LONDON--(BUSINESS WIRE)--The global chromium mining market is expected to grow at a CAGR of more than 5% during the period 2016-2020, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global chromium mining market for 2016-2020. The report segments the global chromium mining market by type, end-use and by geography. In addition, the report discusses the major drivers influencing market growth and the challenges faced by the vendors and the market as a whole. It also examines key emerging trends and their influence on current and future market scenarios.
“The global chromium mining market is expected to grow on the back of the demand from the steel industry. Stainless steel consumes the largest portion of ferrochrome. However, declining prices of chromite and ferrochrome pose a challenge to the industry. In addition, the growing energy crisis and need to reduce the high cost of production will lead to a shift toward renewable energy,” says Chandrakumar Badala Jaganathan, a lead metals and minerals research expert from Technavio.
Technavio’s research study segments the global chromium mining market into the following regions:
- APAC
- Africa
- EMEA
APAC: demand from China to boost growth
In terms of volume, the chromium mining market in APAC is expected to reach 17 million metric tons by 2020, growing at a CAGR of more than 5%. The chromium mining market in APAC is expected to grow at a rapid pace owing to the increase in demand from China and India. China is the leading producer of ferrochrome (used for stainless steel production), and thus, the largest consumer of chromite. It imports a significant portion of ore from South Africa and exports the finished goods. China imported 9.38 million metric tons of chrome ore in 2014. It is also the leading producer of stainless steel. The production of stainless steel in China almost tripled from 2008 to 2014, when the rest of the world market grew by only 3.72%.
However, the market for ferrochrome declined in Q4 of 2015 due to declining prices. This led to slow capacity utilization of ferrochrome. “In addition, many countries are imposing anti-dumping duties on China, forcing producers to scale back production,” says Chandrakumar.
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Africa: South Africa is the largest chromium mining nation
By volume, the chromium mining market in Africa is expected to reach 13.4 million metric tons by 2020, growing at a CAGR of over 5%. Africa is one of the leading markets for chromium mining. South Africa is the largest chromium mining nation in the world. However, it stood second in terms of demand after China in 2015. The market for chromium mining is driven by the growth in the stainless steel sector. The stainless steel market in South Africa grew by 1.9% in 2015, reaching 190,000 metric tons. Columbus Stainless (76% owned by Spain’s Acerinox), South Africa’s primary producer, supplies 80% of the demand.
EMEA: Turkey is one of the major chromium mining regions
By volume, the chromium mining market in Europe and the Middle East is expected to reach 7 million metric tons by 2020, growing at a CAGR of more than 4%. The chromium mining market in Europe and the Middle East is expected to grow slower than the markets in APAC and Africa.
Turkey is one of the major chromium mining regions. The region imports most of the chromite from South Africa and Asia. The market is expected to be driven by the demand from the steel industry for the production of stainless steel, specialty steel, cast steel, cast iron, and alloy steel.
The top vendors in the global chromium mining market highlighted in the report are:
- Assmang
- ENRC
- Glencore
- International Ferro Metals
- Samancore Chrome
- Yilmaden Holding
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