Chromic Acid Market Size, Share, Growth, and Industry Growth, By Type (Excellent Grade, First Grade, Qualified), By Application (Wood Preservation, Metal Planting, Others), Regional Forecast To 2031

Updated On: 08 April 2024

Chromic Acid Market REPORT OVERVIEW

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The global chromic acid market size was USD 741.8 million in 2022 and is projected to touch USD 1046.7 million by 2031, at a CAGR of 3.9% during the forecast period.

The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Chromic acid, also known as chromium sesquioxide or  chromia. Is a mixture of highly concentrated sulfuric acid and dichromate which is inclusive of a number of compounds as well as solid chromium trioxide that is formed during the acidification of solutions. Furthermore, there are three segments of chromic acid, excellent grade is the purest form. It is a solid, bright red powder and has a slight odor, also can be used in any proportion with other materials to get the desired color effect. However, it must be used alone for its full strength as it is very toxic in nature. Secondly, first grade is defined as the highest quality. It is used in wood preservation and metal plating. Additionally, it offers excellent corrosion resistance and good electrical conductivity. Qualified is the third variant of the acid, and it is not as well-known as the other two. As it has a comparatively lower quality, it is not as effective. However, it is still used minimally in metal plating.

To oxidize a variety of organic compounds including ketones and carboxylic acids, chromic acid is mainly used for this process. It is also consumed in the manufacturing of metal coatings, plastic coatings, wood preservatives, detergents, glassware washing, ceramic glazes, and a variety of other products. Furthermore, its uses expand to being exercised as a catalyst. As well as, an enduring pigment labeled as chrome oxide green. Moreover, is used as a coloring agent in applications including glass and ceramic ware.

COVID-19 Impact: Rigid Lockdown Negatively Affects Market Growth

COVID-19 pandemic had rigorously effected markets on a global scale, as governments implicated a rigid lockdown, halts on transportation locally and to foreign regions. Moreover, difficulties faced in the distribution channels and supply chain as availability of raw material were constricted. With the lockdown shutting manufacturing sectors it created a decline in the supply quantity hence, impeding the chromic acid market growth.

LATEST TRENDS

"Expansion of Chromic Acid in Textile Industry Elevates the Industry"

The expansion into textile industry as it plays a major role in developments of chromic textiles, are fabrics that exhibit color changes when influenced by external stimuli coming from the environment.  Beginning of trends termed as, applications of smart materials. Furthermore, the other use is performing as a catalyst in the dyeing of wool processing.

Chromic Acid Market SEGMENTATION

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• Based on type

Excellent grade, first grade and quality.

Excellent grade is the leading part of the type segment.

• By Application

Based on application; Wood preservation, metal planting and others

Wood preservation is the leading part of the application segment.

DRIVING FACTORS

"Increasing Demand from End Use Industry Augments Market Growth"

End users such as automotive and aerospace industries. An increase in demand quantity is accounted here due to the properties of the acid, which are its excellent corrosion characteristics. The acid plays an important role in aerospace as it is anodized, which is  specialized for flight critical aluminum components subjected to high stressed objects, as the landing gear on aircrafts. Furthermore, in automotive industry the acid is also processed through anodizing of aluminum. It transforms into a thin layer of aluminum metal, preventing scratches and corrosion. As the market revives post COVID-19, these factors creating a higher full in demand leads to the growth globally of the chromic acid market share.

"Major Demand for Chromic Acid in Wood Preservatives Boosts Market Growth"

The wood preservatives being manufactured with the acid compounds have raised the effectiveness of wood surfaces from eroding and discoloring.  Hence, attracts manufactures from the sector to opt for the new preservative as it functions more productively and efficiently, in comparison to competitors. This would build on maximizing sales overall in the market.

RESTRAINING FACTORS

"Health Hazards of Using Chromic Acid Impedes Market Growth"

With its multiple uses in different sectors, usage of the acid brings drawbacks such as burning, skin allergy, eyes with possible eye damage and basically other health hazards. Ergo, in the paintings and coating sector it is a rising concern of human health. Since this problem, alternatives are being researched for in the sectors for health safety. Negatively impacting on the sales of the acid mainly in the paints and coating sector and impeding upon overall in the chromic acid market growth.

Chromic Acid Market REGIONAL INSIGHTS

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"Asia Pacific Leads the Market Globally"

Asia Pacific region expected to stand first the global chromic acid market by high levels of consumption and revenue. Chemical production, infrastructure, and construction factors helped this region to boost its growth, as Asia Pacific’s market has been experiencing developments. Furthermore, the market in the region is anticipated to spread into the defense sector as demand military vehicles show a rise and the coloring agent used for these vehicles have increased and the amount green pigments consumed in the market. Government investments in the region’s market to increase developments in the architectural sector is credible to augment the market growth.

KEY INDUSTRY PLAYERS

"Improvements of Product Main Aim of Companies to Capture High Market Growth"

The key industry players are developing strategies to improve and expand in market segments such as wood preservatives. Developments made in generating a water repellent procedure, so the wood could take in water through its capillaries while protected by the acid as tests prove repellency in water immersions and sprays. Which breakthrough could evolve the market sector and create sales to new heights. Furthermore, the coating sector experiences a trend setting development of efforts taken in creating customer-driven advancements to achieve sales through matching consumer preferences. In correlation of spreading awareness to rocket sales of the product in the market.

List of Market Players Profiled

• Lanxess South Africa (South Africa)
• Soda Sanyaii (China)
• Elementis (U.S.)
• MidUral Group (Russia)
• Novotroitsk Plant of Chromium Compounds (Russia)
• Hunter Chemical (U.S.)
• Atotech Deutschland (Germany)
• Vishnu Chemicals (India)
• Chongqing Minfeng Chemical (China)
• Sichuan Yinhe Chemical (China)
• Huangshi Zhenhua Chemical (China)

REPORT COVERAGE

The study covers and provides detailed analysis of the market and emphasizes on key industry players, types of acid, applications and important sources of the product. It also focuses upon the latest market trends and driving and restraining factors, in addition to the important factors that have played a role to the markets growth. Clarifying why one region dominates the global market is the aim of the regional study. The study also includes a market strategic analysis. It includes thorough market information.