New York, July 20, 2023 (GLOBE NEWSWIRE) -- The global Chrome Metal Powder Market is expected to witness significant growth at a remarkable CAGR of 6.1% during the forecast period of 2023-2030. The factors such as the increasing development of new electrical & electronics manufacturing facilities, growth in the investment of new oil & gas projects, and others are accelerating the demand for chrome metal powder, which, in turn, is benefiting the market growth. In addition, the rising development of a new range of chrome metal powder product categories will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the chrome metal powder market is poised for strong expansion and is expected to reach USD 867.38 Million by 2030. The market, which was valued at USD 544.50 Million in 2022, is predicted to grow at a compound annual growth rate of 6.1% during the period 2023-2030. The report highlights the increasing adoption of chrome metal powder in the automotive industry, which is proliferating global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the chrome metal powder market.
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Chrome metal powder is deployed in the automotive sector as a product to coat metal alloys. The chrome metal powder is employed in steel to enhance the strength of automotive equipment and accessories. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, the total production of motor vehicles including cars and commercial vehicles in China was 27,020,615 units, an increase of 3% as compared with the previous year. Thus, the growing automotive industry is driving the demand for chrome metal powder.
The chrome metal powder is frequently utilized in the aerospace engine and other metal components to increase durability. The key trends such as increasing development of new aerospace manufacturing facilities, introduction of new aircraft, rising air travel in the developing economies, and others are the prime factors that will boost the aerospace industry growth in the forecast years. Therefore, the growth of the aerospace industry is amplifying the market growth.
Global Chrome Metal Powder Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | USD 867.38 Million |
| CAGR (2023-2030) | 6.1% |
| By Type | Chromium Metal Powder and Electrolytic Chromium Powder |
| By End-use Industry | Aerospace, Automotive, Oil & Gas, Electrical & Electronics, Marine, Building and Construction, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Amg Advanced Metallurgical Group, Delachaux Group, Exo Tech, Hascor International Group, Industrial Metallurgical Holding, Kohsei Co, Ltd, Atlantic Equipment Engineers, Inc., Belmont Metals, Inc., Kamman Group, and G K MIN MET ALLOYS CO |
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Global Chrome Metal Powder Market Segmentation Details:
Based on Type, the chromium metal powder segment contributed the largest shares to the market growth in 2022. Chromium metal powder has vital performance properties, including a boiling point of 2475°C / 4487°F, a melting point of 1875°C / 3407°F, a coefficient of expansion (20°C) of 4.9 um/m*K, density of 7.19, electric resistivity at 125 nO·m, and others. These features of chromium metal make it an ideal solution for various end-use industries such as building & construction, automotive, and others. Thus, increasing the deployment of chromium metal powder in the above industries increases the strength of products, which is benefiting market growth.
Based on End-use Industry, the automotive segment accounted for the largest market share in the year 2022. The chrome metal powder is deployed in the automotive industry to enhance the shine and durability of the outer body of the automotive structure. Hence, chrome metal powder is utilized in automotive products such as passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The development of infrastructure projects, growth of public transportation, and others are vital determinants accelerating the demand for commercial vehicles. Therefore, the growth of the automotive industry is favoring the demand for chrome metal powder to ensure superior tensile strength of metal utilized in automobiles. This, in turn, is fostering market growth.
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Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. This is due to the growth of various end-use industries such as automotive, building & construction, and others. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2022, the Asia Pacific region manufactured the highest number of total automotive vehicles at the global level, holding a share of 58.84%. As a result, the growth of the aforementioned industries in the Asia Pacific region is propelling the demand for chrome metal powder, thereby spurring market growth.
Competitive Landscape
As per the research, Amg Advanced Metallurgical Group, Delachaux Group, Exo Tech, and Hascor International Group are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of chrome metal powder. Further, the chrome metal powder market is expected to grow steadily due to rising demand from the electrical and electronics industry, especially in the regions such as Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing the development of new electric vehicle manufacturing facilities will boost the demand for chrome metal powder in the upcoming years, thereby anticipated to increase the competition in the market.
Recent Developments
- In June 2020, Protolabs, a United Kingdom-based manufacturer launched new 3D printing material, including chrome powder for the application in metal laser sintering process. Hence, the development of new technology will foster the market growth in the upcoming years.
Key Market Takeaways
- Asia Pacific accounted for the highest market share at 35.50% and was valued at USD 193.30 million in 2022 and is expected to reach USD 309.22 million in 2030. Moreover, in Asia Pacific, China accounted for the highest market share of 26.50% during the base year of 2022.
- Based on type, the chromium metal powder segment accounted for the highest share contribution to the chrome metal powder market statistics in 2022.
- In the context of end-use Industry, the automotive segment is expected to contribute significant shares to the growth of chrome metal powder market statistics during the forecast period.
- Europe is expected to boost the market demand for chrome metal powder due to the increasing investments in new electric car manufacturing facilities in countries such as Germany, France, and others.
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List of Major Global Chrome Metal Powder Market:
- Amg Advanced Metallurgical Group
- Delachaux Group
- Exo Tech
- Hascor International Group
- Industrial Metallurgical Holding
- Kohsei Co, Ltd
- Atlantic Equipment Engineers, Inc.
- Belmont Metals, Inc.
- Kamman Group
- G K MIN MET ALLOYS CO
Global Chrome Metal Powder Market Segmentation:
- By Type
- Chromium Metal Powder
- Electrolytic Chromium Powder
- By End-use Industry
- Aerospace
- Automotive
- Oil & Gas
- Electrical & Electronics
- Marine
- Building and Construction
- Others
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Frequently Asked Questions in the Chrome Metal Powder Market Report
- What was the market size of the chrome metal powder industry in 2022?
- In 2022, the market size of chrome metal powder was USD 544.50 million
- What will be the potential market valuation for the chrome metal powder industry by 2030?
- In 2030, the market size of chrome metal powder will be expected to reach USD 867.38 million.
- What are the key factors driving the growth of the chrome metal powder market?
- The booming automotive industry is accelerating market growth.
- What is the dominant segment in the chrome metal powder market by end-use industry?
- In 2022, the automotive segment accounted for the highest market share of 25.05% in the overall chrome metal powder market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the chrome metal powder market?
- Asia Pacific accounted for the highest market share in the overall chrome metal powder market.
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