Technavio analysts forecast the global chromite market to grow at a CAGR of nearly 5% during the forecast period, according to their latest market research report.
Consolidation of chromite market is one of the major trends being witnessed in the global chromite market 2019-2023. During March 2011, the prices of chromite started decreasing and continued till 2016. Some of the major chromite producers had to halt production owing to the decline in prices. In countries such as Turkey, Iran, Albania, and Pakistan, production of high-quality lumpy chromite has also decreased significantly.
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According to Technavio analysts, one of the key factors contributing to the growth of the global chromite market is the increase in demand from developing countries:
Global chromite market: Increase in demand from developing countries
In developing countries such as China, India, South Africa, Brazil, the Philippines, and Indonesia, the global chromite market is witnessing high growth. Industries such as the construction, automobile, and medical have registered strong demand for chromite to manufacture stainless steel. Several chromite vendors are shifting their manufacturing activities to countries such as South Africa, Zimbabwe, Kazakhstan, India, and Pakistan owing to the huge potential reserves of chromite in these countries. The availability of raw materials, low-cost labor and transportation costs, and lenient government regulations and policies in these countries are also expected to promote the markets growth.
According to a senior analyst at Technavio for research on specialty chemicals, Increasing demand for ferrochrome for producing stainless steel to be used in the construction, automobile, and other metallurgical industries will raise demand for chromite. Factors such as growing populations, higher disposable incomes, and increasing purchasing power in the developing countries of APAC, Africa, and Latin America are encouraging significant investments in the construction and automotive industries.
Global chromite market: Segmentation analysis
The global chromite market research report provides market segmentation by type (metallurgical, chemical and foundry, and refractory), by end-user (hospitals and clinics, ASCs, dialysis centers, and others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The metallurgical segment held the largest market share in 2018, accounting for over 95% of the market. This type segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of nearly 52%. This region is expected to dominate the market through 2023, however, there will be a decrease in its market share.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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