Global Chromium Oxide Market growing at a CAGR of 4.0% from 2023 to 2031
Category : Materials And Chemicals | Published Date : Oct 2023 | Type : Press Release
Key Market Overview
Consegic Business Intelligence analyzes that the Chromium oxide market is predicted to grow at a compound annual growth rate of 4.0% from 2023 to 2031 and is expected to reach USD 649.54 million in 2031 and 475.46 million in 2023 which was valued at USD 460.11 million in 2022.
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.
Global Chromium Oxide Market By Overview
The chromium oxide market is bifurcated into type, and application. Based on type, the market is segmented into pigment grade, metallurgical grade, refractory grade, and chemical grade. In 2022, the pigment grade segment dominated the overall chromium oxide market. Based on application, the market is segmented into metallurgy, ceramics, coatings and paints, abrasives, and others. In 2022, the coatings and paints segment dominated the overall chromium oxide market.
Get Free SampleMarket Dynamics
Driver:
- Increasing demand for chromium oxide pigments and coatings is driving the market growth.
- Rising demand for chromium oxide in the chemical industry is boosting the growth of the chromium oxide market.
Restraints:
- Availability of substitutes is hampering the market growth.
Market Segmentation:
| Report Attributes | Report Details |
| 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, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The market is dominated by certain major companies such as LANXESS, Elementis, and Nippon Chemical Industrial Co., Ltd., which have a strong market position in the current market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions. Furthermore, the chromium oxide market is expected to witness substantial growth in the coming years due to growing construction and automotive industries in key regions such as North America, Asia Pacific, and others.
The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
- Elementis
- LANXESS
- Nippon Chemical Industrial Co., Ltd.
- MidUral Group
- American Elements
- Hubei Zhenhua Chemical Co., LTD
- Hebei Chromate Chemical Co. Ltd.
- Vishnu Chemicals Limited
- Chrome Star Chemical Works
- Luoyang Zhengjie Science & Technology Industry Trade Co., Ltd.
