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Chromium Salt Market Overview
The Chromium Salt Market size is estimated to reach US$287.7 million by 2027, after growing at a CAGR of 6.5% during the forecast period 2022-2027. Materials such as sodium dichromate, sodium carbonate, calcium oxide and others are utilized in the manufacturing of chromium salt to remove the iron content. Chromium salts such as chromic acid, chromium nitrate, chromium sulfate and others are soluble in acids, alkalis and water, alcohol, and acetone to some degree. These salts can sustain in high temperatures ranging from 180 to 2500°C. As a result, it is utilized across various end-use industries, including metallurgy, paints & coatings and other industries. The surging application of chromium salt in metallurgy production is spurring market growth. However, the restrictions imposed due to the Covid-19 pandemic created a bottleneck for industrial production activities, including steel, paints & coatings and others. For instance, according to the annual steel report by World Steel Association, in 2020, worldwide production of crude steel was 1,864.0 million tons, a decline of 0.9% over 2019. Likewise decline in the production of paints & coatings, aluminum and more resulted in revenue losses for the chromium salt industry. In 2021, the surge in production activities at the global level accelerated the monetary growth of the chromium salt industry. Moreover, the booming adoption of chromium salt in paint & coatings applications will foster the expansion of the chromium salt market size during the projected forecast period of 2022-2027.
Report Coverage
The "Chromium Salt Market Report–Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Chromium Salt Market.
Key Takeaways
- Asia-Pacific dominated the Chromium Salt Market, owing to the steel industry growth in the region. For instance, according to the World Steel Association, the Asia-Pacific region is the global leader in the manufacturing of steel. In 2021, the production of steel in Asia was 1,382.0 million tons, an increase of about 1% over 2020.
- The technological advancement related to the manufacturing process of Chromium Salt will create an opportunity for market growth during the projected forecast period.
- The surging demand for chromium nitrate to prevent corrosion formation is driving the Chromium Salt Market growth.
- However, since Chromium Salt is listed under the hazard substance list, there are limited product developments. This factor is limiting the market growth.
Chromium Salt Market Segment Analysis – by Type
The chromium nitrate segment held the significant Chromium Salt Market share in 2021 and is expected to grow at a CAGR of 6.7% during the forecast period 2022-2027. The crucial properties of chromium nitrate include a melting point of 60°C, a boiling point of 100°C, density1.80 g/ml (lit.), storage temperature at +15°C to +25°C and similar properties. These properties make it ideal for mordant and corrosion inhibitor applications. Chromium nitrate is frequently employed as a mordant and corrosion inhibitor in chromium-glassware, containing catalysts, and more. Thus, due to the aforementioned properties, chromium nitrate is preferred over other types of chromium salts, including chromic acid and chromium sulfate. This determinant is accelerating the segmental growth of the chromium salt market growth.
Chromium Salt Market Segment Analysis – by Application
The metallurgy segment held the largest Chromium Salt Market share of over 30% in 2021. Chromium salt plays a vital role in the protection of metals from rust in the manufacturing of metals such as aluminum, steel and other similar metals. Thus, chromium salt is often utilized in the production of metals to ensure lower oxidation. The factors such as the expansion of existing businesses and increasing investment in metallurgy facilities are driving the growth of the metallurgy industry. For instance, according to the World Steel Association, in 2020, the global crude steel production was 1,864.0 million tons and in 2021, it was 1,911.9 million tons, an increase of 3.6%. Hence, the growth of metallurgy production is expected to fuel the demand for chromium salt. This, in turn, will proliferate the market growth in the upcoming years.
Chromium Salt Market Segment Analysis – by Geography
Asia-Pacific is the dominating region as it held the largest Chromium Salt Market share in 2021 up to 45.2%. The industries such as metallurgy, paints & coatings and others are the booming sectors of the Asia-Pacific region. The growth of such sectors is accelerating demand for chromium salts such as chromic acid, chromium nitrate, chromium sulfate and others, which, in turn, is driving the market growth. The growing public-private cooperation for steel-related investments in Asia-Pacific, government initiatives for the metallurgy industry and others are the key factors accelerating the metallurgy industry's expansion. For instance, according to the World Steel Association, in 2021, South Korea ranked 6th position at the global level for the manufacturing of steel. The total steel production in the country was 70.6 million tons, an increase of 5.2% over 2020. Therefore, the growth in the production of steel, aluminum and other metals in the Asia-Pacific region is boosting the demand for chromium salt. As a result, the chromium salt market size will grow during the forecast period of 2022-2027.
Chromium Salt Market Drivers
Surging Application of Paints and Coatings
Chromium salt in combination with chromium (VI) compounds is majorly used as an anticorrosive agent in the paints and coatings application to prevent the deterioration of paints and coatings products. The key factors such as growing demand for repainting & new construction, increasing production of automobiles and other factors are aiding the growth of the paints and coatings industry. For instance, according to British Coatings Federation (BCF), due to continued strong consumer demand for DIY commodities such as paints and wall coverings, as well as a strong manufacturing and construction industry rebound, the first 5 months of 2021 achieved remarkable sales results in both industrial and decorative coatings in the United Kingdom. Overall, paint and coatings sales in the UK increased by 24% compared to the same period in 2020. As a result of the surging application of paints and coatings, the production for it is growing. This factor is spurring the adoption of chromium salts, leading to market growth.
Government Initiatives for Steel Industry
The governments at the global level are taking initiatives for the steel industry to increase production activities, reduce the dependence on coal and other determinants are proliferating the steel production growth. For instance, in July 2021, the largest manufacturer of flat-rolled steel in Canada, ArcelorMittal Dofasco G.P., received an investment of $400 million from the federal government of Canada. This investment aimed at a US$1.765 billion effort to transition away from coal-fired steelmaking at its Hamilton, Ontario plants. Thus, these initiatives are benefiting the surge in steel production activities, which, in turn, is driving market growth.
Chromium Salt Market Challenge
Chromium Salt Listed under Hazardous Substance
Chromium Salt has superior properties such as higher melting points, boiling points and more. However, on the other hand, chromium salt is listed under the hazard substance list. It is compulsory to tag and labeling of hazardous substances according to international standards. For instance, the New Jersey Department of Health and Senior Services has listed chromium salt under the hazard substance list because it can cause irritation to the eyes, nose and skin and cause breathing problems. Therefore, due to the hazardous substance list, the development related to the market is very limited, which is creating a bottleneck for the growth of the chromium salt industry.
Chromium Salt Industry Outlook
Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the Chromium Salt Market. The top 10 companies in the Chromium Salt market are:
- Sun Chemicals
- Bayers AG
- BASF SE
- Ciba Speciality Chemicals
- American Elements
- Xinjiang Sing Horn Group
- Medural Group
- Hubei Zhenhua Chemical
- Oxkem Ltd
- Chemetall GmbH
Recent Development:
- In March 2022, Zhenhua Co. Ltd., headquartered in China acquired 51% of Xiamen Shouneng Technology Co. Ltd. Zhenhua Co. Ltd., will be able to thoroughly investigate the potential applications for novel materials containing chromium in the new energy sector.
Relevant Reports
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Report Code: CMR 0227
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