Chromium Powder Market to Reflect Tremendous Growth Potential with A CAGR of 6.8%BY 2032
The global Chromium powder market size was USD 551.52 million in 2022 and is expected to reach USD 997.02 million in 2032, and register a revenue CAGR of 6.8% during the forecast period. Rising demand for chromium powder across a range of end-use industries, including the automotive, aerospace, and construction industries, is the major factor driving market revenue growth.
Stainless
Steel is produced using a lot of chromium powder due to its exceptional
qualities, such as a strong resistance to corrosion and heat. Stainless steel
is used extensively in the automotive and aerospace industries.
Chromium
powder is also used in applications where high surface areas are preferred,
such as water treatment and solar and fuel cells.
High-grade
stainless steels that contain chromium as a vital component are crucial to the
safe and environmentally sound operation of chemical plants, food processing
operations, nuclear power generation facilities, and other important
industries. Chromium is used to harden steel, for the production of stainless
steel and several useful alloys. Depending on the class of stainless steel, the
chromium content varies from 10% to 27% to improve the hardness as well as
resistance to oxidation. It is also employed to impart an emerald green color
to the glass.
However,
the carcinogenic properties of chromium may create hindrances in the growth of
the market in the forecast period. The Occupational Safety and Health
Administration (OSHA) has recommended an 8-hour time-weighted average (TWA)
exposure limit of 5 micrograms of Cr (VI) per cubic meter of air (5 µg/m³). The
National Institute for Occupational Safety and Health (NIOSH) has suggested a
10-hour TWA exposure limit for all Cr (VI) compounds of 1µg Cr (VI)/m³. For
chromium metal and Cr (II) and Cr (III) compounds, the established exposure
limit is 500 µg/m³ as a 10-hour TWA.
The
report also suggests that powders produced of refined electrolytic chromium are
generally used in manufacturing, and the application in metallurgy contributed
to the largest market share in 2020 and is likely to maintain its dominance
throughout the forecast period. Additionally, the Asia Pacific held the largest
market share in 2020 and is expected to grow at a rate of 2.3% in the forecast
period. The electronics application segment is anticipated to grow at a
considerable rate in the forecast period due to improved lifestyles and an
increase in the level of disposable incomes of people in the Asia Pacific
region in both developed and developing countries.
The
key participants in the market include Delachaux Group, Exo Tech, AMG Advanced
Metallurgical Group N.V., Hascor International Group, Bell Group, ESPI Metals,
Industrial Metallurgical Holding, Kohsei Co. Ltd., MidUral Group, Gfe, TRITRUST
Industrial, and Jayesh Group, among others.
The
report segments the global chromium powder market on the basis of purity, type,
application, and region, providing further insights into the market's growth
and trends.
Get a sample copy of the chromium
powder market report: https://www.reportsanddata.com/download-free-sample/1450
Chromium Powder Market: Drive factors
The
chromium powder market is expected to experience significant growth due to its
unique features and diverse applications. Chromium powder is a vital component
in various industrial materials, including stainless steel, aluminum alloys,
and electronics. It is also a necessary element in many super alloys used in
the aerospace and nuclear power industries. In recent years, chromium ion
plating has become an environmentally friendly alternative to traditional
chromium plating methods.
Furthermore,
chromium powder is used in applications where high surface areas are preferred,
such as water treatment, solar, and fuel cells. The production of high-grade
stainless steels, which are crucial for the safe and environmentally sound
operation of chemical plants, food processing operations, and nuclear power
generation facilities, is also a significant driver for the market.
However,
the carcinogenic properties of chromium powder may hinder market growth due to
adverse effects on human health. The Occupational Safety and Health
Administration (OSHA) and the National Institute for Occupational Safety and
Health (NIOSH) have established exposure limits to ensure worker safety.
Despite these challenges, the market is projected to grow due to increasing
demand from various industries, particularly in the Asia Pacific region, where
people's lifestyles and disposable incomes have improved.
Explore Trending Reports:
Scratch-Resistant
Glass Market-https://www.reportsanddata.com/report-detail/scratch-resistant-glass-market
Foam Tape
Market-https://www.reportsanddata.com/report-detail/foam-tape-market
Intumescent
Coatings Market-https://www.reportsanddata.com/report-detail/intumescent-coatings-market
Synthetic
Zeolites Market-https://www.reportsanddata.com/report-detail/synthetic-zeolites-market
Cellulose
Esters Market-https://www.reportsanddata.com/report-detail/cellulose-esters-market
Cyanate
Ester Resins Market-https://www.reportsanddata.com/report-detail/cyanate-ester-resins-market
Request a customization of the report: https://www.reportsanddata.com/request-customization-form/1450
Thank
you for reading our report. To know more about the customization or any query
about the report contents, please connect with us and our team will ensure the
report is tailored to meet your requirements.
About Reports and Data
Reports
and Data is a market research and consulting company that provides syndicated
research reports, customized research reports, and consulting services. Our
solutions purely focus on your purpose to locate, target, and analyse consumer
behaviour shifts across demographics, across industries, and help clients to
make smarter business decisions. We offer market intelligence studies ensuring
relevant and fact-based research across multiple industries, including
Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently
update our research offerings to ensure our clients are aware of the latest
trends existent in the market. Reports and Data has a strong base of
experienced analysts from varied areas of expertise. Our industry experience
and ability to develop a concrete solution to any research problems provides
our clients with the ability to secure an edge over their respective
competitors.
Contact Us:
John W
(Head of Business Development)
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
Blogs | Press Release | Industry News | Our competencies
Browse More Upcoming Reports @ https://www.reportsanddata.com/upcoming-reports
Browse More Latest Reports @ https://www.reportsanddata.com/report
Browse Latest Blogs: https://www.reportsanddata.com/blogs
Browse Latest Press
Release: https://www.reportsanddata.com/press-release
Comments
Post a Comment