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Chromium Phosphate Market Trends 2024 Comprehensive Study Explores Huge Growth in Future

Author : Ronak Bora | Published Date : 2019-05-22 

Global Market Insights, Inc. added research on Chromium Phosphate Market is a detailed analysis of this business space inclusive of the trends, competitive landscape, and the market size. Encompassing one or more parameters among product analysis, application potential, and the regional growth landscape, market also includes an in-depth study of the industry’s competitive scenario.

Increase in application scope in architectural coatings may drive chromium phosphate market size. The industry is mainly driven by rise in developments of construction sector along with exotic coatings demand. Rise in environmental awareness has led to product innovations to provide quality products in coating industry which are high quality, and affordable. Architectural coatings are widely used in wall paintings, sculptures, furniture, and wood flooring. Increase in environmental concerns and health hazards has led to rise in strict regulations by EPA, thereby driving industry growth. Strict government guidelines by REACH has led to the development of water based and eco-friendly architectural coatings.Chromium phosphate industry may create opportunities in automotive, aluminium finishing, aerospace, and heavy equipment industries in the near future.

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Chromium Phosphate Market size may witness significant gains as it is mainly used in paints & coatings industry for corrosion and architectural protection and medical sector. It is also known as orthophosphate of chromium salt or phosphoric acid which is insoluble in water. It is used as an additive in anti-corrosive pigments, drugs, polymer, and catalysts manufacture.

Corrosion inhibitors forms a protective layer over surface and prevents environmental direct contact. Increasing awareness of corrosion inhibitors in shipping, petrochemical and chemical industries may propel chromium phosphate market size.

Strong application outlook in medical industry should stimulate chromium phosphate industry size growth over the forecast timeframe. It is widely used in the medication of arthritis, leukaemia and haemangioma. Haemangioma is abnormal collection of blood vessels and usually found on skin and internal organs like liver, brain and kidney. Rise in geriatric population along with increase in consumer awareness may propel industry growth.  

North America, driven by the U.S. chromium phosphate market size may witness significant gains over the forecast period. Strong application outlook in medical devices along with stringent government regulations should drive regional industry growth. Increase in use of anti-corrosion and surface coating may fuel product demand.

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Asia Pacific, led by Japan, India, and China chromium phosphate market size may witness significant gains over the forecast timeframe. Positive indicator in construction sector on account of rise in architectural coatings demand may drive regional growth.  Rapid industrialization mainly in India and China along with rise in government spending should stimulate industry growth. 

Lack of awareness regarding chromium phosphate usage in various end-use industries along with low production capacity may constraint industry growth. Fluctuating raw material costs may hamper industry profitability and affect chromium phosphate industry price trend. However, strong R&D spending for various industrial applications may stimulate product demand.

Global chromium phosphate market share is highly organized with various manufacturers catering to the industry. Key manufacturing companies operating in the industry include Chemos, Sigma Aldrich, Covestro, American Elements, Brenntag, Service Chemical, and Oxkem.
 

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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.

 

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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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