Registering a CAGR of 5.3% over the forecast period of 2022-2027, the global chromite ore market is anticipated to reach the market value of US$ 10390 million in the year 2027 from US$ 7235 million in the year 2021.
Chromite Ore Market Overview
Chromite, a mineral that belongs to the spinel group is generally used in ultramafic and mafic igneous rocks and contains aluminum, magnesium, Cr, and iron in various proportions. The factor behind the drive of the market is a progression of steel manufacturing industries where chromium is used. Usually, chromite is looked at as a commercially recoverable source of Cr, an element that endows toughness, hardness, and resistance which are features of several steel types. In addition, chromium is also found in gems, imparting colors too numerous commercial significant stones. Another factor driving the growth of the chromite market is the demand for chromium for electroplating in mining companies. Chromite is also used as pigments, catalyst, leather tanning and is widely used in the refractory market. The fluctuations in supply or demand will result in big price increases limiting the product's market development. Furthermore, environmental issues impede business development, as the usage of chromite refactories and chromium chemicals has been limited.
Chromite Ore Industry Recent Developments
July 19, 2021: Tata Steel arm, Jindal Stainless sign MoU for chrome ore mining in Odisha--
Tata Steel Mining Ltd and Jindal Stainless Ltd signed an MoU to jointly unearth chrome ore locked up in the boundary between their mines located at Sukinda in Odisha's Jajpur district, officials said on Monday. This initiative will help the conservation of chromite ore which otherwise would have been left unmined forever, Jindal Stainless said in a statement.
What are the major Applications, Types, and Regions for Chromite Ore Market?
By Type, Chromite Ore Market has been segmented into
- More than 48% Types
- 36%-47% Types
- 30%-35% Types
By Application, Chromite Ore Market has been segmented into
- Metallurgy Industry
- Refractory and Foundry
- Chemical Industry
Chromite Ore Market Regional Analysis
The report offers an in-depth assessment of the growth and other aspects of the Chromite Ore Market in important regions, including the U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil, etc. Key regions covered in the report are North America, Europe, Asia-Pacific, and Latin America.
In terms of both consumption and production, the Asia-Pacific region dominates the chromite ore market. Over the next few years, India's need for stainless steel is likely to increase, with higher exports of the metal on the horizon. This will help to maintain FeCr's demand in line with Stainless Steel manufacturing. The price difference between domestic and export chromium oxide and concentrate adds to lower exports. This, in turn, will aid in the utilisation of additional chrome ore within the country. China consumes the most chrome ore, importing 91% of it. South Africa remains the largest source in the world for Chromite, accounting for 72% of the world’s reserves.
North America is predicted to grow due to increased stainless steel output and capacity utilisation by organised players in the United States and Canada. Housing, transportation, and manufacturing uses to fuel prospective demand development in European countries such as the United Kingdom, Germany, France, and Italy. The Middle East and Africa are major producers and exporters of chrome ore. Power tariffs in major Chrome Alloy-producing countries have skyrocketed. South Africa is grappling with a lack of electricity, which has resulted in Eskom's electricity buyback programmes, allowing China to overtake it as the world's leading maker of chrome alloys. Due to limited power supply and energy consumption restrictions , it couldn’t be the significant consumer of the product thus could not achieve high growth in the market.
What is our Chromite Ore Market report scope?
Report Attributes
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Report Details
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Forecast Period 2022 to 2027 CAGR
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CAGR of 5.3% over the forecast period (2022-2027)
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By Type
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- More than 48% Types
- 36%-47% Types
- 30%-35% Types
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By Application
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- Metallurgy Industry
- Refractory and Foundry
- Chemical Industry
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By Companies
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TNC Kazchrome JSC, Samancor, Assmang Proprietary Limited, Outokumpu, Yilmaden Holding, Merafe Resources, Odisha Mining Corporation, Tata Steel, ASA Metals
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Regions Covered
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- North America
- Europe
- Asia-Pacific
- Rest of the World
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Countries Covered
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- US
- Canada
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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Base Year
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2022
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Historical Year
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2017 to 2021
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Forecast Year
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2022 to 2027
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Number of Pages
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90
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Customization Available
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Yes, the report can be customized as per your needs
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Key Takeaways from this Chromite Ore Report
- Evaluate Chromite Ore market potential through analyzing growth rates (CAGR %), Volume (Units), and Value ($M) data given at country level - for product types, end-use applications, and by different industries verticals.
- Understand the different dynamics influencing the market - key driving factors, challenges, and hidden opportunities.
- Get in-depth insights on your competitor's performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT, and more.
- Analyze the sales and distribution channels across key geographies to improve top-line revenues.
- Understand the industry supply chain with a deep dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the Chromite Ore market entropy - M&As, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics, and regulatory landscape for more than the top 20 countries globally for the market.
Frequently Asked Questions
What is the growth rate of Chromite Ore Market?
The Chromite Ore Market is growing at a CAGR of 5.3% over the next 5 years.
Who are the key players in Chromite Ore Market?
TNC Kazchrome JSC, Samancor, Assmang Proprietary Limited, Outokumpu, Yilmaden Holding, Merafe Resources, Odisha Mining Corporation, Tata Steel, ASA Metals
What are the significant types of Chromite Ore Market?
More than 48% Types, 36%-47% Types, 30%-35% Types
What are the major end-use applications of Chromite Ore Market?
Metallurgy Industry, Refractory and Foundry, Chemical Industry
All our reports are customizable to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
