The global chromium salts market is anticipated to showcase a positive outlook of the market over the assessment period from 2022 to 2032 by registering a CAGR of 4.9%. The global market was predicted to secure US$ 4,427.28 Million in 2022 and is likely to amass revenue worth US$ 7,143.2 Million by 2032. Furthermore, the growth of the global chromium salts market can be attributed to the fast expansion of the dye and pigment market.
The global chromium salts market has experienced substantial growth, driven by the increasing demand for chromium compounds in diverse industries. Chromium salts, such as chromic acid, chromium oxide, and chromium sulfate, are widely used in the production of pigments, metal finishing, leather tanning, and wood preservation. Additionally, they play a vital role in various chemical processes, catalysts, and as corrosion inhibitors.
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Key Takeaways
- The surging application of inorganic compounds as a catalyst for the production of several medicines is anticipated to augment the market size during the forecast period. In addition to that, the advent of various oncological and autoimmune disorders is increasing the demand for drugs and medicine, thus, positively influencing the market. It helps to keep blood sugar levels normal by improving the way body uses insulin. It is also used to cure high cholesterol, diabetes, bipolar disorder, and many other ailments.
- Several other factors significantly contribute to the market growth comprising the surging demand for products for metal treatment, leather treatment, and water treatment. Further, its application in electroplating, tanning, printing, dyeing, and oxidants will widen the market size in the forthcoming time.
Competitive Landscape
Key players in the global chromium salts market are focusing on mergers and acquisitions over the forecast period. Increasing acquisitions among top players in the market are expected to benefit the global market across the assessment period. Various prominent companies are engaging in the production of chrome tanning agents used in leather tanning & processing and the production of chromium salts. The acquisition would provide a steady supply of raw materials at a low cost.
Key Companies Profiled
- MerckMillipore
- Sigma Aldrich
- Otsuka Chemical Co Ltd
- Loba Chemie
- Thermo Fisher Scientific
- Lenntech
- Arkema SA
- Bann Química
- Behn Meyer
- Chemtura Corporatio
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More Insights into the Chromium Salts Market
The North American region is anticipated to dominate the global chromium salts market over the assessment period. Studies reveal that the North American region secured around 25.8% of the global revenue in 2022.
The growth of the region is attributed to the increasing application of chromium salt for commercial use. Chromium is a vital element for the formulation or manufacturing of stainless steel grade for commercial application and is mostly used as an additive to strengthen steel and boost corrosion protection.
The European region is set to bode well for the global market, being the second-largest market for chromium salts. In 2022, the region is likely to claim 22.4% of the global revenue. Additionally, the growth of the regional market can be attributed to the increasing demand for pharmaceutical drugs from the healthcare sector. Also, growing industrialization in the region is another salient cause driving the market in the region during the assessment period.
As per the analysis, the APAC region is expected to be one of the fastest-growing regions during the forecast period. This can be attributed to the rapid industrialization in the region along with the presence of developing countries such as India, Japan, China, and others.
According to the studies by International Stainless Steel Forum (ISSF), the total production of stainless steel in India stood at 3.3 million tons at the end of 2016. Moreover, the overall production reached up to 3.6 million tons by the end of 2017. Such factors are expected to make a significant contribution to developing the market during the forecast period.
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