Chromium Ore and Concentrate Market

The global market for chromium ores and concentrates is expected to see steady growth from 2022 to 2030, with consumption forecasted to increase at a CAGR of +5.7% in volume and +6.7% in value. China leads in consumption and production, while South Africa dominates exports. Total production, consumption, imports, and exports have all shown fluctuations over the past decade, with noticeable growth trends in certain countries such as Albania and Indonesia. Overall, the market is poised for continued expansion in the near future.

Market Forecast

Driven by increasing demand for chromium ores and concentrates worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +5.7% for the period from 2022 to 2030, which is projected to bring the market volume to 65M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.7% for the period from 2022 to 2030, which is projected to bring the market value to $15.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Chromium Ores and Concentrates

In 2022, approx. 42M tons of chromium ores and concentrates were consumed worldwide; which is down by -13.3% against the previous year. Over the period under review, the total consumption indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -19.5% against 2019 indices. Over the period under review, global consumption reached the maximum volume at 52M tons in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

The global chromium ore and concentrate market size soared to $9.5B in 2022, jumping by 17% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +35.5% against 2020 indices. Global consumption peaked in 2022 and is likely to see steady growth in the near future.

Consumption By Country

China (15M tons) constituted the country with the largest volume of chromium ore and concentrate consumption, accounting for 36% of total volume. Moreover, chromium ore and concentrate consumption in China exceeded the figures recorded by the second-largest consumer, Kazakhstan (6.6M tons), twofold. The third position in this ranking was taken by Turkey (6.3M tons), with a 15% share.

In China, chromium ore and concentrate consumption increased at an average annual rate of +4.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Kazakhstan (+5.3% per year) and Turkey (+16.9% per year).

In value terms, China ($3.4B) led the market, alone. The second position in the ranking was taken by Kazakhstan ($1.3B). It was followed by India.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +5.3%. The remaining consuming countries recorded the following average annual rates of market growth: Kazakhstan (+3.9% per year) and India (+0.8% per year).

The countries with the highest levels of chromium ore and concentrate per capita consumption in 2022 were Albania (433 kg per person), Finland (414 kg per person) and Kazakhstan (343 kg per person).

From 2012 to 2022, the biggest increases were recorded for Albania (with a CAGR of +18.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Chromium Ores and Concentrates

In 2022, approx. 42M tons of chromium ores and concentrates were produced worldwide; stabilizing at 2021. In general, the total production indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -11.3% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 24%. Over the period under review, global production hit record highs at 47M tons in 2019; however, from 2020 to 2022, production failed to regain momentum.

In value terms, chromium ore and concentrate production reduced to $5.1B in 2022 estimated in export price. Over the period under review, production continues to indicate a mild setback. The growth pace was the most rapid in 2017 when the production volume increased by 53% against the previous year. Over the period under review, global production attained the maximum level at $7.5B in 2018; however, from 2019 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of chromium ore and concentrate production was South Africa (18M tons), accounting for 42% of total volume. Moreover, chromium ore and concentrate production in South Africa exceeded the figures recorded by the second-largest producer, Turkey (7.5M tons), twofold. The third position in this ranking was held by Kazakhstan (7M tons), with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in South Africa totaled +4.5%. In the other countries, the average annual rates were as follows: Turkey (+8.6% per year) and Kazakhstan (+3.0% per year).

Imports

World Imports of Chromium Ores and Concentrates

Global chromium ore and concentrate imports fell notably to 17M tons in 2022, which is down by -25.8% on the previous year's figure. Over the period under review, total imports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -29.4% against 2019 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 69% against the previous year. Over the period under review, global imports hit record highs at 24M tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, chromium ore and concentrate imports expanded markedly to $4.1B in 2022. Overall, total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +43.8% against 2020 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 101% against the previous year. As a result, imports reached the peak of $4.6B. From 2018 to 2022, the growth of global imports failed to regain momentum.

Imports By Country

China dominates imports structure, amounting to 15M tons, which was near 88% of total imports in 2022. The following importers - Indonesia (485K tons) and Russia (464K tons) - each amounted to a 5.6% share of total imports.

Imports into China increased at an average annual rate of +4.9% from 2012 to 2022. At the same time, Indonesia (+62.2%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in the world, with a CAGR of +62.2% from 2012-2022. By contrast, Russia (-8.3%) illustrated a downward trend over the same period. While the share of China (+12 p.p.) and Indonesia (+2.8 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Russia (-6.2 p.p.) displayed negative dynamics.

In value terms, China ($3.5B) constitutes the largest market for imported chromium ores and concentrates worldwide, comprising 85% of global imports. The second position in the ranking was taken by Russia ($163M), with a 4% share of global imports.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +5.6%. The remaining importing countries recorded the following average annual rates of imports growth: Russia (-5.2% per year) and Indonesia (+49.7% per year).

Import Prices By Country

The average chromium ore and concentrate import price stood at $241 per ton in 2022, picking up by 42% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Russia ($351 per ton), while Indonesia ($230 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+3.3%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Chromium Ores and Concentrates

Global chromium ore and concentrate exports declined modestly to 17M tons in 2022, remaining relatively unchanged against the previous year. The total export volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 25%. Over the period under review, the global exports hit record highs at 20M tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, chromium ore and concentrate exports surged to $3.3B in 2022. Overall, total exports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +55.9% against 2020 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 54%. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports By Country

South Africa dominates exports structure, amounting to 14M tons, which was approx. 81% of total exports in 2022. It was distantly followed by Turkey (1.4M tons), committing a 7.8% share of total exports. The following exporters - Kazakhstan (428K tons), Pakistan (374K tons), Oman (352K tons) and Zimbabwe (343K tons) - each recorded an 8.6% share of total exports.

South Africa was also the fastest-growing in terms of the chromium ores and concentrates exports, with a CAGR of +9.4% from 2012 to 2022. At the same time, Zimbabwe (+6.1%) and Oman (+1.5%) displayed positive paces of growth. By contrast, Pakistan (-2.8%), Turkey (-4.4%) and Kazakhstan (-10.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of South Africa increased by +34 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($2.5B) remains the largest chromium ore and concentrate supplier worldwide, comprising 75% of global exports. The second position in the ranking was taken by Turkey ($340M), with a 10% share of global exports. It was followed by Kazakhstan, with a 4.5% share.

In South Africa, chromium ore and concentrate exports increased at an average annual rate of +8.0% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (-2.1% per year) and Kazakhstan (-6.9% per year).

Export Prices By Country

The average chromium ore and concentrate export price stood at $188 per ton in 2022, surging by 19% against the previous year. Over the period under review, the export price, however, saw a mild setback. The most prominent rate of growth was recorded in 2021 when the average export price increased by 26%. Over the period under review, the average export prices attained the maximum at $215 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Kazakhstan ($340 per ton), while Oman ($106 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+4.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform