Chromium Market Size, Share, and Trends 2024 to 2034

Chromium Market (By Material: Ferrochromium, Chromium Chemicals, Chromium Metals, Others; By Application: Metallurgy, Chemicals, Refractory, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

  • Last Updated : January 2024
  • Report Code : 3658
  • Category : Chemical and Material

The global chromium market size was exhibited at USD 22.66 billion in 2023 and is projected to hit around USD 36.69 billion by 2032, expanding at a CAGR of 5.50% from 2023 to 2032.

Chromium Market Size 2023 To 2032

To Access our Exclusive Data Intelligence Tool with 15000+ Database, Visit: Precedence Statistics

Key Takeaways

  • Asia-Pacific contributed more than 50% of revenue share in 2022.
  • North America is estimated to expand the fastest CAGR between 2023 and 2032.
  • By material, the ferrochromium segment has held the largest market share of 32% in 2022.
  • By material, the chromium metals segment is anticipated to grow at a remarkable CAGR of 6.1% between 2023 and 2032.
  • By application, the metallurgy segment generated over 92% of revenue share in 2022.
  • By application, the chemicals segment is expected to expand at the fastest CAGR over the projected period.

Chromium Market in the Asia Pacific 2023 To 2032

The Asia Pacific chromium market size was valued at USD 11.35 billion in 2023 and is expected to reach USD 18.69 billion by 2032, growing at a CAGR of 5.70% from 2023 to 2032.

Asia Pacific Chromium Market Size 2023 To 2032

Asia-Pacific holds a share of 50% in the chromium market owing to vigorous industrial growth, infrastructure expansion, and thriving manufacturing in nations like China and India. The widespread application of chromium in producing stainless steel for construction and automotive sectors, along with the rising demand for electronics, contributes to the region's market dominance. Furthermore, Asia-Pacific's pivotal role as a global manufacturing hub, fueled by economic development and urbanization, underscores its significant influence in shaping the chromium market landscape.

  • As per information from the International Stainless Chromium Chemicals Forum (ISSF), India's stainless-steel production stood at 3.3 million tons at the conclusion of 2016. Subsequently, there was a notable uptick, and by the conclusion of 2017, the overall production had risen to 3.6 million tons.

Chromium Market Share, By Region, 2022 (%)

North America is poised for rapid growth in the chromium market due to increasing demand from key industries. The region's robust aerospace and automotive sectors drive the need for corrosion-resistant materials, where chromium plays a pivotal role. Moreover, infrastructure development projects and a surge in renewable energy initiatives contribute to the growing demand for chromium in construction and green technologies. With a focus on technological advancements and sustainable practices, North America stands as a key player in the expanding chromium market, presenting significant growth opportunities.

Meanwhile, Europe is experiencing noteworthy growth in the chromium market due to several factors. The region's robust industrial and manufacturing activities, particularly in the aerospace and automotive sectors, drive increased demand for chromium, especially in stainless steel production. Additionally, stringent environmental regulations and a focus on sustainable practices contribute to the rising popularity of chromium in various applications. The ongoing emphasis on infrastructure development and the adoption of green technologies further amplifies the demand for chromium, positioning Europe as a key growth market in the chromium industry.

Chromium Market Overview

Chromium is a shiny and tough metal widely used for its good looks and durability. It adds a glossy finish to things like jewelry, kitchen items, and car parts. Not just about looks, chromium is a key ingredient in making strong stainless steel, preventing it from rusting. This makes it a big player in building sturdy structures, gadgets, and machines that last a long time. Chromium also pops up in different industrial jobs, like making colors, speeding up chemical reactions, and treating leather.

Chromium Market Data and Statistics

  • In 2022, the global production of chromium amounted to roughly 41 million metric tons, and South Africa claimed the lion's share at 45%, contributing a substantial 18 million metric tons, as outlined by the US Geological Survey.
  • The 63 nations reporting to the World Steel Association disclosed a total production of 145.3 million tons in January 2023. This figure represents a modest uptick of 3.5% compared to the production quantity in the preceding month.
  • According to projections from the Organization Internationale des Constructeurs d'Automobiles (OICA), the collective new car sales and registrations in OICA member nations are anticipated to approach 69 million units in 2022. A surge in vehicle transactions or manufacturing is poised to generate an increased market demand for chromium.
  • The Chinese Association of Automotive Manufacturers conveyed a 3.4% year-over-year rise in car production for the year 2022. Approximately 27 million automobiles were estimated to roll off production lines in China during 2022, marking an increase from the 26.08 million units produced in 2021.

Growth Factors

  • The increasing need for stainless steel in various industries is a key driver for the chromium market, as chromium is a crucial component in its production.
  • The expanding global production of automobiles is fostering a heightened demand for chromium, especially in the form of corrosion-resistant alloys used in critical automotive components.
  • Growing investments in infrastructure projects worldwide contribute to the demand for chromium, particularly in the production of construction materials like stainless steel bars.
  • Chromium compounds play essential roles in various chemical processes, including the production of pigments, catalysts, and tanning agents, thereby propelling the chromium market forward.
  • The production of visually appealing consumer goods, including jewelry and electronic devices, relies on chromium, with increasing consumer spending driving the demand for these chromium-enhanced products.
  • Ongoing research and development endeavors to explore new applications for chromium, coupled with advancements in extraction and processing technologies, are instrumental in shaping the growth landscape of the chromium market.
  • The aerospace sector relies on chromium for its corrosion-resistant properties in the production of aircraft components. As global air travel continues to rise, the demand for chromium in aerospace applications is expected to grow.
  • Chromium is utilized in the energy sector for the production of corrosion-resistant alloys in power plants and oil and gas facilities. The expansion of energy infrastructure, including renewable energy projects, contributes to increased demand for chromium.
  • Chromium's biocompatible properties make it valuable in medical equipment manufacturing. The growing healthcare industry and advancements in medical technology are driving the demand for chromium in the production of surgical instruments and implants.
  • Chromium plays a role in environmental cleanup, especially in treating industrial wastewater. As environmental standards become stricter, there is a rising demand for chromium in technologies addressing water pollution and contamination challenges.

Chromium Market Scope

Report Coverage Details
Growth Rate from 2023 to 2032 CAGR of 5.50%
Market Size in 2023 USD 22.66 Billion
Market Size by 2032 USD 36.69 Billion
Largest Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered By Material and By Application
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Chromium Market Dynamics


Infrastructure demand

The Semiconductor Industry Association (SIA) reports that the United States allocated around US$ 142.2 billion for computer production and approximately US$ 53 billion for consumer electronics, including cell phones, TVs, and similar applications.

The chromium market gets a substantial boost from the increasing demands of the electronics industry. Chromium's pivotal role in electronics lies in its use for protective coatings on devices, ensuring they remain sturdy and visually appealing. As the use of smartphones, laptops, and other gadgets continues to rise globally, there is a noticeable uptick in the demand for chromium in manufacturing processes. The corrosion resistance of chromium becomes particularly crucial, contributing to the durability and reliability of electronic devices and making it an indispensable component for industry growth.

Furthermore, as technology continues to advance, and new electronic applications emerge, the demand for chromium further intensifies. The ongoing innovation in electronic device development, coupled with the expanding consumer electronics market, underscores the vital contribution of chromium in meeting the escalating needs of the electronics industry. Consequently, the increasing incorporation of chromium in electronic manufacturing processes serves as a key driver behind the heightened market demand for this essential metal.


Mining and extraction challenges

Mining and extraction challenges present significant restraints on the market demand for chromium. The intricate processes involved in extracting chromium from ores, often found in remote locations, lead to increased extraction costs. Additionally, environmental concerns related to mining activities, including habitat disruption and water pollution, can result in heightened regulatory scrutiny and community resistance, impacting the overall supply chain. Resource depletion is another factor affecting the chromium market.

As accessible high-grade chromium deposits become scarcer, extraction becomes more challenging and costly. This scarcity can lead to supply chain disruptions, affecting industries reliant on chromium, such as stainless-steel manufacturing and aerospace. These mining and extraction challenges not only limit the availability of chromium but also contribute to market uncertainties, influencing pricing dynamics and potentially impeding the growth of the chromium market.


Recycling initiatives

In the chromium market, aerospace innovations are creating exciting opportunities. As the aerospace industry constantly seeks better performance and durability, chromium's alloys and coatings have become crucial. Chromium's special qualities, like resistance to harsh conditions and corrosion protection, make it a valuable material for crafting aircraft components. The ongoing advancements in alloys and coatings for aerospace applications not only ensure aircraft safety and longevity but also open up new possibilities for increased use of chromium in this rapidly growing sector.

As aerospace technologies progress, particularly in designing more fuel-efficient and environmentally friendly aircraft, chromium's importance grows. Opportunities lie in research and development efforts aimed at producing materials that are both lightweight and robust, with chromium's corrosion-resistant properties contributing to fuel efficiency and prolonged component life. This aligns with the aerospace industry's dedication to innovation, providing a fertile ground for the expansion of the chromium market.

Material Insights

The ferrochromium segment had the highest market share of 32% in 2022. Within the chromium market, ferrochromium is an alloy combining chromium and iron, widely employed in crafting stainless steel. This alloy significantly improves the strength and corrosion resistance of stainless steel, playing a pivotal role in diverse industries. Noteworthy in the ferrochromium segment is the escalating demand attributed to the expanding stainless-steel industry. As construction and infrastructure projects surge worldwide, there is a heightened requirement for stainless steel, thereby increasing the significance and demand for ferrochromium, indicating a positive trajectory in this specific market segment.

The chromium metals segment is anticipated to expand at a significant CAGR of 6.1% during the projected period. In the chromium market, the chromium metals segment encompasses alloys and compounds where chromium plays a key role. These materials, valued for their durability and resistance to corrosion, find extensive applications in industries like aerospace, automotive, and construction. Recent market trends highlight a rising need for advanced chromium alloys, particularly in aerospace innovations and the automotive sector. The shift towards lightweight and resilient materials in these industries is fueling the demand for chromium metals, reflecting a trend towards their expanded use in cutting-edge applications.

Application Insights

According to the application, the metallurgy segment has held 92% revenue share in 2022. Within the chromium market, the metallurgy segment focuses on utilizing chromium in crafting alloys, notably stainless steel. By incorporating chromium, the corrosion resistance and durability of steel are significantly improved, making it a vital element across industries. A prevailing trend in this segment is the increasing need for top-tier alloys, particularly in construction and automotive applications. As these sectors flourish, the metallurgy segment sees ongoing growth, propelled by the essential contribution of chromium in enhancing alloy properties for a wide range of industrial uses.

The chemicals segment is anticipated to expand fastest over the projected period. In the chromium market, the chemicals segment pertains to the diverse applications of chromium compounds, including pigments, catalysts, and tanning agents. Chromium's versatile chemical properties make it valuable in numerous industrial processes. Recent trends indicate a growing demand for environmentally friendly chromium compounds, aligning with the increasing emphasis on sustainable practices. Additionally, innovations in the development of new chromium-based chemicals for various industrial applications contribute to the evolving landscape of the chemicals segment in the chromium market.

Recent Developments

  • In November 2022, Yildirim Group made a significant move by acquiring 100% shares of Elementis plc's chromium business for USD 170 million. This strategic acquisition includes Elementis Chromium's production facilities in Corpus Christi (TX), Castle Hayne (NC), Amarillo (TX), Dakota (NE), and Milwaukee (WI), strengthening Yildirim Group's presence in the chromium market.
  • In June 2022, Tenaris announced a substantial investment of nearly USD 29 million in its Dalmine steel shop. The investment aims to enhance the facility's capabilities in producing specialty steels, particularly those with a high chromium content, like chromium 13. The multi-stage investment is slated for completion in the first part of 2023.
  • In January 2022, Yildirim Group further expanded its footprint in the chromium market by acquiring Albchrome Holding, an Albanian chrome and ferrochromium company. This strategic move aligns with Yildirim Group's objective to reinforce its position in global markets and support its ongoing progress in the industry.

Chromium Market Companies

  • Glencore
  • Yildirim Group
  • Hernic Ferrochrome
  • Eurasian Resources Group
  • Outokumpu
  • Samancor Chrome
  • Assmang Proprietary Limited
  • Afarak Group
  • Tata Steel
  • Jindal Stainless
  • Shanxi Taigang Stainless Steel Co., Ltd.
  • Baosteel Group
  • Acerinox
  • Allegheny Technologies Incorporated

Segments Covered in the Report

By Material

  • Ferrochromium
  • Chromium Chemicals
  • Chromium Metals
  • Others

By Application

  • Metallurgy
  • Chemicals
  • Refractory
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Frequently Asked Questions

The global chromium market size is expected to increase USD 36.69 billion by 2032 from USD 22.66 billion in 2023.

The global chromium market will register growth rate of 5.50% between 2023 and 2032.

The major players operating in the chromium market are Glencore, Yildirim Group, Hernic Ferrochrome, Eurasian Resources Group, Outokumpu, Samancor Chrome, Assmang Proprietary Limited, Afarak Group, Tata Steel, Jindal Stainless, Shanxi Taigang Stainless Steel Co., Ltd., Baosteel Group, POSCO, Acerinox, Allegheny Technologies Incorporated, and Others.

The driving factors of the chromium market are the increasing demands of the electronics industry and growing healthcare industry and advancements in medical technology.

Asia Pacific region will lead the global chromium market during the forecast period 2023 to 2032.

Proceed To Buy

USD 5400
USD 3800
USD 2100
USD 2100
USD 7500

Ask For Sample

No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client