Global Chromium Market Ascends at a Noteworthy CAGR of 4.1% 

Introduction

Chromium has several uses, including metal ceramics, chrome plating, refractory materials, dyes and paints, synthetic rubies, and alloys such as ferrochromium stainless steel. Ferrochromium alloy is generated via silicothermic or aluminothermic reactions between chromite and chromium metal. The International Organization of Motor Vehicle Manufacturers (OICA) predicts that worldwide automotive production will reach 80,2 billion units in 2021, a 3 percent rise from 2020's total of 77,7 billion units. Chromium is frequently used for electroplating and conversion coatings on the exterior and interior of automotive components, such as steering wheel trims, gear shifters, licence plate frames, bumpers, and headlights. Additionally, chromium's anticorrosive qualities make it suitable for electroplating electrical and electronic equipment. Thus, the key market driver is an increase in demand from the electronic industry and an increase in automotive production. On the other hand, health risks connected with chromium use could be a market restraint.

Market Dynamics

An Increase In Demand From The Electronic Industry

Chromium's anticorrosive qualities make it suitable for electroplating electrical and electronic equipment, particularly electro-galvanized steel, zinc, copper, and aluminium. Electronic equipment output and shipments reached US$ 52,6 billion in the fourth quarter of 2020, according to the Statistical Handbook of Japan 2021, and are likely to expand in the following years. In addition, Lenovo Group, a prominent brand in consumer electronics and media, released its annual report for the fiscal year that ended in March 2021, which indicated that the company's total sales reached US$ 60,742 million in fiscal year 2020/21, a 20 percent rise from fiscal year 2019/20. Recent information from the Semiconductor Industry Association (SIA) indicates that the United States invested approximately US$ 142.2 billion in the development of computers and US$ 53 billion in consumer electronics, including cell phones, televisions, and other comparable applications. It also adds that China's National IC Fund invested US$ 39 billion in front-end manufacturing in July 2021 to enhance China's share of global semiconductor output.

As a result, an increase in the production and demand for electronics products and equipment is anticipated to boost the need for chromium used in the electroplating of such electrical and electronic equipment. This is likely to stimulate market expansion in the next years.

Health Hazards Associated With The Use Of Hexavalent Chromium

Long-term exposure to hexavalent chromium can cause occupational asthma, perforated eardrums, eye irritation or damage, respiratory irritation, liver damage, lung congestion, kidney damage, respiratory cancer, and skin irritation. Chromium interaction with damaged skin can also result in skin sores known as chrome ulcers. In addition, according to the California Office of Environmental Health Hazard Assessment (OEHHA), exposure to 0.045 nanograms per cubic metre of hexavalent chromium could raise the risk of cancer in employees. Consequently, the expansion of the market may be constrained by the associated health risks of chromium use.

An Increase In Automobile Production

According to a recent study published by the German Association of Automotive Industry, the new registration of motor vehicles reached 16,763 units in Europe during the fourth quarter of 2020, 37,467 units in Asia, 3080 units in South America, 17,421 units in North America, 12,733 units in Western Europe, and 5,180 units in other regions worldwide. According to the European Automobile Manufacturers Association (ACEA), demand for new passenger cars in the European Union climbed by 25.2% from January to June of 2021, reaching around 5.4 million units. Similarly, according to a recent study published by the International Netherlands Group (ING), the demand for the production and development of electric vehicles has surged since the pandemic. It is stated that global sales of new electric vehicles climbed by fifty percent in 2021 and are anticipated to increase by eight percent in 2022. The report also indicates that electric vehicle sales have climbed by 14 percent in Europe, 9 percent in China, and 4 percent in the United States. As chromium is primarily used for electroplating and conversion coatings in the exterior and interior of vehicle parts such as steering wheel trims, console trims, gear shifts, licence plate frames, bumpers, headlights, and other similar parts, an increase in automobile demand and production is anticipated to increase the demand for chromium. This is predicted to stimulate market expansion in the next years.

Regional Analysis 

The market is split into North America, Europe, Asia-Pacific, and LAMEA.

Up to forty percent of the chromium market in 2021 was owned by Asia-Pacific. This region's chromium consumption is extremely high due to the increasing demand from the metals industry. According to the Japan Iron and Steel Federation, crude steel production in Japan reached 96.3 million tonnes in 2021, a 14.9% increase from the 83.2 million tonnes produced in 2020. Moreover, according to recent projections from the World Steel Association, India would produce 118,1 million tonnes of crude steel in 2021, a 17.8 percent rise from 2020. In addition, it is stated that China and South Korea will produce 1,032,8 million tonnes and 70,6 million tonnes of steel respectively in 2021. In addition, the Japan Aluminium Association predicts that the country's total aluminium production would reach 690,2 thousand tonnes in 2020.

This is projected to raise the demand for chromium in the manufacturing process, due to its exceptional durability, toughness, and corrosion resistance, among other similar features. This is anticipated to accelerate the expansion of the chromium market during the time of forecast.

Key Highlights

• The global chromium market was valued at USD 16.3 billion in 2021 and is projected to reach USD 23.4 billion by 2030, registering a CAGR of 4.1% from 2022 to 2030.
• The metallurgy industry held the largest share in the Chromium Market in 2021. It is expected to grow at a CAGR of 3.1% between 2022 and 2030,
• Asia-Pacific held the largest share in the Chromium Market in 2021

Competitive Players

Competitive Players 

• Kermas Group Ltd.
• CVK Group
• AI Tamman Indsil Ferro Chrome LLC
• Gulf Mining Group LLC
• Glencore PLC
• Eurasian Natural Resource Corporation
• Hernic Ferrochrome Ltd.
• Odisha Mining Corporation
• Assmang Proprietary Limited
• MVC Holdings LLC

Recent Developments

Recent Developments By Key Players

In January 2022, Albchrome Holding, an Albanian corporation that specialises in chrome and ferrochromium, was purchased by Yildirim Group. The primary goal of this acquisition is to help the company maintain its current level of success and further bolster its standing in the global marketplace by acquiring further market share.

In May 2021, Wall Colmonoy Limited, which has its headquarters in the United Kingdom, recently introduced a new line of cobalt-chromium powders and cast discs that are intended for usage in the dental sector. Because of their excellent strength, biocompatibility, and resistance to wear, the newly developed cobalt-chromium powders are ideally suited for use in dental implants, partial dentures, and prosthetics.

In June 2020, Dr. William Ringling was the one who ultimately decided to purchase Hard Chrome Enterprises Inc., which has its headquarters in Florida, United States, and is a business that primarily focuses on hard chrome, passivation, cadmium plating, electropolishing, silver plating, and the elimination of surface contaminants. Its primary concentration is on metal plating and finishing, which it provides to a variety of industries, such as the aerospace, automotive, medical, and consumer products sectors.

Segmentation

Market Segmentation

• By Type: Trivalent Chromium, Hexavalent Chromium.
• By Application: Metal Ceramics, Chrome Plating, Refractory Materials, Dyes and Paints, Synthetic Rubies, Alloys (Ferrochromium, Stainless Steel, Others), and Others.
• By End-Use Industry: Metallurgy, Hydraulics & Heavy Machinery, Aerospace & Aviation, Automotive, Construction, Electronics, Others.
• By Geography: North America (USA, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and the Rest of Asia-Pacific), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America), the Rest of the World (the Middle East, and Africa).