Chrome Ore Market Trends

Growth Drivers

Rising Mining Industry- With an increase in steel production, India became the world's 4th largest producer of flat steel and sponge iron. In GDP, the steel industry plays an important role of around 2%. There is very fast growth in the mining sector. As chrome forms a thin and stable oxide film on steel’s surface making it corrosion-resistant. Also, it is widely used in steel industries which is anticipated to be the main reason for the growth of the chrome ore market .
Increased Use of Chrome Ore by the Automotive Sector- It is because of the automobile industry's rising day-by-day that metal alloys grow, and this plays a role in growth. 85 million automobiles were produced worldwide in 2022. Comparing this number to the prior year, a rise of around 6% may be calculated.
Surging Investment in R&D - One of the main factors that are driving market growth is more competition in R&D for safer and faster mining processes. In addition, there is also more scope for increased competition and innovation between the main players in the market for the extraction of iron ore which will lead to its growth.

Challenges

Volatility in Raw Material- The volatility in raw materials hampers the growth of the global chrome ore market. This often results to supply and disruptions, repressed demand, and fluctuation in prices.
Soil Erosion and Groundwater Pollution Arise due to the Mining Process.
Lack Of Technical and Management Skills
Low Productivity and Under-Capitalization can be Challenging Factors for the Market to Grow.

Chrome Ore Market: Key Insights

Base Year	2023
Forecast Year	2024-2036
CAGR	2.5%
Base Year Market Size (2023)	USD 4.9 Billion
Forecast Year Market Size (2036)	USD 6.75 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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 Trends