The global chromium oxide market is set to touch USD 703.3 million by 2026, exhibiting a 4.6% CAGR during the forecast period. Rising steel production will be the key factor driving the global chromium oxide market growth during the forecast period. 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.
Economic development across the globe have further raised the demand for steel, leading to a constant rise in its production. According to the World Steel Association (WSA), the steel industry accounts for close to USD 2.9 trillion in terms of value addition. The WSA has further reported that compared to 2017, in 2018, steel production rose by 4.6%, with Asia recording the highest growth. Chromium oxide is a crucial compound in production of steel and increasing activities in the steel industry will likely raise the global chromium oxide market demand in the forecast period.
- Pigment Grade
- Metallurgical Grade
- Refractory Grade
- Chemical Grade
- Paints & Coatings
- North America (U.S., Canada, and Mexico)
- Europe (Germany, France, UK, Itlay, Russia, and Rest of Europe)
- Asia Pacific (Japan, China, India, South Korea, Australia, Indonesia, Thailand, Malaysia, Philippines, Vietnam and Rest of Asia Pacific)
- Middle East & Africa (Turkey, GCC Countries, Egypt, South Africa, and Rest Of Middle East & Africa)
- South America (Brazil, and Rest of Latin America)
Accelerating Urbanization to Propel the Market
According to the UN Department of Economic and Social Affairs, by 2050, 68% of the world’s population will be living in urban areas. 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. Moreover, the World Health Organization (WHO) projects that between 2020 and 2025, global urban population will increase at a rate of 1.63% per year and between 2025 and 2030, the increase will be of 1.44% annually. Rapid rise in urbanization is increasing and intensifying construction activities in residential and commercial spaces. This has given a boost to steel production, which, in turn, has the raised the demand for chromium oxide. 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. In construction, stainless steel provides strength and support to the structure and ensures its long life. Therefore, expansion of the construction industry will favor the expansion of the global chromium oxide market size till 2026.
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