Chromium phosphate market has been witnessing strong growth on account of increasing demand for coating materials from major end-use industries. Increasing application scope of chromium phosphate in medical sector is anticipated to drive the market over the next six years. Furthermore, growing medical sector across the world is anticipated to boost the demand for chromium phosphate over the forecast period. Increasing demand for corrosion inhibitors across the globe is further likely to augment the market growth over the projected period.
Chromium phosphate is also used in architectural coatings. Increasing demand for architectural coating on account of growing construction sector is anticipated to augment the market growth over the forecast period. Owing to the infrastructural development in emerging countries such as India and China, building & construction sector is on boom and it is expected to boost chromium phosphate market over the next six years. However, increasing prices of raw materials coupled with lack of awareness regarding chromium phosphate benefits is anticipated to impact the market growth negatively.
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Application Insights
Architecture coating is witnessed to be the largest application segment for chromium phosphate market over the last few years. Chromium phosphate is used in architectural coatings to protect the design from abrasion and environmental impact. In addition, architecture coating are used in all kind of furniture to enhance the quality and design of furniture. Growing architectural paints demand is expected to drive the chromium phosphate market over the forecast period. Corrosion inhibitor coating is the second largest application segment for chromium phosphate market owing to increasing paints and coating demand to prevent products and machinery from corrosion, contamination, preserve cosmetic appearance. Global chromium phosphate market is anticipated to witness considerable growth over the forecast period on account of increasing pharmaceutical and health care industries across the globe. Furthermore, increasing application scope in niche segments including chemical industry is likely to propel the market growth in near future.
Regional Insights
Asia pacific emerged as one of the largest market for chromium phosphate over the recent past and trend is expected to continue over the forecast period on account of increasing construction projects in this region. Increasing government spending on infrastructure development coupled with rapid industrialization in emerging countries such as India and China is anticipated to drive chromium phosphate market over the next six years. Moreover, availability of raw materials is the key factor driving the market in this region. Asia pacific is also anticipated to witness the fastest growth over the forecast period on account of increasing corrosion inhibitors industries in this region. Europe has been witnessing continuous decline for chromium phosphate demand over the last few years, and the trend is expected to continue over the forecast period. Major players are shifting their manufacturing facility to Asia Pacific region owing to easy availability of raw materials, and this inclination is expected to hamper the market in Europe. Middle East and Latin American countries are expected to witness significant growth over the next six years on account of increasing end-use industries in this region.
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Competitive Insights
Increasing R&D activities is expected to open new opportunities for Chromium phosphate market to enter into wide range of industries including automotive, aerospace, heavy equipment and aluminum finishing in near future. Increasing application scope of chromium phosphate in medical sector is likely to create an opportunity for the market player over the forecast period. Key players in chromium phosphate market include CHEMOS GmbH, Sigma-Aldrich Corporation, Service Chemical Inc., Bayer Group and Brenntag AG.
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