Chromium Oxide Market Size, Share and Trends 2024 to 2034

Chromium Oxide Market Size and Forecast 2024 to 2034

The global chromium oxide market size is projected to be worth around USD 933.81 million by 2034 from USD 600.15 million in 2024, at a CAGR of 4.52% from 2024 to 2034. The increase in the mining industries, ceramics, and coatings is a result of increasing the growth market.

Chromium Oxide Market Key Takeaways

• Asia Pacific led the chromium oxide market with the largest market share of 58% in 2023.
• North America is anticipated to grow remarkably during the forecast period.
• By type, the pigment grade segment accounted for the biggest market share of the market in 2023.
• By type, the metallurgical grade segment is expected to witness significant growth in the market during the forecast period.
• By application, the paints and coatings segment has generated the biggest market share in 2023.
• By application, the metallurgy segment is expected to grow significantly in the market during the forecast period.

Asia Pacific Chromium Oxide Market Size and Growth 2024 to 2034

The Asia Pacific chromium oxide market size was exhibited at USD 333.04 million in 2023 and is projected to be worth around USD 546.28 million by 2034, poised to grow at a CAGR of 4.6% from 2024 to 2034.

Asia Pacific held the dominating share of the chromium oxide market in 2023. Innovations in formulating industries with industrialization in regions such as China, Japan, and India have pumped up production from the sectors that include mining, metallurgy, and automotive all of which require chromium oxide. Furthermore, there has been increased development of infrastructure and automobiles in the region which has in turn increased demand for coatings and paints most of which use Chromium oxide due to its hardness and color stability.

North America is expected to grow notably in the chromium oxide market during the forecast period. The North American chromium is poised for further expansion, driven by sustained industrialization, infrastructural development, and increasing awareness regarding sustainable solutions.

Massive automotive and aerospace sectors can be attributed since chromium oxide finds application as a high-performance coating and alloy. Also, the abundant uses for ceramics, such as its utilization in hi-tech manufacturing and home appliances, play a part in the rising demands.

• In December 2023, The U.S. Department of Energy (DOE) announced the selection of Boston Metal to negotiate federal funding to establish a new manufacturing plant in Weirton, West Virginia. This project is crucial in bringing the production of critical materials, like chromium metal to U.S. soil.

Market Overview

Chromium oxide is an oxide of chromium occurring in nature as a mineral called eskolaite. It is widely known as ‘viridian’ which is employed as a pigment in paints, inks, and glasses. It is detected in rocks, living beings, plants, and soil and is primarily obtained as chromium ore in the form of chromite. Chromic oxide is relatively inert and is popularly utilized as a green colouring material in paints, inks, and glasses due to its stearic nature.

It is also used for colouring ceramics and gives a green hue in chrome green and institutional green. Chromium oxide has high thermal stability, high corrosion resistance, and high wear resistance which suit its application in the processing environment that comprises high temperatures with dirty surroundings.

Chromium Oxide Market Growth Factors

• Elevated demand in mining and metallurgy industries is observed with the product since it is a critical ingredient in Stainless steel and other special alloys.
• Chromium oxide is the coloring agent and a compound added to ceramics. With the growth of the ceramics industry, especially in new types and improvements, as well as enhanced production in tiles, sanitary ware, and artistic ceramics, the need for the chromium oxide market is increasing.
• Chromium oxide is applied in the industry of coatings and paints. Due to its high-performance coatings and paints especially for automotive, industrial, and architectural uses chromium oxide is widely.

How is AI Changing the Chromium Oxide Market?

The use of AI in the chromium oxide market is vast when it comes to the potential of changing different parts. AI can be used to improve the supply chain because demand forecasting can be done accurately and inventory control along with the logistics process can be made efficient. The AI-based quality assurance systems can also applied to achieve quality control to assure the quality of products by having image recognition and machine learning which can detect the defects instantly.

In addition, AI can enhance manufacturing processes by adjusting all production parameters and diminishing losses. In general, the direction of incorporating AI helps to increase efficiency and reduce costs in the chromium oxide market while producing better products.

Market Scope

Market Dynamics

Driver

Growing demand for chromium oxide pigments and coatings

The chromium oxide market is booming due to the pigments of choice for use in high-performance industrial coatings because of their high thermal stability, migration resistance high lightfastness, and weather stability. The inorganic green and blue-green pigments include chromium (III) oxide pigments Cr2O3, chromium oxide green, and CrOOH, chromium oxide hydrate green. It has been found that Cr2O3 pigments take a very significant role in the tinting of paints, coatings, plastics, building materials, and other application systems.

In the coatings industry, chromium oxide is used especially in high-performance coatings, where it’s added to impart the surface with corrosion resistance and is beneficial in extending the lifespan of the coated surfaces. It is particularly useful in the safeguarding of metallic structures in severe climate conditions as those relating to marine and industrial applications.

Further, because of its high abrasion resistance, it can be used as a coating agent for cutting tools and machines which require their durability to be high. Apart from increasing the durability of the equipment, these coatings help to cut maintenance costs and time, which is a very important factor for any organization in a bid to optimize production.

Restraint

Environmental and Health Concerns

Chromium oxide is a naturally occurring, non-volatile, and water-insoluble substance that can have negative effects on the environment and human health. The environmental impact of chromium oxide is subject to accumulation in the soil and sediments. When there is an inflow of water it becomes dangerous to fish, invertebrates, and water plants before the water settles. Chromium can also have an impact on air as well as water pollution.

Health impact of chromium can cause a variety of health issues, including, respiratory problems, skin issues, and other health issues.  Chromium can also harm an unborn child, cause impotency, and lead to the formation of tumors and a weakened immune response.

Opportunity

Expansion of Construction and Automotive Sectors

The chromium oxide market is observed to experience a notable rise due to employment in the manufacture of environmentally friendly construction products including energy-conserving glass and coatings. These materials assist in saving power and prevent damage that buildings impose on the surrounding environment. Chromium oxide coatings on windows can take thermal insulation characteristics of the windows to higher levels and consequently, limit the use of heating systems and coolers in structures. It not only helps in saving the cost of energy but also the greenhouse gases that are emitted in the process of energy generation.

Chromium oxide is employed in the formulation of brake linings and pads owing to their high-temperature performance and their wear-resistant characteristics. These properties help the braking system to remain effective and dependable under one or the other harsh environmental conditions hence enhancing the safety of vehicles.

• According to ACEA, in 2022, 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021.

Type Insights

The pigment grade segment dominated the chromium oxide market in 2023. Chromium oxide green which is also called chromium sesquioxide or chromium. When used as a pigment it is better known under the name of chrome green but when it was first discovered it was called viridian. Chrome oxide green is employed as a raw material in the manufacturing of co-pigment for porcelain enamel, ceramic glazes, consistency makers for plastics, colored cement, roofing tiles, linoleum, industrial enamels and varnishes, frits, colored glass, electrodes for stainless steel, paints, inks, colored plastics and as a catalyst in the chemical industry. Besides these areas, it is applied in the manufacture of aerospace super alloys and refractory bricks for the glass and fiberglass industry.

The metallurgical grade segment is anticipated to be the fastest-growing chromium oxide market during the forecast period. Metallurgical grade chromium oxide is a mineral powder that has a metallic luster and is green olive in color. It is a high chromium chromite with a chromic oxide content of not less than 40 % Cr2O3. Chromium oxide is employed in non-ferrous metallurgical applications including smelting furnaces, slag cleansing furnaces, converting furnaces, flash melters, tap hole constructions, etc.

Application Insights

The paints and coatings segment dominated the chromium oxide market in 2023 and is observed to sustain the position during the forecast period. Chromium oxide has a very intense green hue and high stability, so it is widely used in the paint and varnish industry and the production of plastics and pottery. This is from the growing construction and automotive industries that are key contributors to this demand. Industrial coatings application often requires pigments that offer extremely high resistance characteristics such as thermal stability, migration, light fastness and

The metallurgy segment is projected to grow significantly during the forecast period. The metallurgical industry has benefited from the use of chromium oxide. It is widely used in the metallurgical industry, particularly in the manufacture of stainless steel and other alloys, where it serves as a crucial additive to enhance the material's hardness, corrosion resistance, and wear resistance. This specificity is mainly valuable in applications where the alloy is exposed to harsh environmental conditions, such as in marine and industrial settings.

Major Application of Chromium Oxide

Chromium Oxide Market Companies

• Lanxess (Germany)
• Elementis (U.K.)
• Vishnu Chemicals Limited (India)
• Nippon Chemical Industrial Co., Ltd. (Japan)
• Venator (U.S.)
• Midural Group (Russia)
• American Elements (U.S.)
• Hubei Zhenhua Chemical Co., Ltd (China)
• Luoyang Zhengjie Science & Technology Industry Trade Co., Ltd. (China)
• Hebei Chromate Chemical Co. Ltd. (China)
• Hunter Chemical Llc (U.S.)
• Chrome Star Chemical Works (India)
• Shijiazhuang Jirong Chemical Co. (China)
• Sichuan Yinhe Chemicals (China)

Recent Developments

• In August 2024, LANXESS will continue chromium oxide production in Krefeld-Uerdingen, Long-term raw material contracts, and significantly reduce costs sustainably improve framework conditions.
• In July 2023, Vishnu Chemicals acquired Ramadas Minerals Pvt Ltd. The acquisition enabled Vishnu Chemicals to curtail the cost of raw materials, ensuring enhanced financial stability and greater value for the shareholders.
• In July 2022, LANXESS completes the acquisition of IFF's microbial control business. The specialty chemicals company is significantly increasing its portfolio of antimicrobial active ingredients and formulations for material protection, preservatives, and disinfectants and is strengthening its global presence, especially in the United States.

Segments Covered in the Report

By Type

• Pigment Grade
• Metallurgical Grade
• Refractory Grade
• Chemical Grade

By Application

• Paints & Coatings
• Ceramic
• Metallurgy
• Rubber
• Others

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa