Chromium Phosphate Market size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1674
Chromium Phosphate Market size may witness significant gains as it is mainly used in paints & coatings industry for corrosion and architectural protection and medical sector. It is also known as orthophosphate of chromium salt or phosphoric acid which is insoluble in water. It is used as an additive in anti-corrosive pigments, drugs, polymer, and catalysts manufacture.
Key raw materials used for the manufacturing process includes ethanol, ammonium dichromate, orthophosphoric acid, and chromium trioxide. It is highly toxic in nature and if exposed directly may cause respiratory, eye and skin irritation.
Chromium phosphate has wide application usage in polymer industry as is used as laminated structure to dampen motor noise and vibration. In addition, it is used as catalysts in the dehydration of alcohols to ethers.
Increase in application scope in architectural coatings may drive chromium phosphate market size. The industry is mainly driven by rise in developments of construction sector along with exotic coatings demand. Rise in environmental awareness has led to product innovations to provide quality products in coating industry which are high quality, and affordable. Architectural coatings are widely used in wall paintings, sculptures, furniture, and wood flooring. Increase in environmental concerns and health hazards has led to rise in strict regulations by EPA, thereby driving industry growth. Strict government guidelines by REACH has led to the development of water based and eco-friendly architectural coatings.
Rise in corrosion inhibitors sector may have a positive impact over the foreseeable period. Chromium phosphate based coatings provide excellent corrosion protection on aluminium and provides adhesion. Global corrosion inhibitors market size was valued at over 6 billion in 2016 due to robust growth construction industry. It extends equipment life, preserve cosmetic appearance, prevent system shutdowns, and avoid contamination, thereby reducing maintenance costs.
Corrosion inhibitors forms a protective layer over surface and prevents environmental direct contact. Increasing awareness of corrosion inhibitors in shipping, petrochemical and chemical industries may propel chromium phosphate market size.
Strong application outlook in medical industry should stimulate chromium phosphate market size growth over the forecast timeframe. It is widely used in the medication of arthritis, leukaemia and haemangioma. Haemangioma is abnormal collection of blood vessels and usually found on skin and internal organs like liver, brain and kidney. Rise in geriatric population along with increase in consumer awareness may propel industry growth.
North America, driven by the U.S. chromium phosphate market size may witness significant gains over the forecast period. Strong application outlook in medical devices along with stringent government regulations should drive regional industry growth. Increase in use of anti-corrosion and surface coating may fuel product demand.
Europe chromium phosphate market size, driven by U.K, France, Italy, and Germany, may witness steady gains owing to increase in paints & coatings industry. Companies are shifting their manufacturing units mainly in Asia Pacific region owing to easy raw material availability, which may hinder regional growth. However, high investment in pharmaceutical sector may help in chromium phosphate market size in the region.
Asia Pacific, led by Japan, India, and China chromium phosphate market size may witness significant gains over the forecast timeframe. Positive indicator in construction sector on account of rise in architectural coatings demand may drive regional growth. Rapid industrialization mainly in India and China along with rise in government spending should stimulate industry growth.
Lack of awareness regarding chromium phosphate usage in various end-use industries along with low production capacity may constraint industry growth. Fluctuating raw material costs may hamper industry profitability and affect chromium phosphate market price trend. However, strong R&D spending for various industrial applications may stimulate product demand.
Global chromium phosphate market share is highly organized with various manufacturers catering to the industry. Key manufacturing companies operating in the industry include Chemos, Sigma Aldrich, Covestro, American Elements, Brenntag, Service Chemical, and Oxkem.
Chromium phosphate market may create opportunities in automotive, aluminium finishing, aerospace, and heavy equipment industries in the near future.
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