Chromium Powder Market Is Expected To Reach USD 997.02 million By...

Chromium Powder Market Is Expected To Reach USD 997.02 million By 2032.

Posted 2023-08-30 07:13:14

The global Chromium powder market size was USD 551.52 million in 2022 and is expected to reach USD 997.02 million in 2032, and register a revenue CAGR of 6.8% during the forecast period. Rising demand for chromium powder across a range of end-use industries, including the automotive, aerospace, and construction industries, is the major factor driving market revenue growth.

Stainless Steel is produced using a lot of chromium powder due to its exceptional qualities, such as a strong resistance to corrosion and heat. Stainless steel is used extensively in the automotive and aerospace industries.

Chromium powder is also used in applications where high surface areas are preferred, such as water treatment and solar and fuel cells.

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.

Get a sample copy of the chromium powder market report: https://www.reportsanddata.com/download-free-sample/1450

Chromium Powder Market: Drive factors

The chromium powder market is expected to experience significant growth due to its unique features and diverse applications. Chromium powder is a vital component in various industrial materials, including stainless steel, aluminum alloys, and electronics. It is also a necessary element in many super alloys used in the aerospace and nuclear power industries. In recent years, chromium ion plating has become an environmentally friendly alternative to traditional chromium plating methods.

Furthermore, chromium powder is used in applications where high surface areas are preferred, such as water treatment, solar, and fuel cells. The production of high-grade stainless steels, which are crucial for the safe and environmentally sound operation of chemical plants, food processing operations, and nuclear power generation facilities, is also a significant driver for the market.

However, the carcinogenic properties of chromium powder may hinder market growth due to adverse effects on human health. The Occupational Safety and Health Administration (OSHA) and the National Institute for Occupational Safety and Health (NIOSH) have established exposure limits to ensure worker safety. Despite these challenges, the market is projected to grow due to increasing demand from various industries, particularly in the Asia Pacific region, where people's lifestyles and disposable incomes have improved.

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