Global Chromium Market to Reach 7.2 Million Metric Tons by 2015, According to New Report by Global Industry Analysts
Worldwide demand for chromium is primarily influenced by stainless steel, its major end-use segment. The global chromium market is projected to reach 7.2 million metric tons by 2015.
San Jose, California (PRWEB) November 12, 2008
Worldwide demand for chromium is primarily influenced by stainless steel, while growth in aerospace and industrial gas turbine markets offers bright prospects for chromium metal. Environmental constraints and rapid development of alternatives are issues throttling the chromium industry. Acute scarcity of chrome is a looming prospect as power problems affect production of the metal in South African mines, causing supply disruptions. At the same time, inadequate supplies are leading to steep increase in prices of ferrochrome.
South Africa is the world's largest producer of chromite and accounts for more than 37% of global chromite production. Production of chromium is shifting from independent producers towards vertically integrated producers such as chromium chemical or ferrochromium makers. This is due to the shift in ferrochromium production capacity from stainless steel manufacturing countries to chromite-ore producing countries. Countries mining chromite ore are expected to continue supplying chromium in the form of ferrochromium. With the introduction of advanced ferrochromium production facilities in chromite-producing countries, ferrochromium production and capacity is expected to decrease in places where ferrochromium is produced and not chromite ore.
Europe represents the largest chromium market (http://www. strategyr. com/Chromium_Market_Report. asp) in the world, with sales projected to reach 1.8 million metric tons by the year 2010, as stated by Global Industry Analysts, Inc. Chromium consumption (http://www. strategyr. com/Chromium_Market_Report. asp) in Asia-Pacific is projected to register a CAGR of 6.5% over the period 2001-2010. Among end-use applications, metallurgical industry forms the largest and fastest growing segment for chromium worldwide. Global consumption of chromium in metallurgical industry (http://www. strategyr. com/Chromium_Market_Report. asp) is estimated to be 4.5 million metric tons.
Chromium picolinate, one of the safest forms and the most bioavailable source of chromium, is witnessing sustained growth in the global market due to its increased usage in dietary supplements and other nutritional products. Chromium picolinate is used for weight loss, as it aids in maintaining healthy blood cholesterol levels, body composition and healthy blood glucose levels.
Leading global and regional players operating in the market include ASA Metals, Companhia De Ferro Ligas Da Bahia Ferbasa, Consolidated Minerals Limited, Indian Metals and Ferroalloys, Merafe Resources Limited, Nippon Denko Co. Limited, Outokumpu OY, Samancor, Tata Steel, and Xstrata Plc.
The report titled "Chromium: A Global Strategic Business Report" published by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, product profile, players, competition, end-use applications, recent developments, mergers, acquisitions, and other strategic industry activities. Analysis is presented for major geographic markets including the United States, Canada, Japan, France, Germany, Italy, the UK, Spain, Russia, Asia-Pacific and Latin America for the period 1991-2015. Analytics are provided in terms of end-use segments including Metallurgical Industry (Stainless Steel, and Other Steel & Non-Ferrous Alloys), Chemical Industry (Leather Tanning, Metal Finishing, Timber Preservation, Pigments, Aerospace, and Other Chemical Applications), and Refractory Industry.
For more details about this research report, please visit
Http://www. strategyr. com/Chromium_Market_Report. asp (http://www. strategyr. com/Chromium_Market_Report. asp)
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (http://www. StrategyR. com/) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Telephone 408-528-9966
Fax 408-528-9977
Email press@StrategyR. com
Web Site http://www. StrategyR. com/ (http://www. StrategyR. com/)
###
