Albany, NY -- (SBWIRE) -- 07/12/2018 -- Chromium seeks robust adoption in metallurgical applications, and is considered to be an essential alloying element in stainless steel. Mounting demand for stainless steel is therefore a major determinant for adoption of chromium worldwide. The high-strength stainless steel has sought extensive employment across a wide variety of industrial sectors including manufacturing, transport, construction & infrastructure, and automotive. Properties such as rust resistance and easy sterilization of stainless have made it ideal for application in daily use products. With chromium being essential raw material for manufacturing ferrochrome, expansion in the steel industry will create high demand for chromium in the foreseeable future.
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Decorative plating is a key trend that prevails in the automotive sector for coating a variety of vehicle components, which include interior & exterior trims, wheel covers, mirror housings, emblems & logos, and door handles. Utilization of metals, such as steel, which contains chromium as an essential element, for decorative plating has gained tremendous traction over the past decade. Additionally, robust demand for functional chromium has been witnessed in piston rings and piston rods. These factors coupled with robust sales of vehicles across the globe are expected to create high demand for chromium.
According to Transparency Market Research' new report, the global market for chromium will record a moderate growth between the period 2017 and 2026. Chromium sales across the globe are expected to close in on roughly US$ 18,000 Mn by 2026-end.
APEJ to Remain Largest Market for Chromium
Asia-Pacific excluding Japan (APEJ) is anticipated to stick to its position of being the largest market for chromium. This region is likely to pave several avenues for the market, with robust presence of prominent stainless steel manufacturing facilities in its emerging countries such as China and India.
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Among these countries, India accounts for a majority share of chromium ore production & export, whereas China stands as the largest exporter of chromium in the region.
With an evaluated market revenue share of over 80% during 2017 to 2026, metallurgical grade chromium will continue to be dominant among chromium grades in the market. This dominance can be attributed to the fact that metallurgical grade chromium is the most eminent among all the existing chromium ore grades. Additionally production of non-met chromium for use in foundry is likely to surge with growing inclination of several manufacturers toward production of foundry products. As, non-met chromium is a common by-product of metallurgical grade chromium, growing demand for foundry products will influence adoption of this chromium grade segment in the upcoming years.