Our in-depth analysis segmented the global chromium salts market in the following segments:
By End-Use industry
Global chromium salts market is further classified on the basis of region as follows:
The global chromium salts market is anticipated to expand at a significant CAGR during 2017-2027. The market is anticipated to achieve substantial market by the end of 2027. It can be attributed to reason that rapid industrialization in the various developing economies, which is expected to foster market demand in the forecast period.
The global chromium salt market can be segmented based on application, type, and region. In term of application, the chromium salt market can be divided into metallurgy, dyes and pigments, wood preservatives, leather tanning, refractory material, and catalyst. The dyes and pigment segment comprises paints. The segment is expanding rapidly in emerging markets. This is projected to boost the chromium salt market in the near future. Metallurgy is used widely in automobile and mechanical industries. Chromium salt is extensively used in leather, fabric treatment process and metal. In terms of end-use industry, the chromium salt market can be sub-segmented into textile, automobile, leather paints, aerospace, steel, and tool manufacture. In the leather industry, 90% of leather tanning process is carried out with the help of chromium salt. There has been increasing demand for leather in the global market. This is expected to fuel the chromium salt market during the forecast period.
By region, global chromium salts market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Rise in demand for dyes and paints in Asia Pacific are driving the chromium salt market in these regions. The developing economics such as India and China are the most attractive markets for chromium salts on the account of rapid industrialization. Environmental norms and regulations on the account of these harmful properties of chromium salt such that it can affect the people, who are in close proximity with salt on routine basis, are deployed, especially in Europe and the U.S.A.
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Most important factor that is driving the market for chromium salt is industrialization and infrastructural development in the emerging economies such as India, China and Brazil among others. The dye and pigment market includes the paint market which is increasing at a high pace which will augment the demand for chromium salts during the forecast period. The increase in demand of chromium salts from other applications such as metal treatment, leather treatment and water treatment, the demand of chromium salts is further increasing each year.
However, chromium salts also exhibit carcinogenic properties, which are guaranteed to affect people who work with this salt on a routine basis and hence proper safety gear is to be used while treatment such salts. There are various ecological rules and regulations on the account of these detrimental properties especially in Europe and North America. This is one of the major restraints in the chromium salt market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.