Grand View Research, Inc: Global Chromium Phosphate Market Expected to Reach USD 96.65 Million by 2020

Grand View Research, Inc: Global Chromium Phosphate Market Expected to Reach USD 96.65 Million by 2020

The global market for Chromium Phosphate is expected to reach USD 96.65 million by 2020, according to a new study by Grand View Research, Inc. Key application markets for chromium phosphate include architectural coatings, corrosion inhibitor coatings, medical applications, and others such as catalyst applications. Strong demand from architectural coatings and corrosion inhibitor coatings are expected to drive chromium phosphate demand over the next six years. Additionally, increasing R&D for chromium phosphate application development in the field of medicine is being looked upon as a key opportunity for this market.

Sourcing of raw materials remains the major concern for the industry owing to increasing chromium demand for other applications. Prices of raw materials are more likely to affect the profit margins of chromium phosphate manufacturers, with minor price fluctuations also having significant impact on profit margins in the industry. At present, installed capacity for the production of chromium phosphate is very comparatively small, which has resulted in a demand supply gap. Moreover, manufacturing of chromium phosphate is capital intensive.

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Further Key findings from the study suggest:

  • Global chromium phosphate market volumes were estimated at 25,672.1 tons in 2012 and are expected to reach 51,363.2 tons in 2020, growing at a CAGR of 9.1% from 2013 to 2020
  • Architectural coating applications dominated demand in 2012, accounting for over 42% of global volumes. Chromium phosphate demand for architectural coatings is expected to reach 21,663.5 tons by 2020
  • Chromium phosphate coatings are being increasingly used in conversion coatings to provide outstanding corrosion protection on aluminum, as well as excellent adhesion properties under organic coatings. Chromium phosphate market revenue for corrosion inhibitor coatings is expected to reach USD 25.35 million by 2020, growing at a CAGR of 10.3% from 2013 to 2020.

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