Chromium Oxide Market

The global chromium oxide market is expected to witness moderate growth during the forecast period, 2018–2030, registering a CAGR of 5.13%. The growth of the global market is mainly attributed to the increasing demand for chromium oxide in the paints & coatings industry, primarily as pigments for the decorative and industrial coating applications. Likewise, the widespread use of the product in the building & construction, plastics, ceramics & glass, and metallurgical industries, and the significant growth of these industries is expected to be the other major factor propelling the growth of the global market. Furthermore, the expanding construction industry across the globe is likely to create growth opportunities for the players operating in the global market. However, the health hazards associated with chromium oxide are expected to restrain market growth during the review period.

FIGURE Market Dynamics Overview

With the increasing demand for advanced products, the adoption of high-quality, reliable, and high-performance paints and coatings has increased. Chromium oxide pigments are widely used in the paints & coatings industry, especially in architectural and industrial coatings. These pigments exhibit superior performance in terms of opacity, resistance to acid and alkali, chemical resistance, corrosion resistance, exterior durability, and compatibility. Chromium oxide pigments are suitable for application in a wide range of colorants, including industrial coatings, exterior coatings, automotive coatings, military coatings, product finishes, and athletic surfaces. The chromium oxide coatings have excellent self-mating and anti-galling properties, owing to which they are recommended for applications wherein resistance to wear by abrasive grains, particle erosion, hard surfaces, and cavitation are required. Some of the major industrial applications of chromium oxide coatings are sealing surfaces of food processing equipment, pump components, and rotating equipment. In addition, these coatings are also used in the textile industry on any machine elements that come in contact with fibers and threads, where a relatively coarse, brush finished, hard, wear and corrosion resistant ceramic coating is required.

The paints and coatings industry across the globe is mature and projected to witness healthy growth in the coming years. The growth is attributed to increasing investments in construction activities globally, particularly residential construction. The architectural paints and coatings industry is one of the major consumers of chromium oxide. The significant growth of the industry in the major economies of Asia-Pacific, such as China, India, and Japan, as well as in Europe and the Americas is likely to boost the growth of the global chromium oxide market during the review period.

FIGURE Growth of the Global Paints & Coatings industry, (2015—2023)

Source: MRFR Analysis

FIGURE Global Paints & Coatings industry, market value (USD million), (2017 vs 2023)

Source: MRFR Analysis

The growth of the construction industry in the developing countries of Asia-Pacific and the Middle East & Africa due to rise in residential and commercial construction activities has fueled the demand for concrete and cement, and thereby for cement colorants, decorative coatings, and other building materials. In the building & construction industry, oxide pigments are perfect for coloring building materials, concrete, and other construction materials. The growing urbanization with increasing per capita disposable income and changing lifestyles are important factors driving the growth of the construction industry in the developing markets. Additionally, investments in commercial construction activities by the governments for infrastructural developments are fueling the demand for cement and concrete additives. For instance, initiatives taken by the Indian government such as the Smart Cities Mission, Green Corridor for building of ports, and the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) for infrastructure development has led to a rapid increase in construction activities. Also, in December 2016, the Thailand government approved around USD 25.2 billion for the infrastructure plan for 2017, which includes railways, roads, and ports. Furthermore, the rise in commercial construction on account of increasing construction of commercial buildings such as warehouses, departmental stores, malls, and hospitals, among others is also supporting the growth of construction industry in the developing markets. The rapidly growing construction industry in the Middle East & Africa due to shift from oil-based economy to industrial development together with increasing investment in big infrastructure projects mainly transport is likely to drive the market growth in the coming years.

Moreover, in the US, revenue from the construction industry crossed USD 1 trillion in 2016–17 and is expected to reach USD 1.7 trillion by 2020. This growth is attributed to the increase in residential construction with the growing need for single-family dwellings coupled with the prevalence of low mortgages in the country. Moreover, with European construction companies focusing on vertical integration to gain a competitive edge and expanding their presence in other regions, the construction industry is expected to grow at a significant rate during the review period. Chromium oxide is extensively used in the construction industry, and the rapid growth of the industry is expected to create lucrative opportunities for the players operating in the global market in the years to follow.

FIGURE Global spending on the construction industry (2016–2024)

Source: MRFR Analysis

Chromium oxide is regulated under the Occupational Safety and Health Administration (OSHA) and is declared a hazardous substance by the American Conference of Governmental Industrial Hygienists (ACGIH), New Jersey Department of Environmental Protection (DEP), and Environmental Protection Agency (EPA). Chromium oxide is considered toxic and can lead to various chronic and acute health issues on inhalation, skin contact, ingestion, or eye contact. A significant amount of chromium oxide when inhaled may cause severe ulceration and gastrointestinal bleeding. According to the medical studies, approximately 4 mg/kg body weight can cause severe ulceration, whereas 15-25 mg/kg body weight can be fatal, resulting in gastrointestinal burns, hemorrhage, and may damage both the liver and kidneys. While on exposure to skin, it may lead to skin irritation, causing dermatitis, allergic sensitization, and caustic burns (chemical burns).

Besides, in powdered form, the fumes of chromium oxide being fired in the kiln are considered highly toxic. The long-term effects due to inhalation or contact to these fumes range from asthma, nasal septum ulcers (leading to perforation in severe cases), chronic bronchitis, sinusitis, rhinitis, to other similar disorders of the respiratory system. These health hazards associated with chromium oxide are expected to hamper the growth of the global market during the review period.