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The global chromite ore market was worth $4.79 billion in 2022 and is expected to increase to $5.88 billion by 2030, expanding at a compound annual growth rate (CAGR) of 3.3% between 2023 and 2030.
Most chromite mined nowadays is processed into ferrochrome, a key ingredient in stainless steel. Stainless steel's widespread application in building, transportation, and aerospace is the primary factor pushing the global market forward. Gems can also include trace amounts of chromite ore, which is responsible for the distinctive hues of a number of valuable industrial stones. The mining industry has seen increased growth prospects as a result of the demand for chromite used in electroplating. They are also utilized extensively in the production of catalysts, pigments, leather tanning, and refractories. In order to increase market revenue, chromite needs a wide variety of uses. Many national governments have established programs to encourage chromite extraction. Chromite ore deposits are being investigated by private companies as well. Such actions contribute to the expansion of the international market. The expanding demand for stainless steel in developing countries, increased spending on infrastructure, and widespread usage of chromite in the aerospace and defense industries are all contributing to the market's expansion. Market problems include, but are not limited to, chromite ore price volatility and rising alternative competition from metals like nickel and manganese.
Growth in Demand for Chromite Ore
Increase in India's Mining Industry
Statistics from "The Indian Chamber of Commerce" show that mining and steel production in India each contribute over 2% to the country's GDP, respectively. India is now the world's largest producer of sponge iron and the fourth largest producer of crude steel due to its recent boom in the steel industry. The expansion of the mining industry in India is another force propelling the international demand for chromite ore.
Demand from final consumers for chromite has gone up.
During the projected period, the market is expected to expand due to rising demand from the automotive sector for metal alloy production. The chemical and stainless steel industries are also anticipated to contribute to the market's expansion.
Market Constraints on Chromite Ore
Raw material price fluctuations and ecological worries
Raw material price volatility and environmental concerns restrain worldwide market expansion. One of the difficult obstacles preventing the expansion of the global market is the degradation of soil and groundwater levels that is a direct result of mining activities.
Important Developments in the Market
One of the most important developments in the chromite ore market is the growing demand for stainless steel, which is used in a variety of industrial and consumer applications as well as heavy transportation. In addition, ferrochrome, an alloy of chromium and iron, is increasingly being used as a feedstock in the steel industry. Due to stainless steel's durability, low maintenance, and eco-friendliness, it has found widespread application in the transportation sector, particularly the automobile and rail sectors.
Report Coverage
Global Chromite Ore research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Chromite Ore report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Chromite Ore competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Chromite Ore market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Chromite Ore market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Chromite Ore market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Samancor Chrome (South Africa), Assmang (South Africa), African Rainbow Minerals (South Africa), Hernic Ferrochrome (South Africa), Glencore (Switzerland), YILDIRIM Group (Turkey), Eurasian Resources Group (Luxembourg), Sino Steel (China), Tata Steel (India), Balasore Alloys Ltd (India), Odisha Mining Corporation Ltd (India), Gulf Mining Group LLC (Oman), Oman Chromite Co. SAOG (Oman), Kazchrome (Kazakhstan), ENRC (UK), Ferbasa (Brazil), Hernic Ferrochrome (South Africa), Impala Platinum (South Africa), Jindal Stainless Ltd (India), Samancor Chrome (South Africa)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Chromite Ore market based on the below-mentioned segments:
Global Chromite Ore Market, By Type
High chromium chromite
High iron chromite
High aluminium chromite
Global Chromite Ore market, By Application
Stainless steel
Metallurgy
Chemicals
Refractory
Global Chromite Ore market, Regional Analysis
Most chromite mined nowadays is processed into ferrochrome, a key ingredient in stainless steel. Stainless steel's widespread application in building, transportation, and aerospace is the primary factor pushing the global market forward. Gems can also include trace amounts of chromite ore, which is responsible for the distinctive hues of a number of valuable industrial stones. The mining industry has seen increased growth prospects as a result of the demand for chromite used in electroplating. They are also utilized extensively in the production of catalysts, pigments, leather tanning, and refractories. In order to increase market revenue, chromite needs a wide variety of uses. Many national governments have established programs to encourage chromite extraction. Chromite ore deposits are being investigated by private companies as well. Such actions contribute to the expansion of the international market. The expanding demand for stainless steel in developing countries, increased spending on infrastructure, and widespread usage of chromite in the aerospace and defense industries are all contributing to the market's expansion. Market problems include, but are not limited to, chromite ore price volatility and rising alternative competition from metals like nickel and manganese.
Growth in Demand for Chromite Ore
Increase in India's Mining Industry
Statistics from "The Indian Chamber of Commerce" show that mining and steel production in India each contribute over 2% to the country's GDP, respectively. India is now the world's largest producer of sponge iron and the fourth largest producer of crude steel due to its recent boom in the steel industry. The expansion of the mining industry in India is another force propelling the international demand for chromite ore.
Demand from final consumers for chromite has gone up.
During the projected period, the market is expected to expand due to rising demand from the automotive sector for metal alloy production. The chemical and stainless steel industries are also anticipated to contribute to the market's expansion.
Market Constraints on Chromite Ore
Raw material price fluctuations and ecological worries
Raw material price volatility and environmental concerns restrain worldwide market expansion. One of the difficult obstacles preventing the expansion of the global market is the degradation of soil and groundwater levels that is a direct result of mining activities.
Important Developments in the Market
One of the most important developments in the chromite ore market is the growing demand for stainless steel, which is used in a variety of industrial and consumer applications as well as heavy transportation. In addition, ferrochrome, an alloy of chromium and iron, is increasingly being used as a feedstock in the steel industry. Due to stainless steel's durability, low maintenance, and eco-friendliness, it has found widespread application in the transportation sector, particularly the automobile and rail sectors.
Report Coverage
Global Chromite Ore research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Chromite Ore report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Chromite Ore competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Chromite Ore market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Samancor Chrome (South Africa), Assmang (South Africa), African Rainbow Minerals (South Africa), Hernic Ferrochrome (South Africa), Glencore (Switzerland), YILDIRIM Group (Turkey), Eurasian Resources Group (Luxembourg), Sino Steel (China), Tata Steel (India), Balasore Alloys Ltd (India), Odisha Mining Corporation Ltd (India), Gulf Mining Group LLC (Oman), Oman Chromite Co. SAOG (Oman), Kazchrome (Kazakhstan), ENRC (UK), Ferbasa (Brazil), Hernic Ferrochrome (South Africa), Impala Platinum (South Africa), Jindal Stainless Ltd (India), Samancor Chrome (South Africa) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Chromite Ore Market from 2021 to 2030.
- Market Forecast for Chromite Ore Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Chromite Ore competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Chromite Ore
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Chromite Ore market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Chromite Ore market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Samancor Chrome (South Africa), Assmang (South Africa), African Rainbow Minerals (South Africa), Hernic Ferrochrome (South Africa), Glencore (Switzerland), YILDIRIM Group (Turkey), Eurasian Resources Group (Luxembourg), Sino Steel (China), Tata Steel (India), Balasore Alloys Ltd (India), Odisha Mining Corporation Ltd (India), Gulf Mining Group LLC (Oman), Oman Chromite Co. SAOG (Oman), Kazchrome (Kazakhstan), ENRC (UK), Ferbasa (Brazil), Hernic Ferrochrome (South Africa), Impala Platinum (South Africa), Jindal Stainless Ltd (India), Samancor Chrome (South Africa)
Primary Target Market
- Market Players of Chromite Ore
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Chromite Ore market based on the below-mentioned segments:
Global Chromite Ore Market, By Type
High chromium chromite
High iron chromite
High aluminium chromite
Global Chromite Ore market, By Application
Stainless steel
Metallurgy
Chemicals
Refractory
Global Chromite Ore market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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