Chromium Oxide Market Forecast 2023 - 2031

By 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 share in the chromium oxide market. Chromium oxide pigment grade is a type of chromium oxide 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. Chromium oxide pigment grade is used in a variety of paints and coatings, including architectural paints, industrial coatings, and automotive coatings. Chromium oxide 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 growth in the chromium oxide market.

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 chromium oxide 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. This grade is widely demanded 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 in the chromium oxide market.

By 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 market share of 36.27% and is expected to grow at the fastest CAGR over the forecast period in the chromium oxide market. Chromium oxide pigments and colorants are used in a variety of paints and coatings, including architectural paints, industrial coatings, and automotive coatings. Owing to certain advantages of chromium oxide such as good heat resistance, abrasion resistance, and others, the chemical is widely demanded in coating applications specifically in automotive industry, among others. Furthermore, expansion of automotive industry globally is leading to further demand for coatings and paints. For instance, according to a report by Invest India in 2023, the automobile industry is expected to reach to around 300 billion by 2026. Thus, the increasing automotive industry is playing a direct impact on positive growth of the segment in the chromium oxide market.

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By Region :

The regional segment includes North America, Europe, Asia Pacific, 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 chromium oxide pigments and coatings from these countries. Furthermore, the growing construction and automotive industries in the region is driving the demand for chromium oxide 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 chromium oxide market is witnessing positive growth 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 chromium oxide market in North America. Also, large investment in research and development by the key players in the region to develop new and innovative chromium oxide products are acting as catalysts for growth of the market.