Chrome Metal Powder Market Forecast 2023 - 2030

Report ID : CBI_1157 |  Category : Materials And Chemicals   | Published Date:     |  Format :   ms word  ms Excel  PDF

Segments Covered :
By Type Chromium Metal Powder and Electrolytic Chromium Powder
By End-use Industry Aerospace, Automotive, Oil & Gas, Electrical & Electronics, Marine, Building and Construction, and Others
By Region North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Report Snapshots :
Base Year: 2022
CAGR: 6.1%
Forecast Year: 2023 - 2030
Revenue 2022: $544.50 Mn
Revenue 2030: $867.38 Mn

Chrome Metal Powder Market Forecast 2023 - 2030

Market Overview :

Consegic Business Intelligence analyzes that the chrome metal powder market is growing with a healthy CAGR of 6.1% during the forecast period (2023-2030), and the market is projected to be valued at USD 867.38 Million by 2030 from USD 544.50 Million in 2022.

Market Definition :

Chrome metal powder is the powdered formulation of corrosion-resistant transition metal. The two primary types of chrome metal powder include chromium metal powder and electrolytic chromium powder. The major benefits of chrome metal powder are helping in hardening the alloy, improving mechanical resistance, resistance to elevated extreme temperatures, and ensuring anti-corrosion properties, among others. These properties of chrome metal powder increase its durability. As a result, chrome metal powder is an ideal choice for various end-use industries, including aerospace, automotive, oil & gas, electrical & electronics, marine, building & construction, and others.

Chrome Metal Powder Market :

Chrome Metal Powder Market

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Market Dynamics :

Chrome Metal Powder Market Dynamics

Drivers :

  • The booming automotive industry is accelerating the market growth

    Chrome metal powder is utilized in the automotive industry as a product to coat metal alloys. The chrome metal powder is utilized in steel to improve the hardness of automotive equipment and accessories. The increasing purchasing power of people, the rising adoption of electric vehicles, and others are some of the prominent factors accelerating the growth of the automotive industry. For illustration, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2021, the production of automotive vehicles at the global level was 80,205,102 units, and in 2022, it was 85,016,728 units, an increase of 6%. Thus, the growth of the automotive industry is a prime factor boosting the demand for chrome metal powder at the global level to increase the strength of the metal alloys. This factor is driving the chrome metal powder market growth at the global level.

  • Rising adoption of chrome metal powder in the electrical and electronics industry

    In the electrical and electronics industry, chrome metal powder is used in electroplating to enhance electrical conductivity. For instance, according to the recent statistics published by the German Electrical and Electronic Manufacturers' Association (ZVEI), in 2020, the German electronics market, which consists of products such as television, smartphones, and others was valued at EURO 128 billion (USD 146.2 billion), and in 2021, it was EUR0 140.8 billion (USD 166.5 billion). The German electrical & electronics industry registered a year-on-year growth rate of 11% in 2021. Hence, the growth of the electrical and electronics industry is fostering the demand for chrome metal powder to ensure superior versatility properties, which, in turn, is driving market growth.

Restraint :

  • The higher cost of chrome metal powder systems is posing a major bottleneck for the market growth

    The overall cost structure of the chrome metal powder is primarily determined by the costs of production, followed by the cost of raw materials. Moreover, compliance with regulations, testing costs, and other factors are inducing chrome metal powder manufacturers to increase their product prices. In addition, other factors such as higher maintenance costs, sophisticated manufacturing processes, and other factors impact the overall cost of chrome metal powder at the global level. For instance, the average price of chrome metal powder is in the range of USD 15,000 per ton to USD 20,000 per ton or more. Hence, the above factors are leading to the high prices of chrome metal powder, which, in turn, is restraining market growth.

Opportunities :

  • Future anticipated growth of the aerospace industry

    The chrome metal powder is frequently employed in the aerospace engine and other metal components to increase durability. For instance, according to the Airbus 2023-2042 forecast, the demand for new passengers and freighter aircraft will be 40,850 in the upcoming 20 years. Thus, it is evident from the above data that the aerospace industry will register growth in the long run. Henceforth, the growth of the aerospace industry will boost the demand for chrome metal powder as these materials are utilized in the manufacturing process of aircraft. This, in turn, will create a potential growth opportunity for chrome metal powder in the forecast years.

 

Chrome Metal Powder Market Report Coverage :

Report Attributes Report Details
Study Timeline 2017-2030
Market Size in 2030 USD 867.38 Million
CAGR (2023-2030) 6.1%
By Type Chromium Metal Powder and Electrolytic Chromium Powder
By End-use Industry Aerospace, Automotive, Oil & Gas, Electrical & Electronics, Marine, Building and Construction, and Others
By Region North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Players Amg Advanced Metallurgical Group, Delachaux Group, Exo Tech, Hascor International Group, Industrial Metallurgical Holding, Kohsei Co, Ltd, Atlantic Equipment Engineers, Inc., Belmont Metals, Inc., Kamman Group, and G K MIN MET ALLOYS CO

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Market Segmentation :

By Type :

The type segment is categorized into chromium metal powder and electrolytic chromium powder. In 2022, the chromium metal powder segment accounted for the highest market share in the chrome metal powder market. Chromium metal powder is equipped with various beneficial properties, including a melting point of 1875°C / 3407°F, boiling point at 2475°C / 4487°F, density of 7.19, coefficient of expansion (20°C) of 4.9 um/m*K, electric resistivity at 125 nO·m, among others. These properties of chromium metal powder result in increasing the strength of the product. As a result, chromium metal powder is employed in various end-use industries such as building & construction, automotive, and others. For illustration, in October 2022, Foster + Partners completed the construction of Varso Tower, a commercial building in Poland. Thus, increasing the adoption of chromium metal powder in the above industries increases the tensile strength of the products, which is benefiting market growth.

However, the electrolytic chromium powder segment is expected to be the fastest-growing segment during the forecast period. This is due to the vital features of ceramics such as excellent shiny finish, impart corrosion resistance, superior and durability, among others.

By End-use Industry :

The end-use industry segment is categorized into aerospace, automotive, oil & gas, electrical & electronics, marine, building and construction, and others. In 2022, the automotive segment accounted for the highest market share of 25.05% in the overall chrome metal powder market. The chrome metal powder is an ideal option for the automotive industry to increase the shine and durability of the outer body of the automotive structure. Thus, chrome metal powder is utilized in automotive products such as passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The development of infrastructure projects, growth of public transportation, and others are vital determinants accelerating the demand for commercial vehicles. These factors are contributing to the growth of automotive production. For illustration, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2020, the production of commercial vehicles at the global level was 21,787,126 units, and in 2021, it was 23,091,693 units. In 2021, the year-on-year growth rate for commercial vehicle production was 5.9%. Henceforth, the growth of the automotive industry is favoring the demand for chrome metal powder to ensure excellent tensile strength of metal utilized in automobiles. This, in turn, is fostering market growth.

However, the electrical and electronics segment is expected to be the fastest-growing segment during the forecast period because of the development of new electrical and electronics manufacturing facilities, increasing research & development, and others.

Global Chrome Metal Powder Market, By End-use Industry, 2022

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By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

 
North America Chrome Metal Powder Market, 2022 (USD Million)

Regional Growth Insights

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In 2022, Asia Pacific accounted for the highest market share at 35.50% and was valued at USD 193.30 million, and is expected to reach USD 309.22 million in 2030. In Asia Pacific, China accounted for the highest market share of 26.50% during the base year of 2022. This is due to the growth of various end-use industries such as automotive, building & construction, and others. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2022, the Asia Pacific region manufactured the highest number of total automotive vehicles at the global level, holding a share of 58.84%. Additionally, in quarter 3 of 2021, the construction work commenced on USD 3,170 million Hamamatsucho Shibaura 1 Chome Redevelopment project in Tokyo, Japan. The project includes the development of a 550,000m2 multi-use building complex, which consists of two towers. The construction work is expected to be completed by the end of 2030. Henceforth, the growth of the aforementioned industries in the region is accelerating the demand for chrome metal powder, thereby spurring market growth.

Furthermore, Europe is expected to witness significant growth over the forecast period, growing at a CAGR of 6.9% during 2023-20230. This is due to the increasing development of new buildings & construction and automotive plants in the region.

North America Chrome Metal Powder Market, By Countries (2022)

Details Countries Growth Insights

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Chrome Metal Powder Market Competitive Landscape:

The chrome metal powder market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. 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. The key players in the market include-

Recent Developments :

  • In June 2020, Protolabs, a United Kingdom-based manufacturer launched new 3D printing material, including chrome powder for the application in metal laser sintering process. Hence, the development of new technology will foster market growth in the upcoming years.
 

Frequently Asked Question

What was the market size of the chrome metal powder industry in 2022?+

In 2022, the market size of chrome metal powder was USD 544.50 million

What will be the potential market valuation for the chrome metal powder industry by 2030?+

In 2030, the market size of chrome metal powder will be expected to reach USD 867.38 million.

What are the key factors driving the growth of the chrome metal powder market?+

The booming automotive industry is accelerating the market growth

What is the dominating segment in the chrome metal powder market by end-use industry?+

In 2022, the automotive segment accounted for the highest market share of 25.05% in the overall chrome metal powder market.

Based on current market trends and future predictions, which geographical region is the dominating region in the chrome metal powder market?+

Asia Pacific accounted for the highest market share in the overall chrome metal powder market.