Global Chromite Market 2019-2023 | Increase in Demand from Developing Countries to Boost Demand | Technavio

Technavio analysts forecast the global chromite market to grow at a CAGR of nearly 5% during the forecast period, according to their latest market research report.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181207005387/en/

Consolidation of chromite market is one of the major trends being witnessed in the global chromite market 2019-2023. During March 2011, the prices of chromite started decreasing and continued till 2016. Some of the major chromite producers had to halt production owing to the decline in prices. In countries such as Turkey, Iran, Albania, and Pakistan, production of high-quality lumpy chromite has also decreased significantly.

This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing

According to Technavio analysts, one of the key factors contributing to the growth of the global chromite market is the increase in demand from developing countries:

Global chromite market: Increase in demand from developing countries

In developing countries such as China, India, South Africa, Brazil, the Philippines, and Indonesia, the global chromite market is witnessing high growth. Industries such as the construction, automobile, and medical have registered strong demand for chromite to manufacture stainless steel. Several chromite vendors are shifting their manufacturing activities to countries such as South Africa, Zimbabwe, Kazakhstan, India, and Pakistan owing to the huge potential reserves of chromite in these countries. The availability of raw materials, low-cost labor and transportation costs, and lenient government regulations and policies in these countries are also expected to promote the market’s growth.

According to a senior analyst at Technavio for research on specialty chemicals, “Increasing demand for ferrochrome for producing stainless steel to be used in the construction, automobile, and other metallurgical industries will raise demand for chromite. Factors such as growing populations, higher disposable incomes, and increasing purchasing power in the developing countries of APAC, Africa, and Latin America are encouraging significant investments in the construction and automotive industries.”

Global chromite market: Segmentation analysis

The global chromite market research report provides market segmentation by type (metallurgical, chemical and foundry, and refractory), by end-user (hospitals and clinics, ASCs, dialysis centers, and others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

The metallurgical segment held the largest market share in 2018, accounting for over 95% of the market. This type segment is expected to dominate the global market throughout the forecast period.

APAC led the market in 2018 with a market share of nearly 52%. This region is expected to dominate the market through 2023, however, there will be a decrease in its market share.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20181207005387/en/