Chrome Ore Market Size & Share, by Type (Chromite, Chromium-rich Spar, Hard Chrome Spinel); Application (Stainless Steel, Metallurgical, Chemical & Foundry, Refractory) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 1403
  • Published Date: Jul 26, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Chrome Ore Market size is expected to cross USD 6.58 Billion by the end of 2035, expanding at a CAGR of 2.5% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of chrome ore was around USD 4.9 Billion. The demand for stainless steel in areas such as construction is driving the growth of the market. According to the American Institute of Architects, non-residential building construction in the United States is expected to boost by 3.1 % by 2022. Hotel construction is expected to increase by 8.5% in 2022, while office space construction by 0.2%.

Governments in many regions have implemented policies to promote chrome ore mining. Such efforts are increasing the chrome ore market growth.  In 2021, Chromium Ore was the world's 696th most traded product, with a total trade of $2.63B. Between 2020 and 2021 the exports of Chromium Ore grew by 28.3%, from $2.05B to $2.63B. Trade in Chromium Ore represents 0.012% of total world trade.


Chrome Ore Market
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Chrome Ore Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Mining Industry- With an increase in steel production, India became the world's 4th largest producer of flat steel and sponge iron. In GDP, the steel industry plays an important role of around 2%. There is very fast growth in the mining sector. As chrome forms a thin and stable oxide film on steel’s surface making it corrosion-resistant. Also, it is widely used in steel industries which is anticipated to be the main reason for the growth of the chrome ore market .
  • Increased Use of Chrome Ore by the Automotive Sector- It is because of the automobile industry's rising day-by-day that metal alloys grow, and this plays a role in growth.  85 million automobiles were produced worldwide in 2022. Comparing this number to the prior year, a rise of around 6% may be calculated.
  • Surging Investment in R&D - One of the main factors that are driving market growth is more competition in R&D for safer and faster mining processes. In addition, there is also more scope for increased competition and innovation between the main players in the market for the extraction of iron ore which will lead to its growth.

Challenges

  • Volatility in Raw Material- The volatility in raw materials hampers the growth of the global chrome ore market. This often results to supply and disruptions, repressed demand, and fluctuation in prices.
  • Soil Erosion and Groundwater Pollution Arise due to the Mining Process.
  • Lack Of Technical and Management Skills
  • Low Productivity and Under-Capitalization can be Challenging Factors for the Market to Grow.

Chrome Ore Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~ 2.5%

Base Year Market Size (2022)

 ~ USD 4.9 Billion

Forecast Year Market Size (2035)

 ~ USD 6.58 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Chrome Ore Segmentation

Type (Chromite, Chromium-rich Spar, Hard Chrome Spinel)

The chromite segment accounts for the largest revenue and has a 40% share of the chrome ore market. Chromite is an essential element that is used in the manufacture of stainless steel, to harden steel and to form iron-free high-temperature alloy. They are also used for chromium plating for surface protection. The chemical industry uses it in the production of chromium compounds for the tanning of leather.

Application (Stainless Steel, Metallurgical, Chemical & Foundry, Refractory)

Stainless steel dominates the segment and accounts for approximately 75% share of the chrome ore market whereas, 25% is being used for manufacturing chemicals, pigments, and refractories. Chromite is a primary component in the production of stainless steel. The chrome ore market is growing at a rapid pace due to its demand in the chemical, refractory, and pigment industries.

Our in-depth analysis of the global market includes the following segments:

     Type

  • Chromite
  • Chromium-rich Spar
  • Hard Chrome Spinel

     Application

  • Stainless Steel
  • Metallurgical
  • Chemical & Foundry
  • Refractory

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Chrome Ore Industry - Regional Synopsis

APAC Market Forecast

On the basis of region, Asia Pacific is the key region of the chrome ore market with a 35% revenue share and will be most dominating during the forecast period. The growth of the market in the region is due to the growth in the stainless-steel industry, and fewer restrictions imposed on the mining and exporting of ores for its wider application. For instance, Australia has the largest mining sites and rich rock formations for mineral extraction by end users can also drive the growth of the market during the predicted year. South Africa, India, Finland, Turkey, and Kazakhstan are the leading producers of chrome ore.  In the forecast period of 2022 to 2029, the global market for refractories is estimated to grow from $33.01 billion in 2022, rising to $44.82 billion and reaching a compound annual growth rate of 4.5%.

Middle East and Africa Market Statistics

The Middle East and Africa chrome ore market is expected to showcase significant CAGR during the predicted year with a 28% market share. South Africa being one of the leading producers is a major supplier of chromite ore and ferrochromium to European Countries. Development in technology has also played a crucial role in increasing the growth of the market in the region as automatic machines and robots have made the mining process safe. 88% of companies plan to invest in adding automotive robotics to their organizations. In the world, over 3 million production robots are in use. Rise in the mining and exploration activities has also contributed to the growth of the market.

Research Nester
Chrome Ore Market Size
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Companies Dominating the Chrome Ore Landscape

top-features-companies
    • Key Players
      • Glencore
        • Company Overview
        • Business Strategy
        • Key Product Offerings
        • Financial Performance
        • Key Performance Indicators
        • Risk Analysis
        • Recent Development
        • Regional Presence
        • SWOT Analysis
      • Rio Tinto
      • BHP
      • Vale S.A.
      • Freeport McMoRan
      • Anglo American
      • China Shenhua Energy Company (CSEC)
      • Jiangxi Copper Corporation Limited (JCCL)
      • Zijin Minning Group Company Limited
      • Corporacion Nacional Del Cobre De Chile (CODELCO)

In-the-news

In The News

  • Glencore-Merafe Chrome Venture is expected to benefit from energy deregulation in South Africa. A new report by Roskill states that the Glencore-Merafe Chrome Venture, which runs seven chrome mines and five ferrochrome plants in South Africa, may benefit in terms of market share from the progressive deregulation of the country’s energy landscape. 
  • Chile’s Codelco closes troubled Ventanas metal smelter. The company now intends to shift its focus to producing more sustainable copper to meet surging demand.

Author Credits:  Richa Gupta, Harshita Srivastava


  • Report ID: 1403
  • Published Date: Jul 26, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The increase in the production of stainless steel is one of the major factors driving the chrome ore market.

The market size of Chrome Ore is anticipated to attain a CAGR of 2.5% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Vale S.A., Freeport McMoRan, Anglo American, China Shenhua Energy Company (CSEC), Jiangxi Copper Corporation Limited (JCCL), Zijin Minning Group Company Limited, Corporacion Nacional Del Cobre De Chile (CODELCO), and others.

The chromite segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Chrome Ore Market Report Scope
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