According to FMI’s analysis, the market for chromium salts is expected to grow at a 5.2% CAGR over the estimated period. It is anticipated that the industry will grow to a market value of USD 4,591 million by 2023.
Among the leading developing markets for chromium salts are China, India, and Brazil. Market expansion is being propelled by these economies’ strong industrialization. It is anticipated that rising demand for pigments and dyes in developing countries will boost chromium salt sales.
Over the assessment period, it is anticipated that the increasing use of chromium salts in applications such as water treatment, metal treatment, and leather treatment will drive up consumption of these materials.
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The need for chromium salts is growing as a result of their growing application in preventing corrosion. In the upcoming years, manufacturers should expect to see a significant increase in opportunities due to technological advancements in the chromium salt manufacturing process.
Chromium salts imbibe toxic and carcinogenic properties that impact the laborers working with this salt daily. Due to these harmful properties, governments have levied different strict environmental rules and regulations, particularly in the United States and Europe. This might hinder the market from going forward.
Top Highlights from the FMI’s Analysis of the Chromium Salts Market:
- The chromium salts industry in the United States is expected to reach a value share of 23.6% in 2023.
- The German chromium salts industry is projected to materialize a share of 6.1% in 2023.
- The Japan chromium salts industry is anticipated to cut a slice of 5.6% from the global market share.
- The Australian chromium salts industry is expected to contribute a 2.8% market share in 2023.
- Over the forecast period, the China chromium salts industry is anticipated to expand at a CAGR of 4.5%.
- India is expected to expand at a robust CAGR of 5.3% from 2023 to 2033.
- The United Kingdom’s chromium salts industry is expected to grab a market share of 4.2% over the estimated period.
- Based on type, the chromium O salts segment is expected to gain a share of 29.4% in 2023.
- Under the application category, the metallurgy segment is projected to contribute 35% in 2023.
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FMI Unveils Factors Responsible for Winning New Customers: Strategies and Developments
Leading participants in the market are concentrating their efforts on mergers and acquisitions. Further, surging acquisitions among key players in projected to catalyze market growth during the estimated period.
Different top firms are getting involved in manufacturing chrome tanning agents applicable in leather processing and tanning and chromium salts. The acquisition is expected to lead to a steady supply of raw materials at a reduced price.
Key Developments in the Market
- Zhenhua Co. Ltd., a China-based company, obtained a 51% stake in Xiamen Shouneng Technology Co. Ltd. in March 2022. Zhenhua Co. Ltd. is expected to thoroughly examine the prospects and uses of novel materials consisting of chromium in the new energy sector.
- Brother Enterprises Holding revealed in August 2019 that the company is acquiring LANXESS in South Africa. The latter company is involved in the production process of chromium salts. With this acquisition, Brother Enterprises Holding is going to benefit from the constant supply of raw materials at a reduced cost.
Key Companies Profiled
- MerckMillipore
- Sigma Aldrich
- Otsuka Chemical Co Ltd
- Loba Chemie
- Thermo Fisher Scientific
- Lenntech
- Arkema SA
- Bann Química
- Behn Meyer
- Chemtura Corporation
- Solutia Incorporated
- Emerald Performance Materials
- Eastman Chemicals Co
- Lanxess AG among others
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Key Players in the Global Chromium Salts Market
By Type:
- Chromium O Salts
- Chromium I Salts
- Chromium II Salts
- Chromium III Salts
- Chromium IV Salts
- Chromium V Salts
- Chromium VI Salts
By Application:
- Metallurgy
- Dyes & Pigments
- Wood Production
- Preservatives
- Tanning
- Refractory Materials
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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