“Global Chromium Trioxide Market: Types, Applications, Growth Rates and Shares, and Forecast: 2020 – 2029” is the title of one of the recently produced reports by research team at Market.US. The global chromium trioxide market is projected to reach a value of approximately US$ 714 Million in 2029, from a value of around US$ 626 Million in 2019. The global market is projected to register a steady growth rate of 1.3%. The market has been segmented on basis of form, application, and region.
Numerous applications of chromium trioxide include metal finishing, manufacturing of wood preservation products, pigment manufacture, and catalyst manufacture. Other applications include use in production of ammonium dichromate and potassium. Chromium trioxide is excellent anti-corrosion property, which makes it ideal for passivation. It is widely used in industries and sectors including automotive, semiconductor, and electronics.
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Expanding scope of applications of the product in industries such as semiconductor and electronics including chromium oxide as physical vapor deposition, chemical vapor deposition optical applications, etc. is one of the major factors expected to drive market growth. Additionally, increasing demand for the product from printing and dyeing industry to use it as a mordant, especially in emerging countries, is another factor projected to propel growth of the global chromium trioxide market. Mordant helps fix dye to any fabric permanently.
Rising awareness regarding advantages of using chromium trioxide, clubbed with high adoption of the product in emerging economies owing to excellent anti-corrosion property of CrO3 is projected to present revenue opportunities for existing as well as new entrants in the global market over the 10-year forecast period.
In aerospace industry, chromium trioxide is required and used in low volumes as compared to that in other end-use industries. Association of European Airline (AEA) is in support for use of chromium trioxide, particularly for surface treatment, and functional chrome plating. This trend is projected to gain traction over the 10-year forecast period and drive market growth.
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Increasing adoption of specific precautions such as safety masks, gloves and others so that they don’t get in contact with the chromium trioxide directly, giving a new way for growth of the target market
Chromium trioxide affects the throat, nose, and lungs causing ulcerations, bronchitis, shortness of breath, and asthma-like sensitivity. It can influence the gastrointestinal tract, kidneys, liver, and immune system. This substance is also known as human cancer-causing agent. Under prolonged exposure to fire or heat the containers may explode.
Risk management measures are implemented like coating plant is designed by technical measures in such a way that the personnel cannot come into contact with Cr (VI) aerosols during or after electrolysis
The Asia Pacific market is expected to account for majority revenue share in the target market. This can be attributed to significantly high demand for the product from industries such as automotive and chemicals. In addition, rapidly improving economic conditions, rising number of large-scale automotive manufacturing units, and growing industrialization are factors projected to propel growth of the Asia Pacific market. The Europe and North America markets are expected to account for substantially high revenue shares in the global market over the 10-year forecast period. This is due to higher adoption of chromium trioxide by the end-use industries for applications in metal finishing, and production of wood-preservation products. However, stringent government regulations, especially in Europe, related to chromium trioxide usage and disposable are factors that could hamper market growth in Europe region.
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Major players profiled in the final report include Thermo Fisher Scientific, Inc., Merck KGaA, Soda Sanayii A.S., Novotroitsk Plant of Chromium Compounds, Seidler Chemical, Biopharm Inc., Sisco Research Laboratories Pvt. Ltd., and American Elements Corporation, Del Amo Chemical Company Inc., and Loba Chemie Pvt. Ltd.
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