Chromium phosphate can also be termed as chromium orthophosphate of phosphoric acid or chromium (III) salt; it is insoluble in water. It is primarily used in the production of paints for coatings employed for architectural and corrosion protection purposes. On account of their sizable benefits, chromium phosphates are used in numerous application areas. Major raw materials used for production comprise chromium trioxide, orthophosphoric acid, ethanol, and ammonium dichromate.
Growing demand for architectural coatings is expected to be the key driving force for the industry on a global level. In the architectural space, chromium phosphate based coatings are used as a paint base for exterior applications and extrusions in doors and windows. Used interchangeably with decorative coatings, architectural coatings are applied in both new as well as existing residential, commercial and industrial buildings. In addition to providing protection from impact and abrasion, they help beautify and preserve architectural designs. The market for architectural coatings dominated overall demand in terms of volume as well as revenue in 2012; the segment accounted for over 40% of the total market share.
Growth in the corrosion inhibitors industry is also expected to favorably impact the market over the next few years. Chromium phosphate based coatings provide superior corrosion protection on aluminum; they also provide adhesion properties when used under organic coatings. Since corrosion inhibitors can help extend equipment life, avoid contamination, preserve cosmetic appearance and prevent system shutdowns, they have been witnessing considerable adoption.
The market for medical applications is expected to gain market share grow at a rate much faster than the global average over the forecast period. A suspension of chromium (III) phosphate can be used for treating leukemia. Furthermore, it can be used in the treatment of complications arising due to ailments including hemophilia and rheumatoid arthritis. This is expected to be a critical avenue for growth, and research and development activities have helped unravel considerable market potential. Asia Pacific accounted for the largest market share of over 45% in 2012 and is further expected to witness growth in the coming years. The RoW region which comprises South America, Africa and the Middle East, is also estimated to grow faster than the global average. Positive outlook for these economies can primarily be attributed to expected growth in demand for corrosion inhibition and other applications.
This report, by Grand View Research, takes a closer look at the chromium phosphate industry, providing a holistic perspective on market dynamics, trends, supply and demand. The report deep-dives into the market and segments it on multiple levels and providing key insights on a macro as well as micro level. The study aims at providing granular information, regarding estimates and forecasts for key applications including architectural coatings, corrosion inhibitor coatings, medical and others such as catalysts and lasers.
The report also provides the same level of information for key regional markets.
This research report analyzes various factors which have been driving and inhibiting the global chromium phosphate market in the past. In addition, the report analyzes the impact of each driver and restraint on the market growth, which forms the base for market forecast. The report also showcases the opportunities available in the market which may act as future drivers for the market.
Reports published by Grand View Research are developed using a 3600 methodology, which provide a balance between published authenticated data and exclusive primary research. The company conducts exhaustive primary interviews with key industry participants, in order to enable readers to get a realistic feel of the industry pulse and facilitate decision making. Grand View’s unique excel-based reports not only provide key insights on the industry, but also quick and easy data access, with enhanced usability at minimum effort. This market research report attempts to provide insights to senior and top-level management, on critical industry questions such as the current and expected chromium phosphate revenue, drivers, restraints, opportunities and key trends in the market and their impact on the market in coming years. Demand estimate and forecast for key application segments in the market, broken down by region have been provided in the study.