Chromium Carbide Market 2023 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

Chromium Carbide Market

The market value of the chromium carbide market was worth USD 36.5 million in 2022, and it is expected to grow at a CAGR of 6.4% during the forecast period. Chromium carbide is often used as a coating material on metal surfaces to improve their wear resistance. It is applied through techniques like thermal spraying. These are also used on cutting tools and in the aerospace industry, like turbine blades and nozzles. Increasing demand for chromium carbide in the oil and gas industry and in the automotive industry Components in mining machinery, such as buckets, blades, and shovels, benefit from chromium carbide coatings to withstand the abrasive nature of mining operations. Chromium carbide coatings are used in automotive components like pistons, cylinder liners, and bearings to reduce friction and wear. Further, its use in the textile, nuclear, and chemical industries is driving the growth of the market significantly.

Impact of Covid-19

The pandemic initially disrupted the supply chain globally, this affected majorly the supply of chromium carbide components, Reduced industrial activities and delayed projects, due to lockdown and restrictions, impacting the demand for chromium-carbide coating equipment and materials. Due to delayed projects, shift in market priorities, and remote work impact along with and safety concerns were the major factors driving the growth of the market.

Growth Drivers

Increasing industrialization

Rapid industrialization refers to the fast-paced growth and expansion of industrial sectors within the economy. It typically involves an increase in the number of factories, the development of new technologies, and shift from rural economies to urban and industrialized ones. Increasing industrialization is driving the growth of chromium carbide market.

Focus on infrastructure development

Rapid urbanization is enhancing the infrastructural development. With more people migrating towards cities from rural areas, the need for better infrastructure is the demand of time. Reconstruction of new buildings, need the chromium carbide in infrastructural development. Increasing industrialization and rapid urbanization is driving the growth for better infrastructure, and thus for the increased use of Chromium carbide.

Automotive Industry

Chromium carbide coating are used in automotive sector for components like brake disks and engine parts, contributing to market growth as the automotive industry expands. Chromium carbide, which is well known for its high hardness has a significant impact in automotive industry. By providing chromium coating to various industrial equipment, their life span is increased.

Expanding Construction and Mining Sector

With growth in construction and mining sectors, there is a rising demand for wear-resistant materials, driving the use of chromium carbide in equipment and machinery components. Mining and Metallurgy specially involves chromium carbide in extraction of metals. With rapidly growing population in emerging economies like India, and China the demand for construction of new infrastructures is increasing, and thus the demand for chromium carbide is increasing.

Aerospace and Defense Applications

The aerospace and defense industries utilize chromium carbide coating for protection against wear and corrosion, which drives the demand in this sector. Aerospace is a sector, which is continuously observing the growth, thus the demand for chromium carbide is also increased.

Energy and Power Generation

The energy and power generation sectors use chromium carbide for components subjected to extreme conditions, such as turbines and valves, which leads to increase the demand for chromium carbide. Environmental regulations promoting the use of wear-resistant and corrosion-resistant materials in various industries, which significantly drive the chromium carbide coating.

Emerging Markets

Growing industrialization in emerging markets, such as Asia Pacific contributes to increase the consumption of chromium carbide. Emerging economies due to several factors like increasing population is driving the demand for chromium carbide.

Segmentation

By Type

·         Powder

·         Block

·         Others

By Application

·         Mining

·         Energy

·         Steel

·         Cement

·         Pulp and Paper

·         Glass and Others

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Chromium Carbide Market Type Segmentation

On the basis of type, the chromium carbide market is segmented into 3 types: powder, block, and others. The chromium carbide powder segment is the leading one in the market. This includes finely powdered chromium carbide, which is often used as a raw material for various applications, including thermal spray coatings and wildings. Chromium carbide is applied as a coating to various substrates to provide wear and corrosion resistance. These coatings are commonly used in industries like automotive, aerospace, and mining. Chromium carbide plates or sheets made of chromium carbide, known for their high wear resistance, are used in applications like lining for hoppers and conveyor systems. Chromium carbide rods and wires are used in welding to build up surfaces and repair equipment subjected to wear and abrasion. Chromium carbide tubes and pipes are used in industries like oil and gas mining to transport abrasive materials.

Chromium Carbide Market Application Segmentation

On the basis of applications, the chromium carbide market is segmented into mining, energy, steel, cement, pulp and paper, glass, and others. Chromium carbide is commonly used for wear-resistance coatings on industrial equipment, such as mining and construction machinery. Chromium carbide is also used in the production of advanced ceramics, particularly in cutting tools and abrasive materials. In the manufacture of cemented carbide, it is added to tungsten carbide to enhance toughness and wear resistance. It is used in refractory materials and for protection from corrosion.

Regional Outlook

On the basis of regions, the market is segmented into five parts: Asia Pacific, North America, Latin America, Europe, the Middle East, and Africa. North America is the leading region in chromium carbide share; this market is expected to dominate during the forecast period. This is due to the presence of various industries like aerospace, mining, energy, and manufacturing. It requires a wear-resistant and corrosion-resistant material like chromium. The robust industrial base and high demand for coatings are driving the growth of the market. Rapid urbanization, infrastructure development, and expansion in industries like manufacturing, mining, and construction have driven demand for wear-resistant materials. Growing emphasis on renewable energy and the need for efficient coating in the region’s industrial sector have contributed to market growth. Europe and Asia Pacific, including China, India, England, Russia, Germany, France, and Italy, are witnessing significant growth in demand for chromium carbide due to increasing urbanization and rapid industrialization. The focus on infrastructure development in these countries has played a crucial role in the success of the chromium carbide market.

Key Players

·         Hoganas AB

·         Siamfymet

·         Ceradyne

·         Oerlikon Metco

·         H.C. Stark Surface Technology and Ceramic Powders

·         Sandvik Materials Technology

·         Praxair Surface Technologies

·         Reade International Crop

·         Nippon Electric Glass co. ltd.

·         Other Players

Global Chromium Carbide Market research report presents a strategic analysis of the global Chromium Carbide Market and a forecast for its development in the medium term, taking into account the impact of COVID-19 on it.

This report delivers market size, regional and country market data, segmentation growth, market share, competitive landscape, company’s Chromium Carbide revenue analysis, strategies of domestic and global market players, opportunities analysis, strategic market growth analysis, and technological innovations. It analyses historical and current market data to accurately gauge its future growth potential. This market report provides in-depth analysis and insight of market drivers, challenges, trends & opportunities. At the same time, comprehensive coverage of major vendors (recent product development & industrial activities, company overview, insights on business strategy & financial performance, company SWOT analysis) is provided to give competitive overview. This study presents most detailed (COVID-19 updated) and in-depth analysis about the global Chromium Carbide market, covering all global regions and countries. The report provides intricate dynamics for each of the countries covered, offering unmatched value, accuracy and expert insights.

Report Purpose

The purpose of the report is to portray the state of the global Chromium Carbide Market and to present real and expert-verified data and insights about the market values, volumes, dynamics, segmentation and prices. It also offers forecast for the market development in the short and medium term and the impact COVID-19 has and will have on it. Further, it covers in-depth analysis of the key market players, industry trends and insights, growth drivers and challenges and all other factors, influencing the growth of market.

Scope of the Report

The report on the global Chromium Carbide Market presents:

·         Historical Data: Market data including volume, growth rate, value, and dynamics; Market segmentation (by product, by region and by country; etc.) for the last five years;

·         Strategic Insights for companies looking to launch new products to diversify their business, exploring leading countries to establish supply chain, and top countries to increase company export and go global

·         Comprehensive Regional Market Data: volume, growth rate, value, market share and dynamics of for the last five years (broken down by region);

·         Market Dynamics: Analysis of the factors impacting the market including demand drivers, industry trends and challenges and the short and the medium-term impact of COVID-19 presently and in near future;

·         Analysis and forecast for the global economy and demographics;

·         Supply chain and value chain analysis, risk analysis of supply side and demand side;

·         Market Forecast for next ten years (market share, year-on-year growth, volume, value and segmentation by region);

·         Company profiling of key market players covering company’s Chromium Carbide revenue, sales and market share;

·         Comprehensive coverage of competitive landscape offering market positioning and snapshot of key business strategies;

·         Porter’s Five Forces analysis;

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In this report you can:

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·         Own data spreadsheet for comparison at global, regional and for individual country, covered in the report;

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What Kind of Decisions You Can Make Based on the Data in This Report?

This report detailed and all-inclusive data on Chromium Carbide Market, providing valuable support to make vital decisions regarding:

·         Strategic planning;

·         Industry analysis;

·         Target Market/Marketing and sales;

·         Regional and country assessment and opportunity analysis;

·         Market entry into new product group or country;

·         Pricing of existing and new products;

·         New product development and Innovation in existing products;

·         Supply chain management;

·         Market evaluation;

·         Mergers, Expansions, Joint Ventures and acquisitions.

Who Is This Report for?

This report is intended to give broad overview of market to people who already are working on this market:

·         C-suite Level executives;

·         Directors;

·         Industry strategists;

·         Marketing professionals;

·         Business development professionals;

·         Product developers;

·         Product marketers and strategists;

·         Product managers;

·         Project managers;

·         Suppliers;

·         Traders;

This report also caters to people who are not involved in the market, representatives of investors, consultants, advisors and financial institutions:

·         Management consultants;

·         Investment managers;

·         Financial professionals;

·         M&A managers.

Regional Coverage

The report on the global Chromium Carbide Market breaks down the world into the following regions & countries and covers every single one of them:

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