What is the global market size of Chromite Ore Market?

Chromite Ore Market size was valued at USD 4.75 billion in 2021 and is poised to grow from USD 4.9 billion in 2022 to USD 5.82 billion by 2030, growing at a CAGR of 2.3% in the forecast period (2023-2030).

What is the key driver of Global Chromite Ore Market?

The growth of the mining sector in India.

What is the key market trend for Global Chromite Ore Market?

The increasing use of stainless steel in various industries such as chemical, petrochemical, consumer goods, and heavy transport is a key trend. Additionally, the use of ferrochrome, an alloy of chromium and iron, as a base material in steel manufacturing is another significant trend. Stainless steel's durability, low maintenance, and environmental friendliness contribute to its extensive use in automotive, railway, and transportation industries.

Which region accounted for the largest share in Global Chromite Ore Market?

Asia Pacific dominated the global chromite ore market during the forecast period due to the growth in the stainless steel industry. Support for mining and exporting ores for various applications in the region contributed to market growth. Australia, with its rich mineral resources, particularly in chromite, also played a significant role. Additionally, countries like South Africa, India, Kazakhstan, and Turkey, which collectively produce 80% of the world's chromite, contributed to the market's dominance in the Asia Pacific.

Global Chromite Ore Market Size, Share, Growth Analysis, By Application(Stainless steel, Metallurgy), By Type(High chromium chromite, High iron chromite) - Industry Forecast 2024-2031

Q: Who are the key vendors in the Global Chromite Ore Market?

The global chromite ore market is highly competitive with the presence of local as well as global companies. Major players include 'Samancor Chrome (South Africa)', 'Assmang (South Africa)', 'African Rainbow Minerals (South Africa)', 'Hernic Ferrochrome (South Africa)', 'Glencore (Switzerland)', 'YILDIRIM Group (Turkey)', 'Eurasian Resources Group (Luxembourg)', 'Sino Steel (China)', 'Tata Steel (India)', 'Balasore Alloys Ltd (India)', 'Odisha Mining Corporation Ltd (India)', 'Gulf Mining Group LLC (Oman)', 'Oman Chromite Co. SAOG (Oman)', 'Kazchrome (Kazakhstan)', 'ENRC (UK)', 'Ferbasa (Brazil)', 'Impala Platinum (South Africa)', and 'Jindal Stainless Ltd (India)'.

Report ID: SQMIG15J2023 | Region: Global | Published Date: April, 2024
Pages: 184 | Tables: 64 | Figures: 75

Global Chromite Ore Market Dynamics

Chromite Ore Market Driver

Growth of mining sector in India

According to "The Indian Chamber of Commerce", the Indian mining sector contributes more than 3% to the GDP, while the steel sector contributes almost 2% to the GDP. The rapid increase in steel production has resulted in India becoming the 4th largest producer of crude steel and largest producer of sponge iron in the world. Also, the mining sector of India is growing at a very fast rate are the factor drives the growth of global chromite ore market worldwide.

Increased consumption of chromite ore by end user industry

The increasing growth in the automotive industry for making metal alloys increases the growth of the market during the forecast period. Also, demand for stainless steel and chemical industries is also expected to drive the growth of the market.

Chromite Ore Market Restraint

Volatility in prices of raw material and environmental concern

Volatility in prices of raw material and environmental concern hampers the growth of global market. Also, pollution caused by mining operations such as soil erosion, and pollution in groundwater levels is one of the challenging factors that hamper the growth of global market.

Global Chromite Ore Market Report Snapshots

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FAQs

Global Chromite Ore Market size was valued at USD 4.90 Billion in 2022 and is expected to grow from USD 5.01 Billion in 2023 to reach USD 6.01 Billion by 2031, at a CAGR of 2.30% during the forecast period (2024-2031).

Global chromite ore market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global market. 'Samancor Chrome (South Africa)', 'Assmang (South Africa)', 'African Rainbow Minerals (South Africa)', 'Hernic Ferrochrome (South Africa)', 'Glencore (Switzerland)', 'YILDIRIM Group (Turkey)', 'Eurasian Resources Group (Luxembourg)', 'Sino Steel (China)', 'Tata Steel (India)', 'Balasore Alloys Ltd (India)', 'Odisha Mining Corporation Ltd (India)', 'Gulf Mining Group LLC (Oman)', 'Oman Chromite Co. SAOG (Oman)', 'Kazchrome (Kazakhstan)', 'ENRC (UK)', 'Ferbasa (Brazil)', 'Hernic Ferrochrome (South Africa)', 'Impala Platinum (South Africa)', 'Jindal Stainless Ltd (India)', 'Samancor Chrome (South Africa)'

According to "The Indian Chamber of Commerce", the Indian mining sector contributes more than 3% to the GDP, while the steel sector contributes almost 2% to the GDP. The rapid increase in steel production has resulted in India becoming the 4th largest producer of crude steel and largest producer of sponge iron in the world. Also, the mining sector of India is growing at a very fast rate are the factor drives the growth of global chromite ore market worldwide.

The increasing use of stainless steel in chemical and petrochemical products, consumer goods, and heavy transport is a key trend in the chromite ore market. Also, the use of ferrochrome, an alloy of chromium and iron, as a base material in the manufacturing of steel is a key trend in the market. Stainless steel is long-lasting, low-maintenance, and environmentally friendly, which has led to its extensive use in the automotive, railway, and transportation industries.

On the basis of region, global chromite ore market is divided into North America, Europe, Asia Pacific, Latin America, and MEA. Asia Pacific dominated the global market during the forecast period. Asia Pacific is the key region of the market because of the growth in the stainless steel industry. Increasing support for mining and exporting ores for its wider applications is expected to support the growth of the market. Also, Australia with the largest mining sites and fields with rich rock formations for mineral extraction and consumption by end users is also expected to drive the market growth over the forecast period. South Africa, India, Kazakhstan, and Turkey produce 80% of the world's chromite production.

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