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Global Chromic Acid Market to Witness Double-digit Growth as Growth in Construction Sector set to Explode

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Published on : Mar 19, 2020

The global chromic acid market promises double-digit growth during 2018-2026 as demand for metal finishing is expected to witness significant growth. The chemical is widely used in metal finishing to provide it the much-needed brass finishing. The demand for this in the construction infrastructure is set to rise, as growth in infrastructure investment from China, India, and the US will likely double the construction industry by 2030. 

This is in line with various official announcements including one by the Indian finance minister. The minister has announced that India will invest 5 trillion in infrastructure development over the next five years, during 2019-2024 period. Moreover, China has also invested heavily on its new belt and road initiative which is expected spur commerce between various countries. The US is also expected to pump in major investments to drive growth of the construction industry. The demand for metals like steel in this industry, and wide use of chromic acid as a finishing product for the metals will drive growth of the global chromic acid market during the forecast period.

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Transparency Market Research has released a report titled “Global Chromic Acid Market Research Report 2019.” The report offers the growth scenarios present globally as well as revenues of the overall market. The Global chromic acid market report thoroughly discusses robust growth prospects and prominent strategies implicated by several key players operating in the global market, which are likely to benefit the market growth and grab leading position in terms of revenue in the market. The report is available on the website ResearchMoz.us as well.

Key players in the global chromic acid market are Soda Sanayii, MidUral Group, Huangshi Zhenhua Chemical, Atotech Deutschland GmbH, Novotroitsk Plant of Chromium Compounds (NPCC), Sichuan Yinhe Chemical, Chongqing Minfeng Chemical, Hunter Chemical, BlueStar Yima Chrome Chemical Materials, Vishnu Chemicals, Elementis, LANXESS.

Asia Pacific to Dominate Growth with Rising Investments 

Rising disposable income, and large population in the Asia Pacific region will likely drive growth of the global chromic acid market. The chemical is widely used in the production of metallic chromium in the region. The rising demand for alloys, and chrome plating remain its two key applications, which are expected to drive major growth for the market in the near future. Additionally, the abundance of raw material found in ores in the region is also a major positive in the region. The low-cost availability of chromium, and growing demand for automobiles, which use top-quality chromium, remain lucrative end-applications for global chromic acid market. 

Stratiform Deposits to Remain Most Lucrative Segment 

Chromite deposits are usually found in three varieties. Among these stratiform, or layered deposits, alpine type, and podiform remain most prominent. The stratiform variety or the deposit layer remain most commonly used for production due to their abundance. The cost-effective nature of these continue to drive their industrial growth in low-key applications such as chromite polishing in construction sector. Due to the growth in the construction sector, this application is likely to remain most prominent over the forecast period. On the other hand, the other segments will also witness major growth as their applications continue to rise with glazing for glasses, and ceramist continues to new opportunities for players in the global chromic acid market. Hence, based on type, the global chromic acid market will likely witness highest growth in high chromium chromite, followed by high aluminium chromite, and high iron chromite. Its granular varieties are becoming easier to integrate in industrial production, and tend to provide a much higher quality as compared to other available varieties in the market.