SAN FRANCISCO, February 12, 2018
SAN FRANCISCO, February 12, 2018 /PRNewswire/ --
The global chromium market size is expected to reach USD 16.55 billion by 2025, according to a new report by Grand View Research, Inc., registering a 2.7% CAGR during the forecast period. Increasing demand from the stainless steel industry has been a key factor driving market growth globally. Robust growth of various end-use industries in Asia Pacific is fueling stainless steel demand and, in turn, demand for chromium.
Chromium finds extensive application across segments such as chrome plating and finishing, in production of synthetic rubies, metal ceramics, dyes and paints, and in various super alloys. It is also used in metallurgy to render a shiny finish and impart corrosion resistance.
Asia Pacific is witnessing increased demand for chromium due to booming manufacturing in automotive and electronics industries in the region. China and India are key contributors in these industries. Strong GDP growth rate, increasing income, and government support are driving automotive production in these countries. Moreover, stronger demand has been observed from lower-tier cities in these countries owing to decline in automobile prices.
Rising number of buyers on account of the unique properties exhibited by chromium, such as corrosion resistance and shiny texture, has led to low bargaining power of buyers. Growing demand for chromium in metal finishing and plating industry in Asia Pacific is expected to drive the market. However, the carcinogenic properties of chromium may lead to severe health effects, thereby hampering market growth.
Browse full research report with TOC on "Chromium Market Outlook Report By Application (Metallurgy, Chemicals, Refractory), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), And Segment Forecasts, 2014 - 2025" at: https://www.grandviewresearch.com/industry-analysis/chromium-market
Further Key Findings From the Report Suggest:
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Grand View Research has segmented the global chromium market on the basis of application and region:
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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