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Chromium Chloride Market Size with Geographic Segmentation, Statistical Forecast and Competitive Analysis Report to 2024

Author : Ronak Bora | Published Date : 2019-05-27 

The study on the global Chromium Chloride Market Size evaluated the historical and current performance of this market, especially highlighting the key trends and growth opportunities. According to the study, the rising demand for this product is driving the global market significantly. The expansion in the various related industry is also expected to reflect positively on the sales of the product over the next few years.

Global Chromium Chloride Market size is likely to witness significant growth, expanding at a moderate CAGR in the forecast period. The prime growth driver for global chromium chloride market size is the increasing product demand from the textile industry. This textile industry breathes on dyes and pigments, which have the product as its essential component. The rising demand for diverse types of dyes in various segments of textile industry such as home textiles, geo-textiles and apparels mostly in developing countries of the world is anticipated to have a positive influence on the dyestuff industry across the globe. This will subsequently result in rise in demand for the product in the forecast period. Moreover, the rising disposable income of consumers and steadily increasing number of online stores are driving the textile industry substantially in the recent years, which is expected to eventually propel the global chromium chloride market size in the forecast timespan.

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The major application of the product is manufacturing of dyestuff. It is typically used as precursor and a catalyst to dyes for wool. Other applications of the product include organic synthesis and precursor to organochromium complexes. Types of dyes manufactured with the product are triarylmethanes that consist of ortho-hydroxyl benzoic acid derivatives. The product is also used as Lewis acid in several organic reactions, for example, to catalyze the reaction of nitroso Diels-alder. In printing and dyeing industry, it is mainly used as a mordant. Thus, increasing dyes demand (for textiles) across the globe on account to improving customer lifestyle dynamics will positively impact on the chromium chloride market size by 2024.

Based on end-users, the chromium chloride market share is segmented into pharmaceutical & medicine and textile industries. It is also used in food additives, animal feed additives, synthesis in chromium compounds and oilfield industry for the process of chromium plating. In inorganic chemicals industry, it is used in the production of chromium pigments and salts. In organic, it is used in the synthesis of various chromium containing catalysts.

Asia Pacific is the fastest growing market in the coming years for chromium chloride market. The demand is growing for the product basically in countries including India, Indonesia, Thailand and China. The countries in Latin America, Middle East & Africa such as South Africa, Nigeria, Jordan, Brazil, Egypt, Saudi Arabia, Israel, Kuwait and Qatar are also showing significant economic growth. Whereas, North American and European countries are gradually recovering from economic slowdown, which indicates a moderate growth rate for chromium chloride market size in the coming years for these regions.

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The key players operating in the chromium chloride market share are Angene Chemical Limited, American Elements, GFS Chemical Inc., OXKEM, All Chemie Limited, Mil-Spec Industries Corporation, Materion Corporation, Sentury Reagents Inc. and Seidler Chemical Company Inc.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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