Chromium market size projected to be worth more than $16 billion by 2025
SAN FRANCISCO, CA — According to a new report by Grand View Research, the global chromium market is expected to have a compound annual growth rate (CAGR) of 2.7 percent to reach $16.55 billion by 2025. Chromium Market Outlook Report By Application (Metallurgy, Chemicals, Refractory), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), And Segment Forecasts, 2014-2025 cites an increase in demand from the stainless steel industry as the key factor driving global market growth. Chromium is used in chrome plating and finishing and the production of synthetic rubies, metal ceramics, dyes and paints, and various super alloys.
Metallurgy, the largest application segment in 2016, is expected to have a CAGR of 2.7 percent from 2017 to 2025. The Asia Pacific region is witnessing increased demand for chromium due to its booming manufacturing in the automotive and electronics industries. For more information and to purchase a copy of the report for $5,950, visit www.grandviewresearch.com.