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The dynamics and growth trajectory of the chromium oxide market are significantly affected by a combination of forces. One major factor pushing the chromium oxide market is its wide use in different industrial applications, including pigments, coatings, metallurgy, and ceramics. This makes it a preferred choice for making paints, inks, and ceramic glazes due to its corrosion resistance, durability, and bright green coloration. Hence, these sectors have seen increasing demand, leading to an expansion of the market to show how diverse and indispensable chromium oxide can be across industries.
According to this research report by Market Research Future (MRFR), by 2030, the global chromium oxide market is projected to grow at a healthy CAGR of about 5.13% to reach around USD 353.5645 million.
The world's economic conditions play a significant role in regulating the dynamics of the chromium oxide industry. Economic stability or volatility has an influence on consumption rates, infrastructural projects, and general consumer spending, thus determining demand for chromium oxide. Coatings and pigment requirements increase during periods of economic improvement when construction and manufacturing activities rise, thus promoting the industry’s efficiency. On the other hand, economic downturns may result in decreased construction work as well as industrial output, which may affect the chromium oxide market.
Environmental regulations are some of the major factors that shape this market, while other sustainability considerations also stake their claim on it, with product discontinuation being a result. Increasingly strict regulations regarding pollution control have made it necessary for manufacturers to reduce chemical emissions into water supplies. For this reason, chromium oxide, especially when used as a green pigment, is preferable since it is known to be non-toxic and stable, thus good for environmental issues. Pollution control measures from government authorities asking manufacturers not to pollute rivers with chemicals have forced them into such decisions, hence ending up withdrawing products from shelves.
Technological changes in production process innovation are another strong driver behind the growth of the chromium oxide market space. Chromium oxide properties such as quality, purity, and application can be enhanced through continuous R&D and improvements in production methods. Technological changes within the industry are making chromium oxide a more competitive product by helping to forecast future trends in emerging markets and create new uses for it across a wide range of industries.
The importance of the metallurgical industry cannot be underestimated in the chromium oxide market. During metallurgical processes, chromium oxide is used because of its refractory nature and high resistance to heat, as seen in refractory brick manufacturing and ferroalloy production. Consequently, an increasing demand for metals has an equivalent impact on the chromium oxide market through industrialization as well as infrastructure development.
Consumer preferences and market trends also play a crucial role in shaping the chromium oxide market dynamics. With the increased consciousness of consumers about environmental protection and product quality, there is a higher demand for products coated with pigments containing chromium oxide. For example, consumer goods such as automobiles are manufactured using chromic green oxide, which is highly preferred because it is corrosion-resistant.
When applying this compound, industries often consider its cost-effectiveness compared to other alternative pigments or coatings that they may use. Moreover, there are substitutes for these materials, which together act as one factor that influences the way this market functions. It will depend on price fluctuations or changes in the supply-demand relationship in the pigments and coatings sector.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | Â Â 5.13% (2022-2030 |
Chromium Oxide Market Highlights:
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) Â 
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 (%) Â 
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 BenchmarkingÂ
Intended Audience
- Chromium oxide manufacturers
- Suppliers and traders of chromium oxide
- Government, associations, and industrial bodies
- Investors and trade experts
- Consulting in chemical experts
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