April 28, 2020
According to the research report titled ‘Global Chromite Ore Market Research Report 2020’, available with Market Research Report LLC, worldwide chromite ore market was worth USD 6843.2 million in 2020 and is expected to grow with a CAGR of 5.3% during the study period, hence reaching USD 9862.9 million by the year 2026.
For the record, chromite is a mineral which is also known as chromium oxide. The chemical formula of the mineral is FeCr2O4. Chromite ore is widely used in producing high strength alloys which are resistant to oxidation, corrosion and heat abrasion. Growing demand for durable and efficient materials across various industry verticals coupled with swift industrialization are major factors driving the chromite ore market growth. Most of chromite produced goes into manufacturing stainless steel. Surging investments towards construction of residential, commercial and industrial infrastructures is further aiding the market expansion. Increasing mining activities are also stimulating the industry outlook.
As per type, more than 48% chromite ore is high grade chrome ore while 36%-47% grade is the most commonly available ore. While, 30-35% chromite ores are low-grade products with minimum mining value.
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Based on application landscape, metallurgical industry dominates the global chromite ore market with 92% share as of 2020. Chromite is widely used in producing stainless steel. In addition, flourishing metallurgical industry owing to rapid urbanization and industrialization is complementing the industry outlook.
As per regional analysis, South Africa is the largest source of chromite ore with 72% of global reserve. Improving economic conditions and escalating mining activities across the region are augmenting the South America chromite ore market scenario.
The prominent companies operating in worldwide chromite ore market are ASA Metals, Tata Steel, Odisha Mining Corp., Merafe Resources, Yilmaden, Outokumpu, Assmang Proprietary Ltd., Samancor and TNC Kazchrome JSC among others.
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