Chromite Market Report 2025 (Global Edition)

Global Chromite Market Report 2025 Market Size Split by Type (High chromium chromite , high iron chromite , high aluminium chromite), by Application (Stainless steel , Chemicals , Pigments , Refr...

Chromite Market Report Description

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Competitive Landscape of the Chromite Market

The competitive landscape of the chromite market is characterized by a mix of global mining companies, regional players, and government-owned entities, all vying for market share in a highly concentrated industry. At the global level, major mining companies such as South32, Glencore, and Anglo American dominate chromite production, leveraging their extensive mining operations and technological capabilities to maintain a competitive edge.

Chromite Industry News 

In May 2021, ERG announced that it had signed a five-year supply agreement with China's Tsingshan Holding Group for the delivery of up to 600,000 tonnes of chrome concentrate per year. This agreement could help stabilize chrome ore prices and increase demand for ERG's products.

(Source: https://www.bloomberg.com/news/articles/2023-06-05/russian-sanctions-push-erg-to-consider-pivot-toward-green-iron)

In September 2021, Hernic Ferrochrome, a South African chrome producer, announced that it had successfully emerged from business rescue proceedings. The company had faced financial difficulties due to low chrome ore prices, but it has now restructured and resumed operations.

(Source: https://minedocs.com/23/Hernic-Home-11032022.pdf)

Top Companies Market Share in Chromite Industry: (In no particular order of Rank)

• Opta Minerals Inc.
• LKAB Minerals
• CDE Global
• Sibelco
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of Chromite

Which Region Dominates the Chromite Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America emerges as the dominant region in the chromite market due to several key factors. The continent boasts significant chromite reserves, particularly in countries like the United States and Canada, which have well-established mining operations and infrastructure. Additionally, North America is home to a thriving stainless steel industry, a major consumer of chromite, fueled by robust demand from sectors such as construction, automotive, and aerospace.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific emerges as the fastest-growing region in the chromite market due to several pivotal factors. The region is witnessing rapid industrialization and urbanization, driving robust demand for stainless steel and other chromite-dependent industries such as infrastructure development, automotive manufacturing, and consumer goods production. Moreover, countries like China, India, and Japan are major consumers of chromite, with burgeoning manufacturing sectors and construction projects fueling increased chromite consumption. Additionally, the Asia-Pacific region benefits from abundant chromite resources, particularly in countries like India, Kazakhstan, and the Philippines, which ensures a stable supply base for the growing demand.

The current report Scope analyzes Chromite Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Chromite Market

According to Cognitive Market Research, the global Chromite market size was estimated at USD 5125.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 2050.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 0.7% from 2024 to 2031.In the North American chromite market, regional analysis reveals a dynamic landscape influenced by factors such as geological reserves, industrial demand, and regulatory environments. The region is home to significant chromite deposits, particularly in countries like the United States and Canada, where mining operations contribute to the regional supply of chromite ore. Segmentation analysis highlights diverse consumer sectors driving chromite demand, with stainless steel production being a dominant application due to the presence of robust manufacturing industries in the region. Additionally, other applications such as chemicals, refractories, and foundry sands also contribute to chromite consumption, reflecting the diverse industrial base in North America. In conclusion, the North American chromite market presents both opportunities and challenges, with abundant reserves, diverse industrial demand, and stringent regulatory requirements shaping industry dynamics.

• According to Cognitive Market Research, the US had a major share in the Chromite market with a market size of USD 1617.51million in 2024 and is projected to grow at a CAGR of 0.5%during the forecast period. The demand is amplified by the nation's geological reserves, industrial demand, and regulatory environments propel consistent growth. 
• The Canada Chromite market had a market share of USD 246.01million in 2024 and is projected to grow at a CAGR of 1.5%during the forecast period. Canada's stringent regulatory requirements shaping industry dynamics to increased usage of Chromite.
• The Mexico Chromite market is projected to witness growth at a CAGR of 1.2% during the forecast period with a market size of USD 186.56 million in 2024.

 

Europe Chromite Market

According to Cognitive Market Research, the global Chromite market size was estimated at USD 5125.2 Million out of which Europe held the market of more than 30% of the global revenue with a market size of USD 1537.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 1.0%from 2024 to 2031. In Europe, the Chromite Market is influenced by several factors that shape its regional dynamics. The region is a significant producer and consumer of chromite, with key players like Turkey, Finland, and Albania contributing significantly to production. Segmentation of the market in Europe can be based on the application of chromite, with different industries requiring varying grades and forms of chromite. In conclusion, the Chromite Market in Europe is poised for growth, driven by the increasing demand from industries such as stainless steel production, foundry operations, and refractory manufacturing.

• The United Kingdom Chromite market had a market share of USD 258.31million in 2024 and is projected to grow at a CAGR of 1.8% during the forecast period. In the UK, Chromite sales witness an upswing due to the nation's regulatory policies, environmental concerns, and competition from alternative materials.
• The France Chromite market is projected to witness growth at a CAGR of0.2% during the forecast period with a market size of USD 141.46 million in 2024.
• According to Cognitive Market Research, the Germany Chromite market size was valued at USD 304.44million in 2024 and is projected to grow at a CAGR of 1.2%during the forecast period. In Germany, Chromite sales surge due to the nation's environmental concerns and competition from alternative materials. 
• The Italy Chromite market is projected to witness growth at a CAGR of 0.4%during the forecast period with a market size of USD 132.23million in 2024.
• The Russia Chromite market is projected to witness growth at a CAGR of 0.0%during the forecast period with a market size of USD 238.32million in 2024.
• The Spain Chromite market is projected to witness growth at a CAGR of 0.1%during the forecast period with a market size of USD 126.08million in 2024.
• The Luxembourg Chromite market is projected to witness growth at a CAGR of 1.1% during the forecast period with a market size of USD 47.66million in 2024.
• The Portugal Chromite market is projected to witness growth at a CAGR of 0.8% during the forecast period with a market size of USD 32.29 million in 2024.
• The Greece Chromite market is projected to witness growth at a CAGR of 1.3% during the forecast period with a market size of USD 18.45million in 2024.
• Rest of Europe Chromite market is projected to witness growth at a CAGR of -0.3% during the forecast period with a market size of USD 238.32million in 2024.

 

Asia Pacific Chromite Market

According to Cognitive Market Research, the global Chromite market size was estimated at USD 5125.2 Million out of which Asia Pacific held the market ofaround23% of the global revenue with a market size of USD 1178.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.5%from 2024 to 2031.In the Asia-Pacific region, the chromite market showcases a diverse and dynamic landscape influenced by regional geological reserves, industrial demand, and economic factors. Regional analysis reveals significant chromite deposits in countries like India, China, contributing to the regional supply chain. Segmentation analysis highlights a wide array of applications driving chromite demand in Asia-Pacific, including stainless steel production, chemicals, pigments, refractories, and foundry sands. With rapid industrialization and urbanization, particularly in countries like China and India, there is a growing demand for stainless steel and chromite-based materials in construction, automotive, and infrastructure development sectors. In conclusion, the Asia-Pacific chromite market presents promising growth prospects, fueled by abundant resources, expanding industrial sectors, and increasing infrastructure investments.

• According to Cognitive Market Research, the China Chromite market size was valued at USD 530.46million in 2024 and is projected to grow at a CAGR of 4.0%during the forecast period. Chromite sales surge in China due to the nation's abundant resources, expanding industrial sectors, and increasing infrastructure investments.
• The Japan Chromite market is projected to witness growth at a CAGR of 3.0%during the forecast period with a market size of USD 162.67million in 2024.
• The India Chromite market had a market share of USD 141.46million in 2024 and is projected to grow at a CAGR of 6.3%during the forecast period. The demand is augmented by India's increasing infrastructure investments.
• The South Korea Chromite market is projected to witness growth at a CAGR of 3.6% during the forecast period with a market size of USD 117.88million in 2024.
• The Australia Chromite market is projected to witness growth at a CAGR of 4.2% during the forecast period with a market size of USD 61.30 million in 2024.
• The South East Asia Chromite market is projected to witness growth at a CAGR of 5.5%during the forecast period with a market size of USD 81.34million in 2024.
• The Rest of Asia Pacific Chromite market is projected to witness growth at a CAGR of 4.3%during the forecast period with a market size of USD 83.69million in 2024.

 

South America Chromite Market

According to Cognitive Market Research, the global Chromite market size was estimated at USD 5125.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 256.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 1.9%from 2024 to 2031.In the Latin America region, the chromite market exhibits a nuanced landscape shaped by regional geological characteristics, industrial demand, and socioeconomic factors. Regional analysis reveals notable chromite deposits in countries like Brazil, Cuba, and Venezuela, contributing to the regional supply chain. Segmentation analysis underscores diverse applications driving chromite demand in Latin America, including stainless steel production, chemicals, pigments, refractories, and foundry sands. The region's rich chromite resources, coupled with the presence of diverse industrial sectors such as mining, manufacturing, and construction, contribute to the significant demand for chromite-based materials. In conclusion, the Latin America chromite market presents both opportunities and challenges, with abundant resources and diverse industrial demand driving growth, countered by geopolitical uncertainties and regulatory hurdles.

• According to Cognitive Market Research, the Brazil Chromite market size was valued at USD 109.68million in 2024 and is projected to grow at a CAGR of 2.5%during the forecast period. Chromite sales flourish in Brazil due to the nation's geopolitical uncertainties and regulatory hurdles.
• The Argentina Chromite market had a market share of USD 43.05million in 2024 and is projected to grow at a CAGR of 2.8%during the forecast period. The demand is augmented by Argentina's commitment to industrial demand, and socioeconomic factors.
• The Colombia Chromite market is projected to witness growth at a CAGR of 1.7%during the forecast period with a market size of USD 22.81million in 2024.
• The Peru Chromite market is projected to witness growth at a CAGR of 2.1%during the forecast period with a market size of USD 21.01million in 2024.
• The Chile Chromite market is projected to witness growth at a CAGR of 2.2%during the forecast period with a market size of USD 18.45million in 2024.
• The Rest of Latin America Chromite market is projected to witness growth at a CAGR of 1.0%during the forecast period with a market size of USD 41.26 million in 2024.

Middle East Chromite Market

According to Cognitive Market Research, the global Chromite market size was estimated at USD 5125.2 Million out of which Middle East and Africa held the major market ofaround 2% of the global revenue with a market size of USD 102.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2%from 2024 to 2031.In the Middle East and Africa region, the chromite market reflects a multifaceted landscape influenced by regional geological reserves, industrial demand, and geopolitical factors. Regional analysis reveals significant chromite deposits in countries such as South Africa, Turkey, contributing to the regional supply chain. Segmentation analysis highlights diverse applications driving chromite demand in the Middle East and Africa, including stainless steel production, chemicals, pigments, refractories, and foundry sands. The region's growing industrialization, infrastructure development, and construction activities drive substantial demand for chromite-based materials. In conclusion, the Middle East and Africa chromite market present both opportunities and challenges, with abundant resources and growing industrial demand driving growth, countered by geopolitical uncertainties and regulatory hurdles.

• According to Cognitive Market Research, the GCC Countries Chromite market size was valued at USD 43.87million in 2024 and is projected to grow at a CAGR of 3.0%during the forecast period. Chromite sales flourish in the GCC Countries due to the region's growing industrial demand.
• The Egypt Chromite market is projected to witness growth at a CAGR of 2.5%during the forecast period with a market size of USD 10.76million in 2024.
• The South Africa Chromite market is projected to witness growth at a CAGR of 3.2%during the forecast period with a market size of USD 16.20million in 2024.Chromite sales flourish in the South Africa due to the region's geopolitical uncertainties and regulatory hurdles.
• The Turkey Chromite market is projected to witness growth at a CAGR of 1.7%during the forecast period with a market size of USD 8.82million in 2024.
• The Nigeria Chromite market is projected to witness growth at a CAGR of 1.3%during the forecast period with a market size of USD 10.76million in 2024.
• The Rest of MEA Chromite market is projected to witness growth at a CAGR of 1.2%during the forecast period with a market size of USD 12.10million in 2024.

Chromite Market Analysis

Chromite Type Segment Analysis

According to Cognitive Market Research, the dominating category is high chromium chromite. High chromium chromite, characterized by a higher concentration of chromium oxide, is widely favoured for its superior metallurgical properties, particularly in stainless steel production. Chromium is a critical alloying element in stainless steel, imparting corrosion resistance, hardness, and heat resistance to the final product. As stainless steel remains the primary consumer of chromite globally, the demand for high chromium chromite remains robust, driven by the steady growth of stainless steel industries worldwide and the increasing preference for high-quality, corrosion-resistant materials in various applications.

The fastest-growing category in the chromite market is high aluminum chromite. High aluminum chromite, with a higher concentration of aluminum oxide, is experiencing rapid growth due to its expanding applications in refractories and foundry sands. Aluminum chromite offers excellent thermal stability and resistance to thermal shock, making it ideal for use in high-temperature applications such as furnace linings and molds for metal casting. With the growing demand for refractories and foundry sands in industries such as steelmaking, automotive, and aerospace, the demand for high aluminum chromite is increasing, driving its status as the fastest-growing category in the chromite market.

• High chromium chromite 
• high iron chromite 
• high aluminium chromite

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Chromite Industry. Request a Free Sample PDF!

Chromite Application Segment Analysis

According to Cognitive Market Research, the dominating category is stainless steel. Stainless steel production consumes a significant portion of global chromite output due to the essential role chromite plays as a key alloying element in stainless steel manufacturing. Stainless steel is widely used in various industries such as construction, automotive, aerospace, and consumer goods due to its corrosion resistance, durability, and aesthetic appeal. As urbanization, industrialization, and infrastructure development continue to drive demand for stainless steel products worldwide, the demand for chromite for stainless steel production remains consistently high, solidifying its position as the dominating category in the chromite market.

The fastest-growing category in the chromite market is refractories. Refractories, which are heat-resistant materials used in high-temperature industrial processes such as steelmaking, cement production, and glass manufacturing, are increasingly utilizing chromite due to its excellent thermal properties. Chromite-based refractories offer superior resistance to heat, corrosion, and mechanical stress, making them essential for maintaining process efficiency and prolonging equipment lifespan in demanding industrial environments. With the expansion of industries requiring refractories, particularly in emerging economies with growing infrastructure development and manufacturing sectors, the demand for chromite in refractories applications is experiencing rapid growth, driving its status as the fastest-growing category in the chromite market.

• Stainless steel 
• Chemicals 
• Pigments 
• Refractories 
• Foundry sand

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Manoj Phagare

Senior Research Analyst at Cognitive Market Research

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• Worked on several market, industry & business research projects, on various models such as Syndicated, Custom, Subscriptions and Consults
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