Chrome Ore Market Size

Chrome Ore Market size was valued at USD 5 Billion in 2023 and is poised to reach USD 6.75 Billion by the end of 2036, expanding at around 2.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of chrome ore is evaluated at USD 5.21 Billion. The demand for stainless steel in areas such as construction is driving the growth of the market. According to the American Institute of Architects, non-residential building construction in the United States is expected to boost by 3.1 % by 2022. Hotel construction is expected to increase by 8.5% in 2022, while office space construction by 0.2%.

Governments in many regions have implemented policies to promote chrome ore mining. Such efforts are increasing the chrome ore market growth. In 2021, Chromium Ore was the world's 696th most traded product, with a total trade of $2.63B. Between 2020 and 2021 the exports of Chromium Ore grew by 28.3%, from $2.05B to $2.63B. Trade in Chromium Ore represents 0.012% of total world trade.

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of chrome ore is evaluated at USD 5.21 Billion.

Chrome Ore Market size was valued at USD 5 Billion in 2023 and is poised to reach USD 6.75 Billion by the end of 2036, expanding at around 2.5% CAGR during the forecast period i.e., between 2024-2036. The increase in the production of stainless steel is one of the major factors driving the market.

The Asia Pacific industry is expected to hold 35% revenue share by 2036, due to the growth in the stainless-steel industry, and fewer restrictions imposed on the mining and exporting of ores for its wider application.

Glencore, Rio Tinto, BHP, Vale S.A., Freeport McMoRan, Anglo American, China Shenhua Energy Company (CSEC), Jiangxi Copper Corporation Limited (JCCL), Zijin Minning Group Company Limited, Corporacion Nacional Del Cobre De Chile (CODELCO)

Chrome Ore Market Size