadas Minerals Pvt Ltd. The acquisition will help the company to improve raw material quality resulting in exceptional products for domestic and global customers.
Key Market Takeaways
- The global chromium oxide market size is estimated to exceed USD 649.54 million by 2031 with an astonishing CAGR of 4.0% during the forecast period (2023-2031).
- Asia Pacific accounted for the highest market share at 36.30% valued at USD 167.02 million in 2022 and USD 172.83 million in 2023 and is expected to reach USD 236.56 million in 2031. Moreover, in Asia Pacific, China accounted for the highest market share of 28.55% during the base year of 2022.
- Based on type, the pigment grade segment accounted for the highest share contribution to the chromium oxide market statistics in 2022.
- Based on application, the coatings and paints segment accounted for the highest share contribution of 36.27% to the chromium oxide market statistics in 2022.
- North America is expected to boost the market demand for chromium oxide due to the presence of key players in the market and rapid technological advancements in the region.
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List of Major Global Chromium oxide Market:
- LANXESS
- Elementis
- Nippon Chemical Industrial Co., Ltd.
- MidUral Group
- American Elements
- Hubei Zhenhua Chemical Co., LTD
- Luoyang Zhengjie Science & Technology Industry Trade Co., Ltd.
- Hebei Chromate Chemical Co. Ltd.
- Vishnu Chemicals Limited
- Chrome Star Chemical Works
Global Chromium oxide Market Segmentation:
- By Type
- Pigment grade
- Metallurgical grade
- Refractory grade
- Chemical grade
- By Application
- Metallurgy
- Ceramics
- Coatings and paints
- Abrasives
- Others
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Frequently Asked Questions in the Chromium Oxide Market Report
- What was the market size of the chromium oxide industry in 2022?
- In 2022, the market size of chromium oxide was USD 460.11 million.
- What will be the potential market valuation for the chromium oxide industry by 2031?
- In 2031, the market size of chromium oxide will be expected to reach USD 649.54 million.
- What are the key factors restraining the growth of the chromium oxide market?
- Availability of substitutes is restraining the market growth at the global level.
- What is the dominating segment in the chromium oxide market by application?
- In 2022, the coatings and paints segment accounted for the highest market share of 36.27% in the overall chromium oxide market.
- Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the chromium oxide market?
- North America region is growing at the fastest CAGR over the forecast period in the chromium oxide market.
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