Chromium Trioxide Market Size, Share, Growth, and Industry Growth, By Type (Printing and Dyeing Industry, Electroplating Industry, Wood Preservation, and Others), By Application (Farmland and Farms, Agricultural Cooperatives, and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Chromium Trioxide Market Report Overview

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The global chromium trioxide market size was USD 612.24 million in 2021. As per our research, the market is projected to touch USD 827.32 million in 2031, exhibiting a CAGR of 3.11% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with chromium trioxide experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Chromium trioxide is a chemical compound that has been categorized as an inorganic compound and has CrO3 formula. It is chromic acid’s acetic anhydride and is sometimes marketed under the same name. It is a hexavalent chromium compound in inorganic chemistry. It is a strong oxidizing agent and appears dark purple. It is generally found in powder, flakes, or crystals. It is insoluble in organic solvents and tends to explode in the presence of organic matter or any other reducing agent. 

Chromium trioxide is also frequently offered in this form. It creates an acidic solution in water known as chromic acid. This chemical generates extremely poisonous chromium fumes when heated. Additionally, it is extremely corrosive and a proven carcinogen. From chromite ore, chromium is extracted in the form of sodium chromate, which is later changed into sodium dichromate. Then, sodium dichromate and concentrated sulfuric acid are used to make the trioxide chromium. Additionally, it is harmful when it comes into close contact with people, which is why it is governed by a number of laws. This chemical can result in severe burns and even death if it is ingested by people.

COVID-19 Impact: Supply-Chain Disruption Hindered Market Growth

Companies consistently enhancing their capacity to meet the COVID-induced demand must wield caution when analyzing these rare demand patterns. The chromium trioxide market industry's future will be shaped by changes in social, economic, trade, and political situations brought on by the pandemic and anticipated changes in the environmental decree. During COVID-19, the lockdown imposed various restrictions, such as the shutdown of manufacturing industries and the marketplace. The disruption of the supply-chain affected market growth. The shutdown of wood preservation, electroplating, printing, dyeing, and other such industries hampered the market growth during the pandemic. 

LATEST TRENDS

"Use of Chemicals in Industrial Applications to Propel Market Growth"

Chromium trioxide is used in industrial settings, primarily for chrome plating and metal polishing. The metal surfaces that have been polished and chrome-plated benefit greatly from the anti-corrosion capabilities of the chemical. The automotive industry and other industrial sectors that require corrosion protection for steel and galvanized iron frequently use these Chromium Trioxide applications. By applying chrome plating, CrO3 also helps improve the external appearance of metal surfaces. This chemical has the potent oxidizing abilities help carry out controlled oxidation throughout the process of organic synthesis for making chemical products. The ceramics sector also employs this chemical as a colorant. These factors are forecasted to aid chromium trioxide market growth in the foreseeable future. 

Chromium Trioxide Market Segmentation

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• By Type Analysis

By type, the market is segmented into the printing and dyeing industry, the electroplating industry, wood preservation, and others.

• By Application Analysis

Based on application, the market is classified into farmland and farms, agricultural cooperatives, and others. 

DRIVING FACTORS

"Rising Product Demand from the Semiconductor Industry to Foster Growth in the Market"

Chromium oxide is utilized in the electronics and semiconductor industries for optical applications as well as chemical vapor deposition (CVD) and physical vapor deposition (PVD). Given the toxicity of the substance in various compositions, there are strict restrictions governing the manufacturing, use, and eventual release of CrO3 into the environment. The chromium trioxide market growth is expected to be driven by applications for metal finishing and chrome plating, particularly in the automobile industry.

"Expanding Printing and Dyeing Industry to Boost Product Demand"

Chromium trioxide plays a significant role in the printing and dyeing industry. It plays a major role in the chrome-plating of embossing and printing cylinders. These cylinders are mostly plated after imaging to enhance their durability and resilience. The rising demand for newspapers, books, magazines, and others is increasing. It leads to a rise in demand for chemicals. Moreover, the expansion of plates, wallpapers, and textile industries is surging the demand for printing. These factors are expected to propel market growth. Moreover, it is used in the electroplating process, which is used to change the physical properties of the object. It enhances corrosion protection, wear resistance, and aesthetic appeal. 

RESTRAINING FACTORS

"Side Effects Associated with the Chemical Compound to Hinder Market Growth"

Inhaling toxic chemicals leads to various health issues such as allergic reactions and respiratory irritation. It is considered a highly toxic chemical for the marine environment. Due to its toxicity, various regulations are made, which may impede the chromium trioxide market growth.

Chromium Trioxide Market Regional Insights

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"Asia Pacific to Lead the Market Due to the Expansion of the Automotive Industry"

The market is segregated into various regions such as Asia Pacific, North America, Europe, and Latin America. Asia Pacific is likely to elevate major growth and help in the expansion of chromium trioxide market share owing to the presence of large-scale automotive production companies coupled with rising industrialization in the region.

North America and Europe are also forecasted to show significant growth in the market due to the rising demand for the product from metal finishing manufacturers and applications of wood preservatives. 

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

List of Market Players Profiled

• Chongqing Minfeng Chemical (China)
• Lanxess (Germany)
• Vishnu (India)
• Zhonglan Yima Chemical (China)
• Zhenhua Chemical (China)
• Yinhe Chemical (China)
• MidUral Group (Russia)
• Nippon Chem (Japan)
• Haining Peace Chemical
• Soda Sanayii (Turkey)
• Aktyubinsk (U.S.)
• Hunter Chemical LLC (U.S.)
• Elementis (U.K.)

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research. The market insights are prepared by utilizing large sample sizes for data-gathering modules. The study provides in-depth market insights. The stage includes gathering market data or related data using a variety of sources and tactics. It involves going over and organizing all the information gathered during the previous advance. It also covers the investigation of information discrepancies found across various information sources. Market statistical and coherent models are used to assess and estimate market data.