The market for chromium phosphate is expected to register a CAGR of approximately 6% during the forecast period.
- The rising number of applications for coatings and growing demand from the medical industry are driving the market growth.
- Factors, such as associated health hazards and other restraints, are expected to hinder market growth.
Key Market Trends
Growing Demand for Coating Purposes from Architectural and Buildings Sector
- Chromium phosphate is a chemical compound that has been increasingly used in making paints and coatings used for various architectural and building structures. The chemical majorly helps in providing corrosion resistance to paints and protects the buildings.
- Generally, chromium phosphate has been used for the preparation of paints used on doors, windows, and other exterior applications and interiors, such as floors, wall paintings.
- Globally, the construction sector has been witnessing decent growth in developing countries. The demand for chromium phosphate from the construction industry holds the major share, among all other applications.
- Construction activities and favorable government measures in Asia-Pacific are likely to boost the construction activities in the region, which is further projected to boost the demand for architectural paints and coatings. This, in turn, is expected to drive the market for chromium phosphate through the years to come.
Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to dominate the overall market, owing to the highly developed chemical and construction sectors in China, Singapore, and Japan, coupled with the continuous investments done in the region to advance the medical technology sector through the years.
- In the recent past, chromium phosphate gained demand from the medical industry, and it is being majorly used for leukemia and haemangioma medicines.
- Corrosion inhibitors are one of the major applications for chromium phosphate. Chromium phosphate is used for corrosion inhibitor purposes, as well as to increase the efficiency and lifetime of chemical and petrochemical manufacturing equipment.
- According to the American Chemistry Council, Asia-Pacific holds a major chunk of the global chemical production market, and the construction industry from Asia-Pacific has been witnessing decent growth in recent years.
- According to the Ministry of Trade and Industry, Singapore, the construction industry in Singapore witnessed significant growth in recent years. In India, the real estate sector is expected to grow to over USD 1 trillion by 2030, while contributing to around 13% of the country’s GDP by 2025.
- This is expected to boost the demand for architectural paints and coatings, thus, augmenting the consumption of chromium phosphate for paints and coatings.
- Continuous growth in construction activities in developing regions and increasing applications for corrosion inhibition and medical purposes are expected to drive the market for chromium phosphate in Asia-Pacific through the coming years.
The chromium phosphate market is partially consolidated in nature, with few major players dominating a significant portion of the market. Some of the major companies are American Elements, Oxkem, Bayer AG, BASF (Chemetall GmbH), and Merck KGaA (Sigma-Aldrich Corporation).
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