Los Angeles, CA -- (SBWIRE) -- 12/10/2019 -- QY Research has released a new market research report on the global chromite ore market, titled "Global Chromite Ore Market Research Report 2019." As per the report, the global chromite ore market is projected to reach more than US$9.0 Bn in revenue by 2025, growing at a moderate CAGR of 5.33% during the forecast period 2018-2025. In 2018, the global market revenue reached over US$6.0 Bn.
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Robust Demand for Ferrochrome and Stainless Steel Predicted to Benefit Global Market
A high percentage of chromite ore is used in the production of ferrochrome. This is expected to create lucrative growth opportunities for chromite ore manufacturers in the coming years. Use of chromite ore to produce sodium dichromate, which finds application as an intermediate to produce chromium chemicals and as a chemical industry product, could be another growth driver of the global market. However, drawbacks of mining such as soil and water pollution is predicted to act as a restraint for the global chromite ore market.
High Use of Chromium Oxides as Pigments Expected to Increase Demand
Based on type, the global chromite ore market is segmented into 30-35%, 36-47%, and more than 48%. By application, the global chromite ore market is segmented into chemical industry, refractory and foundry, and metallurgy industry. Use of chrome oxide green as a pigment to color plasters, cements, and roofing granules is expected to support the demand for chromite ore in the chemicals industry. In the refractory industry, chromite ore is used to produce foundry sands and other refractory materials. Its chemical inertness and ability to retain its physical properties at extremely high temperatures help it to find application in the refractory industry.
Availability of Abundant Chromite Reserves in South Africa Likely to Boost Growth in MEA
The MEA and Asia Pacific could be among key regional markets for chromite ore. High production of chromite ore at lower cost in South Africa is predicted to strengthen the growth of the MEA market. South Africa is also one of the world's leading exporters of chromite ore. Zimbabwe is another country with one of the largest chromite reserves in the world. Asian countries, viz. Kazakhstan and India account for a decent share of the global chromite ore production. Increasing demand for and production of stainless steel in China could add to the growth of the chromite ore market in Asia Pacific.
Chromite Ore Companies Anticipated to Encounter High Competition in Future
Key players operating in the global chromite ore market are TNC Kazchrome JSC, ASA Metals, Samancor, Tata Steel, Assmang Proprietary Limited, Odisha Mining Corporation, Outokumpu, Merafe Resources, and Yilmaden Holding. Players are expected to face a high level of competition in the global chromite ore market. The competition in the global chromite ore market could increase due to growing focus on research and development and innovation. Use of advanced chromite ore mining techniques and equipment could be a crucial factor contributing to the overall market competition.
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