Robust demand for functional chromium has been witnessed in piston rings and piston rods.
Albany, NY -- (SBWIRE) -- 04/16/2018 -- Recently, a new study focusing on the global demand for chromium has been publicized to the vast archive of Market Research Hub (MRH), with the title of "Chromium Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2026". The study provides comprehensive insights on the current as well as future growth prospects for the market. Apart from that, the study outlines the growth drivers, restraints, as well as opportunities expected to influence market's growth during the forecast period.
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Chromium seeks robust adoption in metallurgical applications. According to the latest findings, the chromium accounts for approximately 20% of the stainless steel composition and enhances the hardness and oxidation resistance of the metal, thereby avoiding corrosion. In terms of revenues, chromium will continue to seek the largest application in stainless steel production, as stainless steel manufacturers have and will endure as major consumers of chromium. The analyst of the report has estimated that the global market for chromium will gain a modest growth between the period 2017 and 2026. Additionally, chromium sales across the world are predictable to close in on roughly US$ 18,000 Mn by 2026-end.
In order to provide a comprehensive view of the global market, the study highlights market growth in some prime regions including North America, Europe, APAC, Latin America and MEA. Out of these, the demand from APAC region is anticipated to grow robustly during the forecast period of 2017-2026. This region is likely to pave several avenues for the market, with the robust presence of prominent stainless steel manufacturing facilities in its emerging countries such as China and India.
This research is further categorically divided on the basis of grades, and application. On the basis of grade, it covers metallurgical grade, chemical intermediary grade, refractory and foundry grade. With an estimated market revenue share of over 80% during 2017 to 2026, metallurgical grade chromium segment will continue to be leading among chromium grades in the market. Moreover, on the basis of application, the study covers stainless steel production, non-ferrous alloy production, alloyed steel production, refractory additives and others.
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It has been further observed that the high-strength stainless steel has sought extensive employment across a wide variety of industrial sectors including manufacturing, transport, construction & infrastructure, and automotive. Due to this, the demand for stainless steel production will spur the growth of the market steadily.
As the report concludes, another vital section explains competitive landscape featuring some of the top companies, their products and business strategies, and their standing in the global market. Major market participants subsidizing to the growth of global chromium market include Glencore PLC, Chrometco, Gulf Mining Group LLC, Al Tamman Indsil FerroChrome LLC, Assmang Proprietary Limited, CVK Group, Ferbasa, and Hernic Ferrochrome (Pty) Ltd.
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