The global chromium oxide market was valued US$ 192.58 Mn in 2019 and is expected to reach 414.26 Mn by 2027, at a CAGR of 3.8 % during the forecast period.

Global Chromium Oxide Market

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global chromium oxide market Definition:

Chromium oxide is an inorganic compound and one of the key oxides of chromium. It occurs naturally as a rare mineral eskolaite and holds a wide range of applications in coatings resulting in excellent resistance to wear, abrasion, corrosion, and chemicals.

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global chromium oxide market Drivers and Restraints:

Technological advancement and development in the method of the manufacturing process in developed and developing countries are driving the growth of the chromium oxide market globally. Chromium oxide has broad application in the automotive industries for coating and polishing of various machinery parts as it has corrosion free property which is expected to drive the market growth, which will further propel the market demand in the global market.

Development in the commercial sector with increased urbanization linked with construction activity is booming the market demand for steel thus driving the growth of the chromium oxide market. The popularity of chromium oxide as pigment for colouring material is considered as another driving factor for the global chromium oxide market. The chemical industry is one of the major sectors to cover the market growth, as the R&D sector is on another level for advanced research which boosts the market growth. Chromium Oxide is broadly utilized covering market value with significant growth of 45.3 Mn. Major key vendors are investing in the chromium oxide market, as this market is expected to show constant growth with wide opportunities for manufacturers and end-users.

However, the unavailability of raw materials and observed side effects after the application is expected to hamper the chromium oxide market growth. Additionally, the presence of substitutes in the market hinders market growth in the coming years.