Global Chromite Market 2019-2023 | 5% CAGR Projection Through 2023 | Technavio
LONDON--(BUSINESS WIRE)--Dec 17, 2019--
The global chromite market is expected to post a CAGR of almost 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global chromite market 2019-2023 (Graphic: Business Wire)
Factors such as growing population, rising disposable incomes, and increasing purchasing power of people are attracting significant investments in the developing countries across APAC, Africa, and Latin America. Also, the easy availability of raw materials, low-cost labor and transportation, and favorable government policies are encouraging many market vendors to shift their manufacturing facilities to developing countries in those regions. Moreover, the strong growth of end-user industries such as the construction, automobile, and medical in these countries is significantly contributing to the demand for chromite.
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As per Technavio, the consolidation of the chromite market will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global Chromite Market: Consolidation of Chromite Market
The market witnessed a decline in the supply of chromite due to the drop in stockpiles of chromite ore in China. Also, the reduction in chromite prices led several chromite produces to halt production. However, with the consolidation of the global chromite market, the supply-demand balance has been restored. This has also helped in the recovery of chromite prices, and it is expected to remain unchanged during the forecast period.
“Growing demand for foundry type chromite and the modernization of chromite mines will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Chromite Market: Segmentation Analysis
This market report segments the global chromite market by type (metallurgical, chemical and foundry, and refractory) and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by EMEA and the Americas, respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the growing demand for ferrochrome in the production of stainless steel in the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
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PUB: 12/17/2019 07:00 AM/DISC: 12/17/2019 07:01 AM