- Summary
- Table Of Content
- Methodology
Chromium Oxide Market Introduction :
Consegic Business Intelligence analyzes that the chromium oxide market size is growing with a CAGR of 4.0% during the forecast period (2023-2031), and the market is projected to be valued at USD 649.54 million by 2031 and USD 475.46 million in 2023 from USD 460.11 million in 2022.
Chromium Oxide Market Definition & Overview :
Chromium oxide is a chemical compound that is insoluble in water. It is the most common oxide of chromium and is used in a variety of applications, including pigments where it is used as a green pigment in paints, plastics, and other materials, and refractories where these compounds are used as a refractory material. It is also used in bricks, crucibles, and other materials that are used in furnaces and other high-temperature applications. Furthermore, as per the analysis, this compound is used in polishing compounds as well as to polish metal and glass surfaces. This chemical is also known as chromic oxide, chromium sesquioxide, and chromium (III) oxide.
Chromium Oxide Market Insights :
Chromium Oxide Market Dynamics - (DRO) :
Key Drivers :
Increasing demand for chromium oxide pigments and coatings is driving the market
Chromium oxide pigments and coatings are in high demand due to their unique properties, such as high color strength and stability, where these pigments have a very intense green color that is highly resistant to fading, even when exposed to harsh weather conditions. They are also known for excellent chemical resistance as these pigments and coatings are resistant to a wide range of chemicals, including acids, alkalis, and solvents. Furthermore, as per the analysis, these pigments and coatings can withstand high temperatures, making them ideal for use in industrial and automotive applications. Owing to these properties, these pigments and coatings are used in a wide range of applications, such as paints and coatings, plastics, ceramics, ink, and others. Hence, due to the wide advantages of this compound and the increasing requirement for these pigments and coatings, the chromium oxide market is growing significantly.
Rising demand for chromium oxide in the chemical industry is boosting the growth of the market
Chromium oxide is used in the chemical sector as a catalyst in various chemical reactions. It is used as a catalyst in the oxidation of various organic compounds, such as alcohols, aldehydes, and ketones. Also, it is particularly useful for redox reactions, which involve the transfer of electrons between two molecules. The compound is also being used as a drying agent and a dehydrating agent as well. It is also used in the oxidation of ammonia to produce nitric acid. This compound is used as a catalyst in the polymerization of various monomers to produce plastics and other polymers. It used as a drying agent to remove moisture from gases and liquids. The chemical is also used as a catalyst in the removal of impurities from water, such as arsenic and chromium. Furthermore, this compound is used as a catalyst in the processing of various foods, such as sugar and vegetable oils. Thus, due to the wide usage of this compound in chemical sector, the chromium oxide market is showcasing lucrative trends.
Key Restraints :
Availability of substitutes is hampering the market
There are a number of substitutes available for this compound in various applications which is proving to be a hindrance for the expansion of chromium oxide market. Some of the most common substitutes are titanium dioxide, zinc oxide, iron oxides, organic pigments, and others. Titanium dioxide is a white pigment that can be used as a substitute for this compound in paints, inks, and plastics. Iron oxides are a group of pigments that can be used to produce a variety of colours, including red, yellow, and brown. Also, as per the analysis, activated carbon is used as a substitute for this compound in some catalytic applications. Hence, wide availability of substitutes of this compound is hampering the expansion of chromium oxide market.
Future Opportunities :
Growing construction and automotive industries is expected to propel the market
Chromium oxide is a versatile chemical with a wide range of applications in the construction and automotive industries, creating lucrative trends and chromium oxide market opportunities in the upcoming years. These pigments are used in a variety of paints and coatings for construction applications, including architectural paints, industrial coatings, and traffic paints as they are known for their excellent color strength, durability, and weather resistance. The pigments are used to color roofing granules, which are applied to asphalt shingles to protect them from the elements. These pigments are chosen for their high color strength and resistance to fading. Furthermore, these pigments are used in a variety of paints and coatings for automotive applications, including primers, basecoats, and clearcoats. They are also used in the production of automotive glass, such as windshields and side windows. Moreover, the increasing construction sector globally is leading to further trends and chromium oxide market demand. For instance, according to a recent report by Invest India in 2023, the construction sector in India is expected to reach to around USD 1.4 trillion by 2025. Thus, due to the growing construction sector, the global chromium oxide industry is expected to create opportunities and trends in the forecast years.
Chromium Oxide Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 | USD 649.54 Million |
| CAGR (2023-2031) | 4.0% |
| 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 |
| Key Players | LANXESS, Elementis, Nippon Chemical Industrial Co., Ltd., MidUral Group, American Elements, Hubei Zhenhua Chemical Co., LTD, Luoyang Zhengjie Science & Technology Industry Trade Co., Ltd., Hebei Chromate Chemical Co. Ltd., Vishnu Chemicals Limited, and Chrome Star Chemical Works |
Chromium Oxide Market Segmental Analysis :
Based on the Type :
The type segment is categorized into pigment grade, metallurgical grade, refractory grade, and chemical grade. In 2022, the pigment grade segment accounted for the highest market revenue in the chromium oxide market. Chromium oxide pigment grade is a type of compound that is specifically designed for use as a pigment. It is produced to a high degree of purity and uniformity, and it has a number of properties that make it ideal for use in a variety of applications, including high color strength, excellent chemical resistance, good heat resistance, abrasion resistance, and others. As per the analysis, this pigment grade is used in a variety of paints and coatings, including architectural paints, industrial coatings, and automotive coatings. This pigment grade is also used to color a variety of plastics, including polyethylene, polypropylene, and PVC. The pigment grade is used to color a variety of ceramics as well, including tiles, dinnerware, and sanitary ware. Hence, due to wide range of applications of the pigment grade, the segment is experiencing significant chromium oxide market growth.
Moreover, the chemical grade segment is expected to grow at the fastest CAGR over the forecast period in the chromium oxide market. Chromium oxide chemical grade is a type of compound that is specifically designed for use in chemical applications. It has various properties involved such as high catalytic activity, good chemical resistance, high thermal stability, and others. Based on the analysis, this grade is widely used in a wide range of chemical applications such as catalysis, water treatment, food processing, and others. Thus, due to the aforementioned factors, the segment is witnessing positive growth and a chromium oxide market trend in the upcoming years.
Based on the Application :
The application segment is categorized into metallurgy, ceramics, coatings and paints, abrasives, and others. In 2022, the coatings and paints segment accounted for the highest chromium oxide market share of 36.27% and is expected to grow at the fastest CAGR over the forecast period in the chromium oxide market. The pigments and colorants made from these compounds are used in a variety of paints and coatings, including architectural paints, industrial coatings, and automotive coatings. Owing to certain advantages of this compound such as good heat resistance, abrasion resistance, and others, the chemical is widely utilized in coating applications specifically in automotive sector, among others. Furthermore, based on the analysis, expansion of automotive sector globally is leading to further demand for coatings and paints. For instance, according to a report by Invest India in 2023, the automobile sector is expected to reach to around 300 billion by 2026. Thus, the increasing automotive sector is playing a direct impact on positive growth and trends of the segment in the chromium oxide market.
Based on the Region :
The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
In 2022, Asia Pacific accounted for the highest market share at 36.30%, was valued at USD 167.02 million in 2022 and USD 172.83 million in 2023, it is expected to reach USD 236.56 million in 2031. In Asia Pacific, China accounted for the highest market share of 28.55% during the base year 2022. The emerging economies of the Asia Pacific region, such as India, Indonesia, and Vietnam, are witnessing rapid industrialization and urbanization. This is leading to increased demand for these pigments and coatings from these countries. Furthermore, based on the chromium oxide market analysis, the growing construction and automotive industries in the region is driving the demand for these pigments and coatings. For instance, according to a report by India Brand Equity Foundation in 2022, the Indian passenger car market which was valued at USD 32.70 billion in 2021 is expected to reach a value of USD 54.84 billion by 2027 while registering a CAGR of over 9% between 2022-27. Hence, owing to growing industrialization and urbanization, the the market is witnessing positive growth and trends in the region.
Moreover, North America is expected to witness significant growth over the forecast period, growing at a CAGR of 4.4% during 2023-2031 owing to presence of key players of the market in the region. Furthermore, rapid technological advancements and new launches by the key players of the market are boosting the growth of this market in North America. Also, large investment in research and development by the key players in the region to develop new and innovative products are acting as catalysts for growth and creating lucrative trends of the market.
Top Key Players & Market Share Insights :
The global chromium oxide 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-
- Elementis
- LANXESS
- Vishnu Chemicals Limited
- Chrome Star Chemical Works
- Luoyang Zhengjie Science & Technology Industry Trade Co., Ltd.
- Nippon Chemical Industrial Co., Ltd.
- MidUral Group
- American Elements
- Hubei Zhenhua Chemical Co., LTD
- Hebei Chromate Chemical Co. Ltd.
Recent Industry Developments :
- In July 2022, LANXESS completes acquisition of IFF's microbial control business. The specialty chemicals company is significantly increasing its portfolio of antimicrobial active ingredients and formulations for material protection, preservatives and disinfectants and is strengthening its global presence, especially in the United States.
- In July 2023, Vishnu Chemicals acquires Ramadas Minerals Pvt Ltd. The acquisition enabled Vishnu Chemicals to curtail the cost of raw materials, ensuring enhanced financial stability and greater value for the shareholders.
Key Questions Answered in the Report
What was the market size of the chromium oxide industry in 2022? +
In 2022, the market size of chromium oxide was USD 460.11 million.
What will be the potential market valuation for the chromium oxide industry by 2031? +
In 2031, the market size of chromium oxide will be expected to reach USD 649.54 million.
What are the key factors driving the growth of the chromium oxide market? +
Increasing demand for chromium oxide pigments and coatings is fueling market growth at the global level.
What is the dominating segment in the chromium oxide market by application? +
In 2022, the coatings and paints segment accounted for the highest market share of 36.27% in the overall chromium oxide market.
Based on current market trends and future predictions, which geographical region is the dominating region in the chromium oxide market? +
Asia Pacific accounted for the highest market share in the overall chromium oxide market.
