The global Chromium Mining Market was valued at US$ xx Mn in 2019 is expected to reach xx million US$ by the end of 2027, growing at a CAGR of xx%. Chromium is found in the earth's crust, in nature it is luster, hard, refractory metal, and brittle, in its pure state it is resistant to ordinary corrosion. The chromium's largest consumption is as an alloying addition to iron, besides, it is mainly used as refractories for the lining of steelmaking furnaces and as an electroplated Stainless steel for metals applications.
The primary chromium reserves are found in stratiform but, the chromium which is found in podiform also has a wide range of applications. Chromium has fire resistance properties when in contact with oxygen it produces oxide layers thus, the adoption of chromium is more for the protection of metal from corrosion. In traditional unusual metal methods, chromium chemical compounds and ores were used to make chemicals for leather tanning and pigments. Chromium pigments are the main source of chromium, it is majorly found in, South Africa, Zimbabwe India, Finland, Kazakhstan, and the Philippines.
For pure chromium, hydrometallurgical techniques are used and in the case of underground mining blasthole stopping techniques are primarily utilized. Underground mining is carried out from the bottom of an open pit and extract rocks from deeper depths. In surface mining techniques, the chromium is extracted from an open pit in which the extraction of chromite ore and surface material non-bearing chromite are generally extracted. In a further process, this chromium ore blasted, crushed, loaded into the truck, and processed to facilities.
The global 99 percent of chromite is found in southern Africa and Zimbabwe. Geologists estimate that there are about 11 billion tons of mineable chromite ore globally, enough to supply the current demand. The global chromium ore reserve was xx% in 2020, the usages of chromium is largest as a ferrochromium alloying agent in steel manufacture. In addition, pigments of chromium are widely used in paints, they are commonly used as inhibitors for recirculating water systems, inhibitors for brines, and dips for brass, tin, steel, and iron. The growth of the market is driving by increasing demand from the metal mining industry, increasing exploration in chromium mining, rapid pace in urbanizations, growing demand from a research institute, and increasing investment. However, factors such as volatility in prices and hazardous properties may restrain the market growth.
The report has profiled eleven key players in the market from different regions. However, the report has considered all market leaders, followers, and new entrants with investors while analyzing the market and estimation the size of the same.
Global Chromium Mining Market Segment Analysis
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The stainless steel segment is expected grow at a market share of xx% by 2027
By End-Use, in 2019, the global stainless steel segment was xx% and was estimated at USD xx billion market. During the forecast period, the segment is expected to hit xx% of CAGR, the market growth of this segment is attributed to rising consumer goods as stainless steel is high ductility, toughness, resistance to corrosion, and low maintenance. Increasing demand from the consumer’s goods manufacturing industry for the production of stainless steel products such as stoves, showpieces, and cookware. The second-largest segment is alloy steel it is expected to grow at an xx% CAGR during the forecast period. The growth in the construction industry is driving the market growth.
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Global Chromium Mining Market Regional Insights:
Asia pacific is expected to grow at a CAGR of xx% during the forecast period and it is expected to hit xx% market share by 2027
In the Asia Pacific, the market growth is attributed to increasing government investment in the metal mining industry this have created many lucrative opportunities for the key players. In countries like India and China, with the growing construction industry has led to increasing demand from stainless steel. China is the leading in the consumption of chromium, in Asia pacific, with the growing automotive industry and government support has fuelled the market growth in this region. The rules and regulation in countries like India and China are stringent this have created a positive favorable business environment in these countries thus, manufactures are more focusing in these regions.
North America is expected to grow at a market share of xx% by 2019-2027
The market in North America is expected to grow at a CAGR of xx% as the growth is attributed to the presence of a large steel processing industry and increasing demand for high and low alloy chromium. Europe is the second-largest region for the Chromium market, the market growth is attributed to rising disposable income and increasing investment in R D in metal mining has fuelled the market growth.
The objective of the report is to present a comprehensive analysis of the global Chromium Mining including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding global Chromium Mining market dynamics, structure by analyzing the market segments and project global Chromium Mining market clear representation of competitive analysis of key players by price, financial position, By detection and equipment portfolio, growth strategies, and regional presence in the global Chromium Mining market make the report investor’s guide.
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