In a recent published report, Kenneth Research has updated the market report for Chromium Salts Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Chromium Salts Market products.
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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
The Chromium Salts Market is predicted to grow with a robust CAGR during the forecast period. Some of the significant factors that are anticipated to drive the market are the growing investments from the multinational companies in several nations worldwide to develop production facilities that can promote the production growth, backed by the rising need for chemicals from several end-user industries for different end-use purposes. According to the statistical report titled “Global Chemicals Outlook II”, published by the United Nations Environment Programme, the global chemical industry’s production capacity almost doubled to reach 2.3 billion tonnes in the year 2017 from 1.2 billion tonnes in the year 2000. Moreover, increasing spending on research and innovation (R&I) for the development of advanced chemicals is also anticipated to drive the growth of the market over the forecast period.
Product Overview
Chromium is steel grey in color chemical element which has high melting point. Chromium a chemical element represented with the symbol Cr and is the first element of Group 6 in the modern periodic table. It is highly tarnish resistant. The element reacts with a number of other elements to form metal compounds. Chromium is derived from the Greek word ‘chroma’ which means color. The presence of color in the chromium enables its salts to be intensely colored. The chromium salt is extracted by removal of iron ore with the help of sodium carbonate and calcium oxide. Chromium salt is primarily found in the form of crystalline powder. Moreover, its solubility in water depends upon the oxidation sate, as the solubility property increases with the increased oxidation state of chromium salt.
Market Size and Forecast
The global chromium salts market is anticipated to expand at a significant CAGR during 2017-2027. The market is anticipated to achieve substantial market by the end of 2027. It can be attributed to reason that rapid industrialization in the various developing economies, which is expected to foster market demand in the forecast period.
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The global chromium salt market can be segmented based on application, type, and region. In term of application, the chromium salt market can be divided into metallurgy, dyes and pigments, wood preservatives, leather tanning, refractory material, and catalyst. The dyes and pigment segment comprises paints. The segment is expanding rapidly in emerging markets. This is projected to boost the chromium salt market in the near future. Metallurgy is used widely in automobile and mechanical industries. Chromium salt is extensively used in leather, fabric treatment process and metal. In terms of end-use industry, the chromium salt market can be sub-segmented into textile, automobile, leather paints, aerospace, steel, and tool manufacture. In the leather industry, 90% of leather tanning process is carried out with the help of chromium salt. There has been increasing demand for leather in the global market. This is expected to fuel the chromium salt market during the forecast period.
By region, global chromium salts market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Rise in demand for dyes and paints in Asia Pacific are driving the chromium salt market in these regions. The developing economics such as India and China are the most attractive markets for chromium salts on the account of rapid industrialization. Environmental norms and regulations on the account of these harmful properties of chromium salt such that it can affect the people, who are in close proximity with salt on routine basis, are deployed, especially in Europe and the U.S.A.
Market Segmentation
Our in-depth analysis segmented the global chromium salts market in the following segments:
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By Type
Chromic Anhydride
Sodium Dichromate
By Application
Metallurgy
Dye & Pigments
Wood Preservatives
Tanning
Refractory Material
Catalyst
By End-Use industry
Textile
Automobile
Leather paints
Aerospace
Steel
Tool manufacture
By Region
Global chromium salts market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis.
Growth Drivers and Challenges:
Most important factor that is driving the market for chromium salt is industrialization and infrastructural development in the emerging economies such as India, China and Brazil among others. The dye and pigment market includes the paint market which is increasing at a high pace which will augment the demand for chromium salts during the forecast period. The increase in demand of chromium salts from other applications such as metal treatment, leather treatment and water treatment, the demand of chromium salts is further increasing each year.
However, chromium salts also exhibit carcinogenic properties, which are guaranteed to affect people who work with this salt on a routine basis and hence proper safety gear is to be used while treatment such salts. There are various ecological rules and regulations on the account of these detrimental properties especially in Europe and North America. This is one of the major restraints in the chromium salt market.
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Key Players:
Sun Chemicals
Bayer
BASF
Ciba Speciality Chemicals
Xinjiang Sing Horn Group
Oxkem
Hubei Zhenhua Chemical
Medural Group
MS Chemicals
Opera Chemisol
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