Wide application of chromium oxide in paints and coatings in the US is likely to spur the market growth in North America. Increasing demand for chromium oxide in plastics and ceramics will be the key factor driving the Chromium Oxide Market in Europe. This is mainly on account of growing metal production, developing construction industry, and rising demand for automobiles in India and China. The compound is green in color in its powder form.Īsia-Pacific to Occupy a Leading Position in the MarketĪmong regions, Asia-Pacific is expected to hold the dominant portion of the global Chromium Oxide Market share. Chromium oxide is an important oxygen compound of chromium, prepared when sodium dichromate is calcified in the presence of Sulphur or carbon. It is used in alloys to increase corrosion resistance and strength of the material. ![]() Chromium oxide is a crucial compound in the production of steel and increasing activities in the steel industry will likely raise the global chromium oxide market demand in the forecast period.Ĭhromium is a hard metal that occurs in steel-gray color. The WSA has further reported that compared to 2017, in 2018, steel production rose by 4.6%, with Asia recording the highest growth. According to the World Steel Association (WSA), the steel industry accounts for close to USD 2.9 trillion in terms of value addition. Steel production is one of the core economic activities for any country and steel is extensively used in a variety of industries such as automotive and construction.Īccording to the Fortune Business Insights report, titled "Chromium Oxide Market Size, Share & Industry Analysis, By Type (Pigment Grade, Metallurgical Grade, Refractory Grade, Chemical Grade), By Application (Paints & Coatings, Ceramic, Metallurgy, Rubber, Others), and Regional Forecast, 2019-2026", the global Chromium Oxide Market value stood at USD 492.4 million in 2018.īesides this, the report also provides an in-depth evaluation and analysis of the different dynamics and aspects that will influence the development of the market during the forecast period.Įconomic development across the globe has further raised the demand for steel, leading to a constant rise in its production. Rising steel production will be the key factor driving the global Chromium Oxide Market growth during the forecast period. Therefore, expansion of the construction industry will favor the expansion of the global Chromium Oxide Market size till 2026. In construction, stainless steel provides strength and support to the structure and ensures its long life. This compound of chromium plays a vital role in manufacturing stainless steel as the chromium coating on the steel reacts with the oxygen outside and prevents corrosion of the alloy. This has given a boost to steel production, which, in turn, has the raised the demand for chromium oxide. ![]() Rapid rise in urbanization is increasing and intensifying construction activities in residential and commercial spaces. Moreover, the World Health Organization (WHO) projects that between 20, the global urban population will increase at a rate of 1.63% per year and between 20, the increase will be of 1.44% annually. They estimate that urban areas could see an influx of close to 2.5 billion people by 2050, with 90% of this addition happening in Asia and Africa. The global chromium oxide market size is set to touch USD 703.3 million by 2026, exhibiting a 4.6% CAGR during the forecast period.Īccelerating Urbanization to Propel the MarketĪccording to the UN Department of Economic and Social Affairs, by 2050, 68% of the world's population will be living in urban areas.
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