USD 4.90 Billion
Chromite Ore Market Size, Share, Growth Analysis, By Application(Stainless steel, Metallurgy, Chemicals, Refractory), By Type(High chromium chromite, High iron chromite, and High aluminium chromite), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15J2023 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|Tables:
64
|Figures:
75
Chromite Ore Market Insights
Global Chromite Ore Market size was valued at USD 4.90 Billion in 2022 and is expected to grow from USD 5.01 Billion in 2023 to reach USD 6.01 Billion by 2031, at a CAGR of 2.30% during the forecast period (2024-2031).
Chromite is a mineral that is used primarily for the production of ferrochrome, which is used in the production of stainless steel. The global market is driven primarily by demand for stainless steel, which is used in a wide range of industries including construction, automotive, and aerospace. Chromite ore is also found in traces in gems, imparting characteristic colours to various important commercial stones. Demand for chromite for electroplating has also fuelled growth opportunities for mining companies in the market. Also, they are widely used in catalysts, pigments, leather tanning, and refractory industries. A wide range of applications of chromite is important to boost the revenue of the market. Governments in many countries have formulated policies to promote chromite mining. Private players are also exploring new mining areas for chromite ore reserves. Such efforts are fuelling the growth of the global market. Factors that are driving the growth of the market include increasing demand for stainless steel in emerging economies, rising investment in the construction and infrastructure sectors, and increasing use of chromite in the aerospace and defense industries. However, the market is also facing challenges such as fluctuating prices of chromite ore and increasing competition from substitutes such as nickel and manganese.
The global chromite ore market is a very important part of the world industry product which is known as chromite for the extraction and trade in chromium which has numerous industrial uses. Market insights on chromite ore provide crucial information for stakeholders, such as miners, manufacturers, and end-users who should take actions in accordance with the information and make strategies.
Chromite ore market is designed to address the growing need for chromium, due to its demand in metallurgical processes, chemical manufacturing, and for use in refractory materials. However, the growth of steel production and in particular stainless steel production is the main driver for this market where chromium is a key alloying element.
Nevertheless, with all these advantages, the chromite ore market still has to overcome many challenges. We can note that one of the major restraining factors is geological concentration of chromite reserves as a significant part of them is found in politically unstable parts of the world, so their chain supply could be put at risk.
Also, environmental issues that arise during mining operations cause legislation constraints hence need to practice sustainable practices. In spite of all these difficulties, the chromite ore market allows for new ways of developing and advancing. The development of the latest technologies in extraction methods and processing techniques that could have higher efficiency rates also comes with lower environmental impact. Additionally, the growing emphasis on recycling and circularity also opens up possibilities for sustainable chromite supply.
The question is that challenges and opportunities need to be taken into account while operating in the market of chromite ore. The key strategies that need to be realized include building geopolitical stability, adopting eco-friendly mining practices, and investing in research and development for optimizing extraction methods. The chromite ore market is a constantly growing segment of the industrial world and will always be in demand as global industry matures, but the balance of this supply chain will become more sustainable if those involved are willing to adapt to the new demands.
US Chromite Ore Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Stainless steel
Fastest Growth
Stainless steel
Growth Rate
2.30% CAGR
Global chromite ore market, 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
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Chromite Ore Market Segmental Analysis
Global chromite ore market is segmented on the basis of application, type and region. On the basis of application, global Chromite Ore Market is segmented into stainless steel, metallurgy, chemicals and refractory. On the basis of type, global Chromite Ore Market is segmented into high chromium chromite, high iron chromite, and high aluminium chromite. On the basis of region, global Chromite Ore Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Chromite Ore Market Analysis by Application
On the basis of application, global chromite ore market is segmented into stainless steel, metallurgy, chemicals and refractory. In the application segment, stainless steel dominated the global market. The production of chromite is the primary component in the production of stainless steel. It accounts for approximately 75% share of global chromite usage. The 25% share is used in the manufacture of chemicals, pigments, and refractories. The market has been expanding due to the rise in demand for chromite in the chemical, refractory, and pigment industries.
Chromite Ore Market Analysis by Type
On the basis of type, global chromite ore market are segmented into high chromium chromite, high iron chromite, and high aluminium chromite. The high chromium chromite segment accounts for the largest revenue share in global market. High chromium chromite is an important raw material used in the production of stainless steel and similar steel products. High iron chromite is available in powder form. This type of chromite is not easily soluble in water. High iron chromite is used in the production of chromium base chemicals, low chromium ferrochromium, and refractories. High aluminium chromite is used to make refractories, magnesite chromite, and chromite magnesite bricks.
Global chromite ore market size by application 2022 (%)
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Chromite Ore Market Regional Insights
On the basis of region, global chromite ore market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. Asia Pacific dominated the global market during the forecast period. Asia Pacific is the key region of the market because of the growth in the stainless steel industry. Increasing support for mining and exporting ores for its wider applications is expected to support the growth of the market. Also, Australia with the largest mining sites and fields with rich rock formations for mineral extraction and consumption by end users is also expected to drive the market growth over the forecast period. South Africa, India, Kazakhstan, and Turkey produce 80% of the world's chromite production.
The Middle East and Africa are expected to grow at a significant CAGR during the forecast period. South Africa accounts for over 46% of global GDP. It is a major supplier of chromite ore and ferrochromium to European countries. Also, support from the new technological process such as an automated machines or robotic equipment for performing safe mining activities is increasing the growth of the market in this region.
Global chromite ore market size by geography, 2022-2030
- Largest
- Fastest
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Chromite Ore Market Dynamics
Chromite Ore Market Driver
Growth of mining sector in India
- According to "The Indian Chamber of Commerce", the Indian mining sector contributes more than 3% to the GDP, while the steel sector contributes almost 2% to the GDP. The rapid increase in steel production has resulted in India becoming the 4th largest producer of crude steel and largest producer of sponge iron in the world. Also, the mining sector of India is growing at a very fast rate are the factor drives the growth of global chromite ore market worldwide.
Increased consumption of chromite ore by end user industry
- The increasing growth in the automotive industry for making metal alloys increases the growth of the market during the forecast period. Also, demand for stainless steel and chemical industries is also expected to drive the growth of the market.
Chromite Ore Market Restraint
Volatility in prices of raw material and environmental concern
- Volatility in prices of raw material and environmental concern hampers the growth of global market. Also, pollution caused by mining operations such as soil erosion, and pollution in groundwater levels is one of the challenging factors that hamper the growth of global market.
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Chromite Ore Market Competitive Landscape
Global chromite ore market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global market.
Chromite Ore Market Top Player's Company Profiles
- Samancor Chrome (South Africa)
- Assmang (South Africa)
- African Rainbow Minerals (South Africa)
- Hernic Ferrochrome (South Africa)
- Glencore (Switzerland)
- YILDIRIM Group (Turkey)
- Eurasian Resources Group (Luxembourg)
- Sino Steel (China)
- Tata Steel (India)
- Balasore Alloys Ltd (India)
- Odisha Mining Corporation Ltd (India)
- Gulf Mining Group LLC (Oman)
- Oman Chromite Co. SAOG (Oman)
- Kazchrome (Kazakhstan)
- ENRC (UK)
- Ferbasa (Brazil)
- Hernic Ferrochrome (South Africa)
- Impala Platinum (South Africa)
- Jindal Stainless Ltd (India)
- Samancor Chrome (South Africa)
Chromite Ore Market Recent Developments
- in 2021, Glencore announced that it plans to restart its Mutanda copper and cobalt mine in the Democratic Republic of Congo. The mine also produces significant quantities of chrome ore, which could have an impact on the global chrome ore market.
- in 2021, ERG announced that it had signed a five-year supply agreement with China's Tsingshan Holding Group for the delivery of up to 600,000 tonnes of chrome concentrate per year. This agreement could help stabilize chrome ore prices and increase demand for ERG's products.
- In 2021, Hernic Ferrochrome, a South African chrome producer, announced that it had successfully emerged from business rescue proceedings. The company had faced financial difficulties due to low chrome ore prices, but it has now restructured and resumed operations
Chromite Ore Key Market Trends
- The increasing use of stainless steel in chemical and petrochemical products, consumer goods, and heavy transport is a key trend in the chromite ore market. Also, the use of ferrochrome, an alloy of chromium and iron, as a base material in the manufacturing of steel is a key trend in the market. Stainless steel is long-lasting, low-maintenance, and environmentally friendly, which has led to its extensive use in the automotive, railway, and transportation industries.
Chromite Ore Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our global chromite ore market analysis, the Middle East and Africa are expected to grow at a significant CAGR during the forecast period. South Africa, India, Kazakhstan, and Turkey produce 80% of the world's chromite production. The stainless steel application segments accounts for approximately 75% share of global chromite usage. Volatility in prices of raw material and environmental concern hampers the growth of global market. Also, pollution caused by mining operations such as soil erosion, and pollution in groundwater levels is one of the challenging factors that hamper the growth of global market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.90 Billion |
| Market size value in 2031 | USD 6.01 Billion |
| Growth Rate | 2.30% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Chromite Ore Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Chromite Ore Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Chromite Ore Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Chromite Ore Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Chromite Ore Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Chromite Ore Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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