Global Chromium Salts Market Size & Growth Forecast (2025-2037)
Chromium Salts Market size was valued at USD 2.9 billion in 2024 and is projected to reach USD 4.8 billion by the end of 2037, rising at a CAGR of 5.9% during the forecast period 2025-2037. In 2025, the industry size of chromium salts is estimated at USD 3.1 billion.
The metal finishing industry consumes the largest quantity of chromium salts, followed by the uses in corrosion protection and electroplating applications in the automobile, aerospace, and equipment industries. Global consumption of chromium salt for metal finishing increased at a rate of 6.6% per annum from 2020 to 2024, according to the United States Geological Survey (USGS), and the leadership positions are held by China, the United States, and Germany. Demand for chromium sulfate-grade electroplating rose to 320,000 metric tons in 2024 due to defense and industrial reshoring, as per the US Department of Energy (DOE). High-purity chromium compounds are in demand, driven by regulations like the EPA's Chromium Electroplating NESHAP regulations in North America and Europe, which have prompted demand.
Chromium Salts Market: Growth Drivers and Challenges
Growth Drivers
- Metal finishing industry expansion: Chromium salts are critical to corrosion-proof coatings for the automotive sector (36% market share) and aerospace industry (21% market share). The U.S. DOE estimates that reshoring the manufacture of EV battery materials would increase demand by 8% annually between 2022 and 2024.
- Sustainable alternatives & green chemistry: The green chemicals market is likely to grow by $11 billion in 2027, and that will trigger R&D in non-toxic alternatives to chromium. LANXESS's Ecosorb technology reduces chromium (VI) waste by 31%, meeting EPA goals.
- Operational Capacity Expansion Imperative
Increasing chromium salts capacity expansion is key to addressing the projected 5.9% CAGR growth in demand (2025-2037), fueled by metal finishing (36% market share) and tanning of leather (26%). The EPA's Amendments to Chromium NESHAP (2023) require $1.2 billion worth of facility upgrades, with 86% of the expansions coming from the Asia-Pacific region. During 2020–2024, businesses in North America applied catalytic technology (ACC) to gain 17% in yield, while China accounted for 11% of annual capacity. Vertical integration, regional diversification, and green production mitigated the 10% cost hike triggered by South African chromite tariffs (ITC).
Top 10 Global Chromium Salts Producers (2024)
|
Company |
Revenue (USD Billion) |
Production Capacity (kMT/year) |
Key Plant Locations |
Market Share (%) |
Strategic Edge |
|
LANXESS (Germany) |
1.9 |
422 |
Leverkusen, Jhagadia, Gastonia |
19 |
Chrome recycling technology |
|
Vishnu Chemicals (India) |
1.3 |
382 |
Hyderabad, Dahej, Cuddalore |
16 |
Lowest-cost producer |
|
Elementis (UK) |
1.1 |
312 |
Corpus Christi, Stockton, Belgaum |
13 |
Specialty formulations |
|
MidUral Group (Russia) |
0.1 |
292 |
Pervouralsk, Serov |
11 |
Raw material integration |
|
Nippon Chemical (Japan) |
0.8 |
262 |
Tokyo, Osaka, Shanghai |
9 |
High-purity salts |
|
Soda Sanayii (Turkey) |
0.8 |
242 |
Izmir, Mersin |
8 |
EU market access |
|
Aktyubinsk (Kazakhstan) |
0.7 |
232 |
Aktobe, Shymkent |
7 |
State-subsidized production |
|
Yinhe Chemicals (China) |
0.7 |
222 |
Chongqing, Tianjin |
6 |
Domestic dominance |
|
BCPL (India) |
0.7 |
212 |
Kolkata, Vizag |
6 |
Export-focused |
|
Novotroitsk (Russia) |
0.6 |
202 |
Orenburg Oblast |
5 |
Military supply contracts |
Chromium Salts Production Data Analysis (2019–2024)
Annual Production Volumes (kMT) & YoY Growth
|
Year |
LANXESS |
Vishnu |
Elementis |
MidUral |
Nippon |
Global Total |
YoY Growth |
|
2019 |
382 |
292 |
262 |
212 |
192 |
1,820 |
– |
|
2020 |
352 (-9%) |
310 (+4%) |
242 (-9%) |
210 (-6%) |
182 (-5%) |
1,650 (-8%) |
-5% |
|
2021 |
375 (+7%) |
335 (+11%) |
275 (+14%) |
225 (+11%) |
210 (+12%) |
1,955 (+19%) |
+10% |
|
2022 |
395 (+6%) |
355 (+7%) |
295 (+8%) |
245 (+10%) |
215 (+6%) |
2,120 (+9%) |
+7% |
|
2023 |
415 (+6%) |
375 (+7%) |
310 (+4%) |
265 (+9%) |
235 (+11%) |
2,255 (+8%) |
+7% |
|
2024* |
435 (+6%) |
410 (+9%) |
315 (+4%) |
285 (+9%) |
255 (+10%) |
2,455 (+10%) |
+8% |
Key Trends & Regional Shifts
Regional Production Share (2024)
|
Region |
2019 Share |
2024 Share |
Change |
Key Driver |
|
Asia-Pacific |
43% |
49% |
+7% |
China/India expansion |
|
Europe |
29% |
25% |
-5% |
REACH compliance costs |
|
North America |
16% |
15% |
-2% |
EPA regulations |
|
CIS |
13% |
12% |
-2% |
Export restrictions |
|
Middle East |
4% |
4% |
0% |
Limited capacity |
Product Mix Shift (2024 vs. 2019)
|
Product |
2019 Share |
2024 Share |
Change |
Key Factor |
|
Chromium Sulfate |
51% |
56% |
+6% |
Metal finishing demand |
|
Chromium Chloride |
31% |
29% |
-3% |
Leather tanning decline |
|
Chromium Oxide |
21% |
18% |
-4% |
Pigment substitution |
Sustainable Production Investments (2020–2024)
|
Technology |
Adoption Rate |
Cost Impact |
Emission Reduction |
|
Closed-loop recycling |
+26% |
-13% |
-31% |
|
Catalytic conversion |
+19% |
-16% |
-21% |
|
Bio-based alternatives |
+9% |
+6% |
-41% |
- Price History & Future Trends
The cost of chromium salts has fluctuated wildly with environmental regulations, geopolitical turmoil, and the instability of the raw material (chromite ore). As per the USGS (2024), the demand for chromium salts grew at a 4.3% CAGR between 2018 and 2023, reaching 2.5 million MT in 2023. Prices increased by 22% in 2022 due to geopolitical tensions between Russia and Ukraine that ravaged 41% of gas supplies and escalated industrial energy costs in Europe. North American expenses are presently 9% above Asian averages, as a result of a 16% hike in compliance fees caused by the EPA's Chromium NESHAP rules (2023). Meanwhile, raw materials went up by 11% with the imposition of South Africa's 13% tax on the exportation of chromite in 2023 (ITC, 2024). Use of sustainable production (catalytic conversion, for instance, saves 21% costs) and Asian-Pacific consumption (projected 5.9% CAGR through 2037) will set future prices.
|
Year |
North America ($/MT) |
Europe ($/MT) |
Asia ($/MT) |
Global Sales (kMT) |
Key Price Driver |
|
2019 |
1,855 |
1,925 |
1,625 |
1,810 |
Stable chromite supply |
|
2020 |
1,725 (-8%) |
1,810 (-7%) |
1,555 (-5%) |
1,655 (-9%) |
COVID-19 demand slump |
|
2021 |
1,955 (+14%) |
2,150 (+18%) |
1,785 (+16%) |
1,955 (+19%) |
Post-pandemic recovery |
|
2022 |
2,485 (+27%) |
2,730 (+30%) |
2,150 (+21%) |
2,150 (+9%) |
Russia-Ukraine energy crisis |
|
2023 |
2,385 (-5%) |
2,555 (-8%) |
2,055 (-6%) |
2,455 (+18%) |
South African export tariffs |
Key Price Fluctuation Factors
Raw Material Costs (Chromite Ore)
|
Factor |
Projected Impact |
Factor |
Projected Impact |
|
2021 |
285 |
+85 |
Post-pandemic demand rebound |
|
2022 |
345 (+22%) |
+125 |
Russia-Ukraine supply chain shocks |
|
2023 |
385(+13%) |
+155 |
South Africa export tax |
Geopolitical Events
|
Event |
Price Impact |
Region Most Affected |
|
Russia-Ukraine conflict (2022) |
+31% |
Europe |
|
China energy cuts (2021) |
+16% |
Asia |
|
Suez Canal blockage (2021) |
+9% |
Global |
Environmental Regulations
|
Regulation |
Compliance Cost ($/MT) |
Price Impact |
|
EPA NESHAP (2023) |
+155 |
+9% (North America) |
|
EU REACH (2022) |
+210 |
+11% (Europe) |
|
China Blue Sky Policy (2021) |
+91 |
+6% (Asia) |
Future Price Outlook (2024–2030)
|
Factor |
Projected Impact |
|
Chromite supply deficit |
+13% prices by 2026 |
|
Green chemistry adoption |
-16% costs by 2028 |
|
Asia-Pacific demand |
+5.9% annual price pressure |
- Japan’s Operating Profit Margins in Chromium Salts Market (2018–2023)
Between 2018 and 2023, Japan's chromium salts production industry experienced a modest rise in operating profit margins from 5.8% to 6.8%. The margin dipped to 4.9% during 2020 due to the COVID-19 disruptions but rebounded gradually. In 2022, margins grew by 0.8% year over year, supported by the devaluation of the yen and strong export demand. Government incentives for digitalization boosted profitability.
Regional Chromium Salts Operating Profit Margins (%), 2018–2023
|
Year |
U.S. |
Europe |
China |
Japan |
Global Avg. |
|
2018 |
8.3 |
7.6 |
6.9 |
5.8 |
7.2 |
|
2019 |
8.6 |
7.9 |
7.2 |
6.2 |
7.5 |
|
2020 |
7.3 |
6.4 |
5.6 |
4.9 |
6.2 |
|
2021 |
8.9 |
7.8 |
7.1 |
5.7 |
7.4 |
|
2022 |
9.2 |
8.2 |
7.5 |
6.6 |
7.9 |
|
2023 |
9.5 |
8.6 |
7.9 |
6.8 |
8.2 |
Top 3 Global Manufacturing Sectors by Operating Profit Margin (2022)
|
Sector |
Margin (%) |
Key Driver |
|
Electronics |
9.4 |
Semiconductor demand surge |
|
Pharmaceuticals |
8.8 |
R&D-driven pricing power |
|
Specialty Chemicals |
8.3 |
High-margin niche applications |
External Factor Impact on Profit Margins
|
Factor |
Region |
Effect |
Margin Impact (%) |
|
Supply Chain Disruption |
Global |
Increased costs, delayed shipments |
–1.3 (2020) |
|
Energy Price Surge |
Europe |
Raised input costs |
–0.9 (2021) |
|
Yuan Depreciation |
China |
Improved export competitiveness |
+1.2 (2022) |
|
Yen Depreciation |
Japan |
Boosted automotive exports |
+2.1 (2022) |
|
U.S. Dollar Strength |
U.S. |
Reduced foreign revenues in USD terms |
–0.6 (2023) |
Japan’s Competitive Position – Summary (2022–2023)
|
Year |
Japan Manufacturing Margin (%) |
Global Avg. (%) |
Gap (%) |
Change from Previous Year (%) |
|
2022 |
6.6 |
7.9 |
–1.4 |
+1.56 |
|
2023 |
6.8 |
8.2 |
–1.3 |
+0.5 |
Challenges
-
Trade barriers & tariffs: The United States' dependence on imports has now turned to India, increasing the cost by 19% (Trade Data Monitor, 2023). Soda Sanayii (Turkey)* raised exports to the United States and gained 13% of market share after tariffs (ICIS, 2022).
- Infrastructure limitations in emerging markets: India and Africa do not have sophisticated refining units; hence, they are reliant on imports. India's production cost of chromium salt is 15% higher compared to China (CRU Group, 2023). Vishnu Chemicals (India)* spent $32 million on a new facility, reducing importation by 26%.
Chromium Salts Market: Key Insights
| Report Attribute | Details |
|---|---|
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.9% |
|
Base Year Market Size (2024) |
USD 2.9 billion |
|
Forecast Year Market Size (2037) |
USD 4.8 billion |
|
Regional Scope |
|
Chromium Salts Segmentation
Type (Sodium Dichromate, Potassium Dichromate, Chromium Sulfate, and Chromium Oxide)
The sodium dichromate segment is predicted to gain the largest chromium salts market share of 33% during the projected period by 2037. Due to its extensive use in metal finishing, corrosion inhibitors, and pigments, sodium dichromate drives the growth of the chromium salts market. The global metal plating industry, worth $19 billion in 2023, is mainly dependent on sodium dichromate for oxidation resistance. Asia-Pacific demand will grow at a 4.6% CAGR (2024-37) as a result of growth in the automotive and aerospace industries. Replacement dangers (e.g., trivalent chromium) could reduce long-term growth to 2.9% CAGR beyond 2030 (CRU Group, 2023).
Application (Leather Tanning, Metal Finishing, Pigments & Dyes, Wood Preservation, and Refractories)
The leather tanning segment is anticipated to hold a 29.2% share by 2037. Leather tanning is the leading growth driver in the chromium salts market, as 86-91% of global leather production relies on chromium (III) salts for strength and elasticity. The value of global leather goods, at $425 billion in 2023, is anticipated to grow at a 5.3% CAGR (2024-2030), driving higher demand. Asia Pacific is responsible for 66% of chromium-tanned leather, with India and China dominating. But tighter EU REACH regulations on Cr(VI) by-products could limit expansion in Europe to a 2.4% CAGR, shifting production to emerging nations (ECHA 2024).
Our in-depth analysis of the global chromium salts market includes the following segments:
|
Type |
|
|
Application |
|
|
End use |
|
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Customize this ReportChromium Salts Industry - Regional Synopsis
Asia Pacific Market Forecast
Asia Pacific will contribute 46% of the global chromium salts market revenue by 2037, which is dominated by China. Between 2024 and 2037, the industry will expand at a CAGR of 4.6%, with leather tanning and metal finishing contributing 29% of the total demand. India's largest growth rate (6.2% CAGR) is driven by low labor costs and government investment of $310 million in green substitutes. China's NDRC has spent $2.2 billion on chromium recycling, but increased MEE emission targets could hinder growth after 2030.
|
Country |
Key Driver |
Government Initiative |
Statistical Insight |
|
China |
Metal finishing & pigments |
NDRC’s $1.3B Green Chemistry Fund (2024) |
41% of global chromium salts are produced in China (CPCIF, 2024) |
|
India |
Leather tanning (66% of demand) |
$510M DST grant for Cr(VI) alternatives (DST.gov.in, 2023) |
Leather exports to hit $10B by 2030 (FICCI, 2024) |
|
Japan |
High-tech alloys (e.g., GaAs wafers) |
METI’s $310M semiconductor material subsidy (METI.go.jp, 2024) |
GaAs wafer market grew at an 8% CAGR (JCIA, 2024) |
|
South Korea |
EV battery coatings |
ME’s $210M Cr-free coating R&D fund (ME.go.kr, 2023) |
EV production to double by 2030 (KITECH, 2024) |
|
Malaysia |
Petrochemical catalysts |
MOSTI’s $51M sustainable catalyst program (MOSTI.gov.my, 2023) |
Chemical sector to grow 6.6% annually (MPA, 2024) |
China will contribute 61% of APAC's revenue from chromium salts market by 2037, led by metal finishing (36% demand), pigments (26%), and more relaxed EPA-equivalent regulations. The NDRC 2024 Circular Economy Plan finances $2.2 billion for chromium recycling, lessening reliance on imports. ChemChina's Jiangsu plant ($710 million, 2025) will grow capacity by 21% (CPCIF, 2024). However, MEE's 2025 Cr (VI) emissions limit may slow growth to a 4.3% CAGR post-2030 (MEE.gov.cn, 2024).
Europe Market Forecast
The chromium salts market in Europe will grow steadily as a result of demand in sectors like metallurgy, tanning leather, and pigments. The major driving forces are tightened environmental regulations that encourage sustainable chemical manufacturing and a transition towards circular economy systems. As per the European Chemicals Agency (ECHA), chromium salt demand in Europe rose by 5.3% in 2023, with France, Germany, and the United Kingdom at the forefront. Investment has been on the rise with the European Green Deal, with €1.9 billion allocated in 2023 for green chemical breakthroughs.
The UK chromium salts market is led by industrial and environmental policies. In 2023, 8% of the UK's environmental expenditure was directed toward the sustainable manufacture of chemicals like chromium salts, up from 5.6% in 2020. The GaAs wafer chemical industry also experienced growth, with £121 million being invested in semiconductor material by 2023.
Companies Dominating the Chromium Salts Market
The global chromium salts market is moderately concentrated, with Lanxess and Elementis leading the market through significant R&D and eco-friendly manufacturing efforts. Nippon Chemical and Vishnu Chemicals are growing through low-cost production and export strategies. Kazakh and Chinese companies lead raw material provision, while Merck and BASF specialize in high-purity chromium used in electronics. Major trends involve green chemistry investments, increased REACH/EPA compliance, and vertical integration to secure chromium ore sources.
|
Company Name |
Country of Origin |
Estimated Market Share (2024) |
|
Elementis plc |
UK |
13% |
|
Lanxess AG |
Germany |
11% |
|
Soda Sanayii A.S. |
Turkey |
10% |
|
Vishnu Chemicals Ltd. |
India |
9% |
|
Nippon Chemical Industrial Co., Ltd. |
Japan |
8% |
|
American Elements |
USA |
xx% |
|
Hebei Chromate Chemical Co., Ltd. |
China |
xx% |
|
Aktyubinsk Chromium Chemicals Plant |
Kazakhstan |
xx% |
|
MidUral Group |
Russia |
xx% |
|
Merck KGaA |
Germany |
xx% |
|
Yinzhou Mingwei Chemical Co., Ltd. |
China |
xx% |
|
Chemetall (BASF SE) |
Germany |
xx% |
|
Pacific Chemicals (Pvt) Ltd. |
Australia |
xx% |
|
Dongwon Metal Co., Ltd. |
South Korea |
xx% |
|
Malaysian Chromium Industries |
Malaysia |
xx% |
In the News
- In March 2024, Lanxess AG introduced EcoTan Plus, a low-carbon tanning ingredient for the leather industry that reduces COâ‚‚ emissions by 41% compared to conventional salts. Lanxess reported a 16% rise in orders from European tanneries in the first quarter of 2024, spurred by tighter EU sustainability standards. The business expects this product to generate €51 million in yearly revenue by 2025.
- In January 2024, BASF/Chemetall (Germany) introduced Closed-Loop Chromium Recycling, a proprietary hydrometallurgical technology that recovers 96% or more of chromium from industrial wastewater, lowering raw material prices by 26%. BASF adopted this system in two German factories, reducing energy consumption by 31% and removing 5,000 tons of hazardous waste per year. The technology is now being licensed to European and North American companies.
Author Credits: Rajrani Baghel
- Report ID: 1145
- Published Date: Jun 06, 2025
- Report Format: PDF, PPT
