Home > Polymers & Advanced Materials > Chromium Oxide Market
Chromium Oxide Market size is anticipated to witness healthy growth between 2023 and 2032. Chromium oxide is an inorganic compound that is widely used as a pigment in many applications including paint & coating formulations, glass products, inks, and ceramics. This factor will positively influence the market outlook.
According to data by the International Organization of Vine and Wine (OIV), in 2022, wine production in the European Union (EU) was predicted to touch 157 million hectoliters, recording more than 2% increase in annual manufacturing as compared to 2021. Chromium oxide plays an important role in preserving the wine’s flavor. The production of glass bottles is also growing each year due to higher consumption of beverages across the world. These trends will drive the manufacturing of glass bottles, further amplifying the market expansion.
Based on application, chromium oxide market is segmented into paints & coatings, inks, glass, and other sectors. The glass application segment is predicted to register a strong CAGR through 2032. Chromium oxide is used to render color to glass bottles, and the intensity can be adjusted by using different proportions of the compound. The global wine production and consumption is growing at a notable rate every year.
Based on grade, chromium oxide market is classified into refractory grade, pigment grade, abrasive grade, metallurgy grade, and others. The pigment grade segment may capture a sizeable market share by 2032 as chromium oxide is used as a pigment for manufacturing industrial paints & coatings. These paints are being extensively used in automotive, construction, consumer durables, and equipment manufacturing sectors.
The pigment helps in retaining a product’s original color even after being exposed to heat & light and offers excellent wear resistance. Infrastructure development projects are on the rise across the globe. For instance, six months after passing the USD 1 trillion bipartisan infrastructure bill in November 2021, the U.S. government announced that 4,300 infrastructure projects were in the pipeline. This aspect will trigger the usage of paints & coatings, thereby fueling the overall market progress.
However, chromium oxide market trends may be negatively impacted by concerns regarding the toxicological content present in the compound and its adverse effects on human health. Prolonged exposure to this chemical can cause irritation to the eyes and skin, dry skin, redness, and respiratory discomfort. This factor has prompted governments to mandate the usage of high-quality body protection equipment while dealing with this product to avoid severe side-effects or reactions.
Asia Pacific chromium oxide market might register a substantial increase in revenue during the analysis timeframe. Factors, such as rising residential, commercial, & infrastructure construction activities and major spike in automotive production will help the paints & coatings sector grow. According to figures published by the International Organization of Motor Vehicle Manufacturers (OICA), in 2021, China produced more than 4.6 million commercial vehicles and 21.4 million cars, making the country the largest producer of vehicles in the world for that year. This scenario will boost the use of paints & coatings, thereby strengthening the regional market potential.
The Russia-Ukraine war had an adverse impact on chromium oxide market expansion as several end-user industries were forced to shut down their operations. The conflict also caused many supply chain delays, which further restrained the industry growth.
Chemical Corporation, MidUral Group, Venator Materials LLC, LANXESS Aktiengesellschaft, Hebei Chromate Chemical Co. Ltd., Elementis plc, Reade International Corp., American Elements Corp., Sichuan Yinhe Chemical Co., Ltd., Luoyang Zhengjie Science & Technology Industry Trade Co., Ltd., Vishnu Chemicals Limited, Zhonglan Yima Chromic Chemical Co., Ltd., Hunter Chemical LLC, are some of the leading organizations operating in chromium oxide business. These companies are focusing on implementing a variety of corporate strategies, such as partnerships, mergers, acquisitions, and new product launches to increase their global presence.