Chromium Powder Market Revenue To Surpass USD 77.1 Million By 2028
According to a new report by Reports and Data, the global chromium powder market is projected to reach USD 77.1 Million by 2028. Chromium powder is an important component in several industrial materials due to its unique properties. It is used in various applications, including stainless steel, aluminum alloys, and electronics. Chromium is also an essential element in superalloys, which are crucial to the aerospace and nuclear power industries. In recent times, chromium ion plating has emerged as an environmentally friendly alternative to traditional chromium plating methods.
Chromium powder is also used in applications where high surface areas are preferred, such as water treatment and solar and fuel cells.
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High-grade stainless steels that contain chromium as a vital component are crucial to the safe and environmentally sound operation of chemical plants, food processing operations, nuclear power generation facilities, and other important industries. Chromium is used to harden steel, for the production of stainless steel and several useful alloys. Depending on the class of stainless steel, the chromium content varies from 10% to 27% to improve the hardness as well as resistance to oxidation. It is also employed to impart an emerald green color to the glass.
However, the carcinogenic properties of chromium may create hindrances in the growth of the market in the forecast period. The Occupational Safety and Health Administration (OSHA) has recommended an 8-hour time-weighted average (TWA) exposure limit of 5 micrograms of Cr (VI) per cubic meter of air (5 µg/m³). The National Institute for Occupational Safety and Health (NIOSH) has suggested a 10-hour TWA exposure limit for all Cr (VI) compounds of 1µg Cr (VI)/m³. For chromium metal and Cr (II) and Cr (III) compounds, the established exposure limit is 500 µg/m³ as a 10-hour TWA.
The report also suggests that powders produced of refined electrolytic chromium are generally used in manufacturing, and the application in metallurgy contributed to the largest market share in 2020 and is likely to maintain its dominance throughout the forecast period. Additionally, the Asia Pacific held the largest market share in 2020 and is expected to grow at a rate of 2.3% in the forecast period. The electronics application segment is anticipated to grow at a considerable rate in the forecast period due to improved lifestyles and an increase in the level of disposable incomes of people in the Asia Pacific region in both developed and developing countries.
The key participants in the market include Delachaux Group, Exo Tech, AMG Advanced Metallurgical Group N.V., Hascor International Group, Bell Group, ESPI Metals, Industrial Metallurgical Holding, Kohsei Co. Ltd., MidUral Group, Gfe, TRITRUST Industrial, and Jayesh Group, among others.
The report segments the global chromium powder market on the basis of purity, type, application, and region, providing further insights into the market's growth and trends.
Chromium Powder Market: Notable innovation
In recent years, there have been notable innovations in the production and application of chromium powder. One of the most significant developments is the use of chromium ion plating as an environmentally friendly alternative to traditional chromium plating methods. This method has gained popularity in various industries due to its ability to produce high-quality coatings without the harmful effects of traditional plating.
Another notable innovation is the use of chromium powder in high-tech applications such as solar and fuel cells, where its high surface area is preferred. Additionally, researchers are exploring the use of chromium powder in 3D printing and additive manufacturing to create intricate metal parts with superior strength and durability.
Furthermore, advancements in refining and electrolysis techniques have resulted in the production of high-purity chromium powder, which is in demand in industries such as aerospace, metallurgy, and electronics. The development of new applications for chromium powder and the continual improvement of production methods are expected to drive growth in the market in the coming years.
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