Chromium Oxide Market Analysis

Chromium Oxide Market Overview

The Chromium Oxide Market is projected to register a healthy CAGR of 5.13% to reach USD 353,564.5 Thousand by the end of 2030.

Chromium oxide (Cr2O3) is an inorganic compound and one of the major oxides of chromium. It occurs naturally as a rare mineral, eskolaite. It finds application in coatings owing to its excellent resistance to wear, abrasion, corrosion, and chemicals. In addition, the chromium oxide pigments find a wide range of applications on account of excellent dispersibility and heat stability, weather fastness, hiding power, and batch-to-batch uniformity offered by the pigments.

The paints & coatings industry is one of the largest consumers of chromium oxide, wherein the chromium oxide pigments are used in a broad range of applications including industrial coatings, automotive coatings, exterior coatings, and product finishes. Furthermore, orthopedic implant is the other application where the demand for chromium oxide as a protective coating is growing significantly owing to the anti-reflectivity, high chemical resistance, excellent abrasion resistance, and superior wear resistance offered by the chromium oxide coatings.

Market Dynamics

Chromium oxide pigments play a major role in the major industries such as plastics, building & construction, and refractory. In the plastics industry, they are used for coloring plastics according to the requirements such as good dispersibility (easy to distribute so as to reach their final tinting strength quickly), high thermal stability, high levels of lightfastness (property showing how resistant to fading it is when exposed to light), and weather stability. These pigments are suitable for coloring most types of plastics, including polystyrene, acrylonitrile butadiene styrene (ABS), engineering polymers, polyvinyl chloride, and polyolefins. They are applied to packaging materials, plastic tubes used in the construction industry, automobile cockpits, pipes and connector elements, and plastics used in the electrical industry.

In the building & construction industry, oxide pigments are the ideal solution for coloring building materials, concrete, and other construction materials. They are resistant to lime and alkalis, insoluble in water and dilute acids, and highly resistant to weather owing to the chemical composition and structure. Chromium oxide is a green crystal powder with high covering strength, temperature resistant, and excellent sunlight fastness. They offer high tinting strength, color consistency, good dispersion, and weather stability.

The growth of these industries across the globe, especially in the Asia-Pacific and the Middle East & Africa, is likely to favor the market growth in the years to follow.

February 2024

During the Paint India expo, which took place at the Bombay exhibition Centre in Goregaon, Mumbai, between February 22 and 24, 2024, LANXESS, a company that specializes in specialty chemicals, displayed its vast variety of products for the Paints & Coatings industry. There were three different business units that presented their most current innovations: Material Protection Products (MPP), Inorganic Pigments (IPG), and Polymer Additives (PLA).

The Material Protection Products (MPP) business section of LANXESS displayed their most recent environmentally friendly product. LANXESS's Material Protection Products (MPP) business unit presented their most current range of sustainable biocides, which includes Rocima®, Preventol®, Kathon®, and Bioban®. Among the products that were shown was Bioban®. These biocides are necessary for extending the shelf life of the product, protecting against the formation of mold, mildew, and algae on dry film, and preventing microbiological contamination in formulations that are water-based. As part of its strategic relationship with Tennants GmbH, the business unit also highlighted the ways in which it incorporates ATP detection technology and a biocide spectrum for the purpose of ensuring the cleanliness of industrial plants.

Global Chromium Oxide Market Revenue, by Application, 2017 (USD Thousand)  

Sources: MRFR Analysis

Segmentation

Based on grade, the global chromium oxide market has been categorized into three segments: pigment grade, metallurgical grade, and refractory grade. Among these, the pigment grade chromium oxide was the largest grade segment, with the majority of the demand in the paints & coating industry. The segment was valued at USD 185 million in 2017 and is projected to register a CAGR of over 5% during the review period.

By application, the global chromium oxide market has been segmented into paints & coatings, glasses, ceramics, inks & dyes, bricks & concrete, metallurgy, and others. The metallurgy segment accounted for the largest market share in 2017 and is projected to be valued at over USD 104 million by the end of 2030.

Key Players

The prominent players in the global chromium oxide market LANXESS (Germany), Venator Materials PLC (UK), Saint-Gobain (France), Elementis plc (UK), American Elements (US), Reade International Corp (US), Vishnu Chemicals (India), Hubei Zhenhua Chemical Co., Ltd (China), Chrome Star Chemical Works (India), and Hunter Chemical LLC (US), among others.

Global Chromium Oxide Market Share, by Region, 2017 (%)  

Sources: MRFR Analysis

Regional Analysis

Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America are the key regional markets covered under the scope of the report. The market in Asia-Pacific held the largest share of over 45% in 2018, owing to the expanding building and construction industry in the region. China, India, and South-East Asia countries such as Indonesia, Malaysia, and Thailand are the major contributors to the growth of the regional market. Moreover, the robust growth of the metallurgical and paints coatings industry in these emerging economies is projected to boost the demand for the product in the region. Additionally, rapid urbanization and industrialization in the region are also likely to favor the growth of the regional market during the forecast period.

Europe is estimated to register substantial growth during the forecast period owing to the increasing demand in major end-use industries, such as building and construction and paints and coatings. Besides, technological advancements in the plastics and ceramics industries in the region are expected to significantly drive the regional market growth.

The Middle East & African market is projected to register a CAGR of 4.32% during the review period, which is primarily due to the rapidly growing construction industry in the region.

The key players operating in the global market have large and advanced manufacturing facilities at the domestic and international levels. This helps them to supply the products to various end users across the globe within less time as compared to the small-scale manufacturers, providing a competitive edge in the global market. Some of the business strategies followed by the players operating in the global chromium oxide market are new product launches, acquisitions, and agreements.

Recent Development

Inorganic color pigments were shown by the Inorganic Pigments (IPG) business section of LANXESS. These pigments are used all over the globe in industries such as construction, paints and coatings, and plastics. Examples of their synthetic iron oxide and chromium oxide pigments are Bayferrox®, Bayoxide®, and Colortherm®. These pigments provide excellent color strength, uniformity, lightfastness, UV stability, and environmentally responsible production. Bayferrox® and Bayoxide® are other examples of their synthetic iron oxide pigments.

In the Polymer compounds (PLA) business area, compounds that were designed to improve product attributes were shown. These compounds were meant to be used in the construction, adhesive, paint, and coatings industries. The exhibition included a number of different products, among of which were K-Flex®, Mesamoll®, Disflamoll®, Stabaxol®, and Bayfast®. Ingredients that enhance formulation overall and ensure improved performance, durability, and ease of application are highlighted by these brands.

Market Segmentation

Global Chromium Oxide Market, by Grade

• Pigment Grade


• Metallurgical Grade


• Refractory Grade

Global Chromium Oxide Market, By Application

• Metallurgy


• Paints & Coatings


• Glasses


• Ceramics


• Inks & Dyes


• Bricks & Concrete


• Others

Global Chromium Oxide Market, By Region

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  

• Europe
  
  
  
  • UK
  
  
  • Germany
  
  
  • Spain
  
  
  • Russia
  
  
  • France
  
  
  • Italy
  
  
  • The Netherlands
  
  
  • Poland
  
  
  • Belgium
  
  
  • Rest of Europe
  
  
  
  

• Asia-Pacific
  
  
  
  • China
  
  
  • India
  
  
  • Japan
  
  
  • South Korea
  
  
  • Australia & New Zealand
  
  
  • Indonesia
  
  
  • Thailand
  
  
  • Rest of Asia-Pacific
  
  
  
  

• Latin America
  
  
  
  • Mexico
  
  
  • Brazil
  
  
  • Argentina
  
  
  • Rest of Latin America
  
  
  
  

• Middle East & Africa
  
  
  
  • Turkey
  
  
  • Israel
  
  
  • Saudi Arabia
  
  
  • UAE
  
  
  • Rest of the Middle East & Africa
  
  
  
  

Available Additional Customizations

• Chromium oxide market PESTEL analysis


• Trade Analysis


• Competitive Benchmarking 

Intended Audience

• Chromium oxide manufacturers


• Suppliers and traders of chromium oxide


• Government, associations, and industrial bodies


• Investors and trade experts


• Consulting in chemical experts