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Chromium Oxide Market Share

ID: MRFR//6641-CR | 158 Pages | Author: Priya Nagrale| July 2019

Within the chemical sector, the chromium oxide market is a critical segment that employs several market share positioning strategies to survive in a competitive environment. One of the most significant methods includes overemphasizing chromium oxide’s superior characteristics and broad range of applications. For example, paint, coating, and plastic companies are very often demonstrating its versatility as a pigment in plastics and paints. They also deal with it as if it were ceramics or metallurgy-related products. In return, these businesses get to cater to a larger clientele since they are known for their versatile chemical compounds.
A company’s competitive advantage within the chromium oxide industry depends on innovation and advancements in technology. Most firms invest heavily in research and development programs aimed at improving the quality, purity, and efficacy of chromium oxide. Innovation involves developing nanoparticles and specific formulations targeted at addressing end users changing needs. By being at the forefront of technological advancements, these companies can not only meet their client demands but also be seen as leaders in cutting-edge solutions while raising their market shares.
Strategic partnerships and collaborations with key stakeholders like ceramics manufacturers, coatings producers, and paint formulators are another crucial strategy in this regard. This is because alliances enable them to pool resources together and gain access to other forms of expertise that are complementary to theirs, thereby solving challenges associated with chromium oxide research work, among others, from both sides. Apart from enabling the formation of industry standards, these kinds of partnerships provide platforms through which market leaders can influence market direction as well. Increased competitiveness comes about when organizations collaborate, leading to an increase in their market shares.
The chromium oxide market is now focused on sustainability initiatives to maintain its position in the market share race. Subsequently, these entities that make use of ecological sourcing techniques wherever possible will attract customers who care about protecting our planet. Their corporate responsibility image rises given that such an approach aligns with global trends on sustainable business practices, resulting in higher shares in growing markets.
The communication and marketing of chromium oxide’s benefits are also crucial determinants of market share. Competitive markets require companies that can communicate quality, durability, corrosion resistance, and brightness in color to their customers. Building consumer trust through the development of a strong brand identity, emphasizing reliability, versatility, and sustainability, drives market share.
In the chromium oxide market, product diversification and geographical expansion have a significant role in positioning themselves at top market share levels. The demand for chromium oxide is constantly growing, and therefore companies try to take advantage of this trend by exploring new areas or sectors. This includes establishing a presence in emerging markets with a large construction sector as well as those with the highest adoption rates. This enables a company to establish an extensive customer base so that it can adapt easily to dynamic markets, thus achieving higher market share rates.

Covered Aspects:

Report Attribute/Metric	Details
Base Year For Estimation	2021
Historical Data	2019 & 2020
Forecast Period	2022 to 2030
Growth Rate	5.13% (2022-2030

Chromium Oxide Market Highlights:

Chromium Oxide Market Trends

Chromium Oxide Market Analysis

Chromium Oxide Market Share

Chromium Oxide Companies

Chromium Oxide Market Overview

The Chromium Oxide Market is projected to register a healthy CAGR of 5.13% to reach USD 353,564.5 Thousand by the end of 2030.

Chromium oxide (Cr2O3) is an inorganic compound and one of the major oxides of chromium. It occurs naturally as a rare mineral, eskolaite. It finds application in coatings owing to its excellent resistance to wear, abrasion, corrosion, and chemicals. In addition, the chromium oxide pigments find a wide range of applications on account of excellent dispersibility and heat stability, weather fastness, hiding power, and batch-to-batch uniformity offered by the pigments.

The paints & coatings industry is one of the largest consumers of chromium oxide, wherein the chromium oxide pigments are used in a broad range of applications including industrial coatings, automotive coatings, exterior coatings, and product finishes. Furthermore, orthopedic implant is the other application where the demand for chromium oxide as a protective coating is growing significantly owing to the anti-reflectivity, high chemical resistance, excellent abrasion resistance, and superior wear resistance offered by the chromium oxide coatings.

Market Dynamics

Chromium oxide pigments play a major role in the major industries such as plastics, building & construction, and refractory. In the plastics industry, they are used for coloring plastics according to the requirements such as good dispersibility (easy to distribute so as to reach their final tinting strength quickly), high thermal stability, high levels of lightfastness (property showing how resistant to fading it is when exposed to light), and weather stability. These pigments are suitable for coloring most types of plastics, including polystyrene, acrylonitrile butadiene styrene (ABS), engineering polymers, polyvinyl chloride, and polyolefins. They are applied to packaging materials, plastic tubes used in the construction industry, automobile cockpits, pipes and connector elements, and plastics used in the electrical industry.

In the building & construction industry, oxide pigments are the ideal solution for coloring building materials, concrete, and other construction materials. They are resistant to lime and alkalis, insoluble in water and dilute acids, and highly resistant to weather owing to the chemical composition and structure. Chromium oxide is a green crystal powder with high covering strength, temperature resistant, and excellent sunlight fastness. They offer high tinting strength, color consistency, good dispersion, and weather stability.

The growth of these industries across the globe, especially in the Asia-Pacific and the Middle East & Africa, is likely to favor the market growth in the years to follow.

Global Chromium Oxide Market Revenue, by Application, 2017 (USD Thousand)

Sources: MRFR Analysis

Segmentation

Based on grade, the global chromium oxide market has been categorized into three segments: pigment grade, metallurgical grade, and refractory grade. Among these, the pigment grade chromium oxide was the largest grade segment, with the majority of the demand in the paints & coating industry. The segment was valued at USD 185 million in 2017 and is projected to register a CAGR of over 5% during the review period.

By application, the global chromium oxide market has been segmented into paints & coatings, glasses, ceramics, inks & dyes, bricks & concrete, metallurgy, and others. The metallurgy segment accounted for the largest market share in 2017 and is projected to be valued at over USD 104 million by the end of 2030.

Key Players

The prominent players in the global chromium oxide market LANXESS (Germany), Venator Materials PLC (UK), Saint-Gobain (France), Elementis plc (UK), American Elements (US), Reade International Corp (US), Vishnu Chemicals (India), Hubei Zhenhua Chemical Co., Ltd (China), Chrome Star Chemical Works (India), and Hunter Chemical LLC (US), among others.

Global Chromium Oxide Market Share, by Region, 2017 (%)

Sources: MRFR Analysis

Regional Analysis

Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America are the key regional markets covered under the scope of the report. The market in Asia-Pacific held the largest share of over 45% in 2018, owing to the expanding building and construction industry in the region. China, India, and South-East Asia countries such as Indonesia, Malaysia, and Thailand are the major contributors to the growth of the regional market. Moreover, the robust growth of the metallurgical and paints coatings industry in these emerging economies is projected to boost the demand for the product in the region. Additionally, rapid urbanization and industrialization in the region are also likely to favor the growth of the regional market during the forecast period.

Europe is estimated to register substantial growth during the forecast period owing to the increasing demand in major end-use industries, such as building and construction and paints and coatings. Besides, technological advancements in the plastics and ceramics industries in the region are expected to significantly drive the regional market growth.

The Middle East & African market is projected to register a CAGR of 4.32% during the review period, which is primarily due to the rapidly growing construction industry in the region.

The key players operating in the global market have large and advanced manufacturing facilities at the domestic and international levels. This helps them to supply the products to various end users across the globe within less time as compared to the small-scale manufacturers, providing a competitive edge in the global market. Some of the business strategies followed by the players operating in the global chromium oxide market are new product launches, acquisitions, and agreements.

Market Segmentation

Global Chromium Oxide Market, by Grade

Pigment Grade

Metallurgical Grade

Refractory Grade

Global Chromium Oxide Market, By Application

Metallurgy

Paints & Coatings

Glasses

Ceramics

Inks & Dyes

Bricks & Concrete

Others

Global Chromium Oxide Market, By Region

North America
- US
- Canada

Europe
- UK
- Germany
- Spain
- Russia
- France
- Italy
- The Netherlands
- Poland
- Belgium
- Rest of Europe

Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia & New Zealand
- Indonesia
- Thailand
- Rest of Asia-Pacific

Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America

Middle East & Africa
- Turkey
- Israel
- Saudi Arabia
- UAE
- Rest of the Middle East & Africa

Available Additional Customizations

Chromium oxide market PESTEL analysis

Trade Analysis

Competitive Benchmarking

Intended Audience

Chromium oxide manufacturers

Suppliers and traders of chromium oxide

Government, associations, and industrial bodies

Investors and trade experts

Consulting in chemical experts

Chromium Oxide Companies

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