Chromium Oxide Green Market Size, Share, Growth, and Industry Analysis, By Type (Pigment Grade, Metallurgical Grade, and Refractory Grade), By Application (Coating, Ceramics, Rubber, Metallurgy, and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Chromium Oxide Green Market REPORT OVERVIEW

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The global chromium oxide green market size was USD 638.1 million in 2022 and market is projected to touch USD 1007 million by 2031, at a CAGR of 5.2% during the forecasting period.

One of four chromium oxides, chromium oxide green has the chemical formula Cr2O3 and is also known as chromium sesquioxide or chromia. When employed as a pigment, it is frequently referred to as "chrome green". Due to its distinctive characteristics, including its high melting point, low expansion coefficient, good electrical conductivity, and potent oxidizing activity, chromium oxide is a significant industrial chemical. Chromium oxide is utilized in a variety of products, such as abrasives, coatings, refractories, catalysts, and pigments.

COVID-19 Impact: Reduced Production Caused Demand to Fall

The development of the coronavirus has turned into a catastrophic problem for everyone. Production has stopped as a result of the worldwide lockdown scenario disrupting the supply chain for all electronic components. The COVID-19 epidemic has also made it more difficult to meet end-user demands which is the virus's epicenter, producing the majority of electronic component goods. The COVID-19 problem has caused a decline in the companies, stock market turbulence, and a significant slowdown in supply chain activities. The pandemic's overall effects are having an influence on several industries, including semiconductor and electronics manufacturing.

LATEST TRENDS

"Increasing Demand from Glass Industry to Foster Growth Significantly"

The glass industry will increasingly use chromium oxide, driving the market. The inclusion of this oxide during glass manufacture gives the glass a green tint. However, the intensity of color can be altered by altering concentration levels. Juice and wine are stored in bottles made from green glass. The wine's flavor is preserved with the help of chromium oxide. Due to rising beverage demand around the world, glass bottle production is growing. Over the past few years, both wine production and consumption have increased globally. The International Organization of Vine and Wine (OIV) estimates that during 2017 and 2018, global wine output and consumption rose by 13% and 1.7%, respectively. These trends will propel the production of glass bottles in the ensuing years.

Chromium Oxide Green Market SEGMENTATION

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• By Type

Based on type, the market is distributed into Pigment Grade, Metallurgical Grade, and Refractory Grade.

• By Application

Based on application, the market is divided into Coating, Ceramics, Rubber, Metallurgy, and Others.

DRIVING FACTORS

"Increasing Demand for Paint and Coating Industry Augment Market Development "

The substance is employed as a pigment in the production of exterior-use industrial paint and coatings. It provides exceptional wear resistance and aids in keeping the color vibrant even when exposed to heat and light. Due to expanding applications in industries like construction, automotive, equipment manufacture, consumer durables, etc., the demand for industrial paint and coatings will continue to be strong in the future. The market for paints and coatings will expand as a result of rapid urbanization, rising middle-class wages, and infrastructure building initiatives. In consequence, during the anticipated period, this will increase demand for chromium oxide.

"Growing Demand from Construction Industry to Act as a Growth Opportunity "

For painting concrete, building materials, and other construction materials in the building and construction industry, oxide pigments are the finest choice. They are soluble in water and diluted acids, resistant to weather, and resistant to lime and alkalis due to their chemical make-up and structure. Green crystal powder known as chromium oxide exhibits excellent sunlight resistance, high covering strength, and temperature resistance. They offer superior dispersion, strong tinting, and weather resistance. The global development of numerous industries, especially in Asia-Pacific and the Middle East & Africa, would probably contribute to the market's expansion over the anticipated year.

RESTRAINING FACTORS

"Government Regulations to Hamper Broadening of Industry"

Low quantities of chromium can be found in food, drink, wildlife, and the air. Humans must consume chromium as part of their diet. However, it is advised to only ingest a small amount of chromium oxide because excessive amounts can be hazardous. Chromium exposure in excess triggers asthma attacks as well as skin allergies and irritation. The usage of chromium compounds is subject to regulations put in place by the government.

Chromium Oxide Green Market REGIONAL INSIGHTS

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"Expanding Construction Activities to Foster Growth in Asia Pacific"

Asia Pacific is expected to have the largest chromium oxide green market share in the coming years. This is a result of the expanding building and construction industry in the area. The key forces behind the expansion of the regional market are China, India, and the nations of South-East Asia, particularly Indonesia, Malaysia, and Thailand. The high rise of the metallurgical and paints and coatings sectors in these developing economies is also anticipated to raise the region's demand for the product. Additionally, during the projection period, the region's increasing industrialization and urbanization are anticipated to drive chromium oxide green market growth.

Europe is likely to have sizable market share because there is a growing need for products in important end-use industries like building and construction and paints and coatings. Additionally, the technical advancements in the ceramics and plastics industries in the region are anticipated to play a significant role in the market's expansion.

KEY INDUSTRY PLAYERS

"Introduction of Cutting-Edge Technology are Methods Adopted by the Major Players to Grab Larger Market Share"

A significant bottleneck in the production of competitive machines will be caused by the high initial cost of winding machines. The market's leading competitors are aiming to introduce cutting-edge technology. Additionally, the requirement for process development to enable higher volume production is growing. To fullfil various roles across industries, major manufacturers are anticipated to offer a variety of multi-speed machine categories and types. A key market development for winding machines is advancing technology. To solve this issue, manufacturers of winding machines are moving toward more cutting-edge technologies.

List of Market Players Profiled

• Aktyubinsk (Singapore)
• Elements (U.S.)
• Midural Group (Russia)
• Vishnu (India)
• Soda  Sanayii (Turkey)
• Lanxess (Germany)
• Hunter Chemical (U.S.)
• Sun Chemical (U.S.)
• Huntsman (Venator) (U.S.)
• Jirong Chemical (China)
• Luoyang Zhengjie (China)
• Hebei Chromate Chemical (China)
• BlueStar Yima Chrome Chemical Materials (China)

REPORT COVERAGE

This report covers the cotton yarn winding machine market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.