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Chromium Oxide Market to Hit US$ 649.54 Million By 2031 … – GlobeNewswire

| Source: CONSEGIC BUSINESS INTELLIGENCE PRIVATE LIMITED CONSEGIC BUSINESS INTELLIGENCE PRIVATE LIMITED
Pune, INDIA
New York, Oct. 20, 2023 (GLOBE NEWSWIRE) — The global Chromium Oxide Market is expected to witness significant growth at a remarkable CAGR of 4.0% during the forecast period of 2023-2031. Factors such as increasing demand for chromium oxide pigments and coatings and rising demand for chromium oxide in the chemical industry are accelerating the demand for chromium oxide, which, in turn, is boosting market growth. In addition, the growing construction and automotive industries will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the chromium oxide market is poised for strong expansion and is expected to reach USD 649.54 million by 2031 and USD 475.46 million by 2023. The market, which was valued at USD 460.11 million in 2022, is predicted to grow at a compound annual growth rate of 4.0% during the period 2023-2031. The report highlights the increasing demand for chromium oxide pigments and coatings, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market’s competitive landscape, market segmentation, regional outlook, and emerging technologies in the chromium oxide market.
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Chromium oxide is an inorganic compound with the chemical name chromic oxide. It’s also known as chromium sesquioxide, dichromium trioxide, Chromium (3+) oxide, chrome green, and chromia.  Chromium oxide is a green powder that is used as a pigment. It is prepared by calcining sodium dichromate in the presence of carbon or sulfur. It naturally occurs in the mineral eskolaite, which is mostly found in chromium-rich skarns, tremolite, chlorite veins, and meta quartzites.

Global Chromium oxide Market: Report Attributes
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Global Chromium oxide Market Segmentation Details:
Based on Type, the the pigment grade segment contributed the largest shares to the market growth in 2022. Chromium oxide pigment grade is a type of chromium oxide that is specifically designed for use as a pigment. It is produced to a high degree of purity and uniformity, and it has several properties that make it ideal for use in a variety of applications, including high color strength, excellent chemical resistance, good heat resistance, abrasion resistance, and others.
Based on Application, the coatings and paints segment contributed the largest shares of 36.27% to the market growth in 2022. Chromium oxide pigments and colorants are used in a variety of paints and coatings, including architectural paints, industrial coatings, and automotive coatings. Owing to certain advantages of chromium oxide such as good heat resistance, abrasion resistance, and others, the chemical is widely demanded in coating applications specifically in the automotive industry, among others. Furthermore, the expansion of the automotive industry globally is leading to further demand for coatings and paints.  
Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution of 36.30% to the market growth. The emerging economies of the Asia Pacific region, such as India, Indonesia, and Vietnam, are witnessing rapid industrialization and urbanization. This is leading to increased demand for chromium oxide pigments and coatings from these countries. Furthermore, the growing construction and automotive industries in the region is driving the demand for chromium oxide pigments and coatings.
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Competitive Landscape
LANXESS, Elementis, and Nippon Chemical Industrial Co., Ltd. are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of chromium oxide. Further, the chromium oxide market is expected to grow steadily due to growing construction and automotive industries, especially in the regions such as the Asia Pacific, and North America are estimated to boost the market statistics in the coming years. 
Recent Developments
Key Market Takeaways
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List of Major Global Chromium oxide Market:
Global Chromium oxide Market Segmentation: 
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Frequently Asked Questions in the Chromium Oxide Market Report
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