![]() ![]() ![]() Key competitors in this market are strategizing to strengthen their position in the market by coming out with novel products. New Product Launches to Energize Chromium Oxide Market Competition In Africa and the Middle East, the market will primarily be driven by growing demand for chromium oxide in pigment production. Wide application of chromium oxide in paints and coatings in the US is likely to spur the market growth in North America. Increasing demand for chromium oxide in plastics and ceramics will be the key factor driving the market in Europe. This is mainly on account of growing metal production, developing construction industry, and rising demand for automobiles in India and China. Therefore, expansion of the construction industry will also result in the expansion of the chromium oxide market size till 2026.Īsia-Pacific to Occupy a Leading Position in the Chromium Oxide MarketĪmong regions, Asia-Pacific is expected to hold the dominant portion of the global chromium oxide market share. In construction, stainless steel provides strength and support to the structure and ensures its long life. This compound of chromium plays a vital role in manufacturing stainless steel as the chromium coating on the steel reacts with the oxygen outside and prevents corrosion of the alloy. This has given a boost to steel production, which, in turn, has the raised the demand for chromium oxide. Rapid rise in urbanization is increasing and intensifying construction activities in residential and commercial spaces. Moreover, the World Health Organization (WHO) projects that between 20, global urban population will increase at a rate of 1.63% per year and between 20, the increase will be of 1.44% annually. They estimate that urban areas could see an influx of close to 2.5 billion people by 2050, with 90% of this addition happening in Asia and Africa. The compound is green in color in its powder form.Īccelerating Urbanization to Propel the MarketĪccording to the UN Department of Economic and Social Affairs, by 2050, 68% of the world’s population will be living in urban areas. Chromium oxide is an important oxygen compound of chromium, prepared when sodium dichromate is calcified in the presence of Sulphur or carbon. It is used in alloys to increase corrosion resistance and strength of the material. Chromium oxide is a crucial compound in production of steel and increasing activities in the steel industry will likely raise the demand for chromium oxide in the forecast period.Ĭhromium is a hard metal that occurs in steel-gray color. The WSA has further reported that compared to 2017, in 2018, steel production rose by 4.6%, with Asia recording the highest growth. LtdĪccording to the World Steel Association (WSA), the steel industry accounts for close to USD 2.9 trillion in terms of value addition. Luoyang Zhengjie Science & Technology Industry Trade Co.List of prominent companies that are operating in the global chromium oxide market are: Steel production is one of the core economic activities for any country and steel is extensively used in a variety of industries such as automotive and construction.Įconomic development across the globe have further raised the demand for steel, leading to a constant rise in its production. Rising steel production will be the key factor driving the chromium oxide market growth during the forecast period. The global chromium oxide market is set to touch USD 703.3 million by 2026, exhibiting a 4.6% CAGR during the forecast period.
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