Albany, NY -- (SBWIRE) -- 06/05/2014 -- Transparency Market Research Reports incorporated a definite business overview and investigation inclines on "Chromium Market". This report likewise incorporates more illumination about fundamental review of the business including definitions, requisitions and worldwide business sector industry structure.
Chromium is a lustrous steel-colored brittle but hard chemical. It exhibits high gloss, high melting point, excellent resistance to corrosion and is highly resistant to tarnishing. Chromium can combine with other metals to form a number of metal compounds. For instance, ferrochromium and chromium metal are produced by the aluminothermic or silicothermic reactions. Chromium is used in a wide range of applications including metallurgy, dye and pigment, wood preservation, tanning, refractory material, catalysts and magnets among others. Majority of chromium is converted into ferrochromium alloys, due to its high demand in stainless steel and alloy industries.
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Rapid industrialization in emerging economies such as China, Brazil and India is expected to be one of the primary factors driving the demand for chromium in various industrial activities and processes over the next few years. In addition, the growing demand for stainless steel in various applications such as household goods, consumer goods and electronics due to its light weight, glossy luster and high resistance to corrosion, is expected to augment the demand for chromium over the next six years. However, the fluctuating cost of chromium and the increasing costs of mining are expected to hamper the growth of the market. Rising demand for chromium in BRICS is expected to open new opportunities for the growth of the market in the near future.
South Africa, Kazakhstan and India are the leading producers of chromium and supply over three fourth of the world’s demand. Rising industrial activities in Asia Pacific is expected to drive the demand for chromium in this region and is expected to be the fastest growing market in the forecast period. Other developing regions such as South America and Africa are expected to witness a substantial growth in the chromium market over the next few years.
Some of the key participants of the global chromium market include Norilsk Nickel, Cia De Ferro Ligas Da Bahia, Aquarius Platinum, African Rainbow Minerals, Assore, Lonmin, Anglo American Platinum, Merafe Resources and GlencoreXstrata among others.
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