The global chromium salts market is anticipated to secure USD 4,591 million in 2023. During the timeframe of 2023 to 2033, the market is likely to display a CAGR of 5.2% while amassing revenue worth USD 7,621.9 million by 2033.
The growth of the market can be attributed to the fast expansion of the dye and pigment market. Rapid industrialization in developing countries like India, China, Japan, and Brazil is projected to play an important role in strengthening the chromium salts market.
Chromium nitrate is the most common chromium salt used as a corrosion inhibitor in chromium-containing catalysts, ceramic glazes, glassware, garment dyeing, and printmaking. Chromium chloride is a popular chromium salt that is used for electroplating and as a mordant. It can also be used as a disintegration reagent since it can absorb oxygen.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | USD 4,591 million |
| Anticipated Forecast Value (2033) | USD 7,621.9 million |
| Projected Growth Rate (2023 to 2033) | 5.2% CAGR |
The inorganic salts of chromium always occur as a crystalline powder or as flakes, which are soluble in water. The salts of chromium are of various colors of the rainbow of which yellow dominates. The melting points of these salts vary to some extent and are usually between 180 and 2500°C. In addition, their solubility in water varies to some extent.
The conventional method of producing chromium includes citrus and lime-free roasting techniques. These methods have a major flaw since it results in ecological harm and poor resource use. This condition reduces the atmospheric rate of mass transfer in the process, leading to a poor chromium extraction rate.
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Increasing Demand for Pharmaceuticals to Develop the Chromium Salts Market
The growing application of inorganic compounds as catalysts for the production of several medicines is anticipated to augment the market size during the forecast period. Moreover, the advent of various oncological and autoimmune disorders is increasing the demand for drugs and medicine, thus, positively influencing the market.
It helps to keep blood sugar levels normal by improving the way body uses insulin. It is also used to cure high cholesterol, diabetes, bipolar disorder, and many other ailments.
Other factors contributing to the market growth include increasing demand for the product for metal treatment, leather treatment, and water treatment. Further, its application in electroplating, tanning, printing, dyeing, and oxidants are expected to widen the market size in the forthcoming time.
Acquisitions among players are expected to benefit the market during the forecast period. For instance, In August 2019, Brother Enterprises Holding announced the acquisition of LANXESS South Africa.
Lanxess in South Africa is engaged in the production of chrome tanning agents used in leather tanning & processing and the production of chromium salts. The acquisition is projected to provide a steady supply of raw materials at a low cost to Brother Enterprises Holding.
Associated Negative Impact of Chromium on Environment and Human Health to Hamper the Market
Chromium pollution is a significant environmental threat, adversely impacting our environment and natural resources, especially water and soil. Excessive exposure could lead to higher levels of accumulation in human and animal tissues, leading to toxic and detrimental health effects.
Owing to wide industrial applications, chromium is considered a serious environmental pollutant. Contamination of soil and water by chromium is of recent concern chromium occurs in nature in bound forms that constitute 0.1 - 0.3 mg kg of the Earth's Crust. Such factors are likely to impede market growth in the coming time.
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Addition of Chromium Imparts Strength to the Alloy
According to the analysis, the metallurgy segment is expected to witness significant growth during the forecast period.
Chromium salt witnesses a high demand in metallurgy since it can form alloys with iron, nickel, or cobalt. The addition of chromium imparts strength, hardness, and corrosion resistance to the alloy.
Chromium is an essential alloy element used in the manufacturing of high-strength steel owing to its excellent mechanical, high oxidative, high hardness, and corrosion resistance properties. It has no substitute in stainless steel or any other superalloys and scrap can be used as an alternative to ferrochromium in some metallurgical end uses.
Growing Application of Chromium Salt for Commercial Use to Drive the Regional Market
| Country | The United States |
|---|---|
| Market Share % (2023) | 23.6% |
The study reveals that North America is expected to dominate the global chromium salt market during the forecast period. In 2023, the region is expected to secure 25.8% of global revenue.
The development of the regional market can be attributed to the increasing application of chromium salt for commercial use. Chromium is a vital element for the formulation or manufacturing of stainless steel grade for commercial application and is mostly used as an additive to strengthen steel and boost corrosion protection.
Further, the presence of strong players in the region is expected to benefit the regional market in the forecast period. For instance, Catalog. Gemini Pharmaceuticals, Goodfellow Corp, N.T Ruddock, Chemicals 101 Corp., and Belmont Metals, among others, are some of the renowned players in the regional market.
Increasing Demand for Chromium Salts in Pharmaceutical Sector to Strengthen the European Market
| Country | Market Share % (2023) |
|---|---|
| German Chromium Salts Industry Share % (2023) | 6.1% |
| The United Kingdom Chromium Salts Industry Forecast CAGR % (2023 to 2033) | 4.2% |
According to the analysis, Europe is expected to be the second-largest market for chromium salts. In 2023, the region is likely to claim 22.4% of the global revenue.
The growth of the regional market can be attributed to the increasing demand for pharmaceutical drugs from the healthcare sector. Also, growing industrialization in the region is another salient cause driving the market in the region during the assessment period.
Also, countries like Finland are expected to make a significant contribution to strengthening the regional market. For instance, Finland first made it onto the list of top chromium-producing countries in 2018 with an output of 2.2 million MT. In 2021, the Nordic country produced 2.3 million MT. Finland's major chromium-producing operation is the Kemi mine, owned by global stainless steel manufacturer Outokumpu. Such factors are expected to benefit the industry in the coming time.
Rapid Industrialization in Developing Countries to Strengthen the Regional Market
| Country | Value CAGR (2023 to 2033) |
|---|---|
| China | 4.5% |
| India | 5.3% |
According to the analysis, the Asia Pacific is anticipated to be the fastest-growing region during the forecast period. This can be attributed to the rapid industrialization in the region along with the presence of developing countries such as India, Japan, China, and others.
As per the International Stainless Steel Forum (ISSF), the total production of stainless steel in India stood at 3.3 million tons at the end of 2016. Moreover, the overall production reached up to 3.6 million tons by the end of 2017. Such factors are expected to make a significant contribution to developing the market during the forecast period.
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M.S Chemicals, Spectochem Industries, Atotech, Strem Chemicals Incorporated, Om Group Inc., Oxkem, Cannock Chemicals, and Collins Chemical Blacking, are some of the new names in the industry that are making significant contributions in expanding the market size during the forecast period.
Key players in the global chromium salts market include MerckMillipore, Sigma Aldrich, Otsuka Chemical Co Ltd, Loba Chemie, Fisher Scientific, Lenntech, Arkema SA, Bann Química, Behn Meyer, Chemtura Corporation, Solutia Incorporated, Emerald Performance Materials, Eastman Chemicals Co and Lanxess AG among others.
Recent Development in the Industry Include:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.2% from 2023 to 2033 |
| Market Value in 2023 | USD 4,591 million |
| Market Value in 2033 | USD 7,621.9 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
Type, Application, Region |
| Regions Covered |
North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Nordics, BENELUX, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Companies Profiled |
MerckMillipore; Sigma Aldrich; Otsuka Chemical Co Ltd; Loba Chemie; Thermo Fisher Scientific; Lenntech; Arkema SA; Bann Química; Behn Meyer; Chemtura Corporation; Solutia Incorporated; Emerald Performance Materials; Eastman Chemicals Co; Lanxess AG among others. |
| Customization | Available Upon Request |
The chromium salts industry is projected to reach a valuation of USD 7,621.9 million by 2033.
MerckMillipore and Sigma Aldrich are the top players in the chromium salts industry.
The United States is projected to hold a sizeable market share over the forecast period.
The chromium salts industry is projected to grow at a CAGR of 5.2%.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Chromium O Salts 5.2. Chromium I Salts 5.3. Chromium II Salts 5.4. Chromium III Salts 5.5. Chromium IV Salts 5.6. Chromium V Salts 5.7. Chromium VI Salts 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Metallurgy 6.2. Dyes & Pigments 6.3. Wood Production 6.4. Preservatives 6.5. Tanning 6.6. Refractory Materials 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. MerckMillipore 17.2. Sigma Aldrich 17.3. Otsuka Chemical Co Ltd 17.4. Loba Chemie 17.5. Thermo Fisher Scientific 17.6. Lenntech 17.7. Arkema SA 17.8. Bann Química 17.9. Behn Meyer 17.10. Chemtura Corporation 17.11. Solutia Incorporated 17.12. Emerald Performance Materials 17.13. Eastman Chemicals Co 17.14. Lanxess AG among others. 18. Assumptions & Acronyms Used 19. Research Methodology
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Chromium Salts Market
