CHROMIUM SALTS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Chromium salt is a brittle, lustrous, and hard chemical element in nature. It belongs to the transition element group. It is extracted from very commonly found ore called chromites. Some of the features of chromium salt include high melting point, resistive against corrosion, and is highly resistant to tarnish. Various metal compounds can be formed by mixing this element with other elements. Chromium salts find applications in inks, paints, metallurgy, dyes and pigments, tanning, as a wood preservative, and as a catalyst.

Market Dynamics

Growing industrialization in emerging economies such as India, China, and Brazil among others is one of the major factors driving growth of the global chromium salts market. Rapid growth of dye and pigment market that include paints in emerging markets is expected to fuel growth of the chromium salts market over the forecast period. Moreover, rising use of chromium salts in other applications such as metal treatment, leather treatment, and water treatment is expected increase demand for chromium salts in the near future, thereby boosting growth of the market.

However, carcinogenic and toxic properties of chromium salt will affect people working with this salt on a regular basis. Due to this harmful properties, various stringent environmental rules and regulations are imposed by governments, especially in Europe and the U.S, which is expected to be a major factor restraining growth of the global chromium salts market.

Market Outlook

On the basis of region, the global chromium salts market is segmented into North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. Asia Pacific and Middle East contribute to chromium salts market growth, owing to increasing demand for dyes and paints in these regions. Emerging economics such as India and China are promising markets for chromium salt due to rising demand for chromium salt in these countries. Europe is expected to witness significant growth in the chromium salts market over the forecast period, as it one of the biggest exporters of chromium compounds. In Sweden, these salts are used in paint production, which is a growing market globally, owing to the global rise in infrastructures.

Key Players

Some of the major manufacturers of chromium salts in the global chromium salts market include Sun Chemicals, Bayer, Basf SE, Ciba Speciality Chemicals, American Elements, Xinjiang Sing Horn Group, Medural Group, Hubei Zhenhua Chemical, and Oxkem Ltd among others. Sigma-Aldrich is one of the biggest suppliers of chromium salts.

Key Developments:-

• In August 2019, Brother Enterprises Holding announced to acquire LANXESS South Africa. Lanxess in South Africa is engaged in the production of chrome tanning agents used in leather tanning & processing and production of chromium salts. The acquisition would provide steady supply of raw material at low cost to Brother Enterprises Holding.
• In January 2020, German Specialty Chemicals Company Lanxess announced that it has accomplished its sale of chrome chemical business to Brother Enterprises Holdings which is a China based leather chemical manufacturer company. Lanxess in South Africa has its facilities in two locations, Newcastle and Merebank in South Africa. Under the agreement, the Lanxess would produce and supply the chrome tanning salts to Brother Enterprises until 2024.