Chromium Chloride Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1488
Global Chromium Chloride Market size is likely to witness significant growth, expanding at a moderate CAGR in the forecast period. The prime growth driver for global chromium chloride market size is the increasing product demand from the textile industry. This textile industry breathes on dyes and pigments, which have the product as its essential component. The rising demand for diverse types of dyes in various segments of textile industry such as home textiles, geo-textiles and apparels mostly in developing countries of the world is anticipated to have a positive influence on the dyestuff industry across the globe. This will subsequently result in rise in demand for the product in the forecast period. Moreover, the rising disposable income of consumers and steadily increasing number of online stores are driving the textile industry substantially in the recent years, which is expected to eventually propel the global chromium chloride market size in the forecast timespan.
The major application of the product is manufacturing of dyestuff. It is typically used as precursor and a catalyst to dyes for wool. Other applications of the product include organic synthesis and precursor to organochromium complexes. Types of dyes manufactured with the product are triarylmethanes that consist of ortho-hydroxyl benzoic acid derivatives. The product is also used as Lewis acid in several organic reactions, for example, to catalyze the reaction of nitroso Diels-alder. In printing and dyeing industry, it is mainly used as a mordant. Thus, increasing dyes demand (for textiles) across the globe on account to improving customer lifestyle dynamics will positively impact on the chromium chloride market size by 2024.
Another chief consumer of the product is pharmaceutical & medicine industry and owing to its recent continuous growth, it is likely to boost the chromium chloride market size in the coming years considerably. Mostly, countries including India, China, Japan, Brazil, Mexico, South Korea and Thailand are investing heavily in their pharmaceutical sector, to battle with the growing number of diseases and accompanying human resource loss. The most widespread use of the product in pharmaceutical industry is in supplements, which is used in blood sugar and insulin regulator for type 2 diabetes sufferers. The product occurs in natural state in red meat, cheese and grains. Though, its consumption is healthy, but it is always advised to have intake in small traces.
Based on end-users, the chromium chloride market share is segmented into pharmaceutical & medicine and textile industries. It is also used in food additives, animal feed additives, synthesis in chromium compounds and oilfield industry for the process of chromium plating. In inorganic chemicals industry, it is used in the production of chromium pigments and salts. In organic, it is used in the synthesis of various chromium containing catalysts.
Asia Pacific is the fastest growing market in the coming years for chromium chloride market. The demand is growing for the product basically in countries including India, Indonesia, Thailand and China. The countries in Latin America, Middle East & Africa such as South Africa, Nigeria, Jordan, Brazil, Egypt, Saudi Arabia, Israel, Kuwait and Qatar are also showing significant economic growth. Whereas, North American and European countries are gradually recovering from economic slowdown, which indicates a moderate growth rate for chromium chloride market size in the coming years for these regions.
The key players operating in the chromium chloride market share are Angene Chemical Limited, American Elements, GFS Chemical Inc., OXKEM, All Chemie Limited, Mil-Spec Industries Corporation, Materion Corporation, Sentury Reagents Inc. and Seidler Chemical Company Inc.
The prominent chromium chloride market share contributors are primarily focusing on tapping the enormous market potential of developing countries. The companies are establishing vast production facilities to fulfil the rapidly increasing local demand for the product of these developing regions. In addition, major chromium chloride market share contributors have presence across multiple stages on the industry ecosystem in order to achieve competitive advantage in the global chromium chloride market.
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