DUBLIN–(BUSINESS WIRE)–Research and Markets has announced the addition of the “Global Chromium Mining Market 2016-2020” report to their offering.

The global chromium mining market to grow at a CAGR of 5.23% during the period 2016-2020.

The report covers the present scenario and the growth prospects of the global chromium mining market for 2016-2020. To calculate the market size, the report presents the vendor landscape and a corresponding detailed analysis of the top eight vendors operating in the market. In addition, the report discusses the major drivers influencing the market growth and the challenges faced by the vendors and the market as a whole. It also examines key emerging trends and their influence on current and future market scenarios.

Shift toward renewable energy source will be a major trend leading to market growth. Energy crises such as in South Africa is prompting companies to shift toward renewable energy. In addition, depletion of natural resources led manufacturers to tap renewable energy resources. The global renewable energy market is expected to grow at a rapid rate during the forecast period. For instance, the global solar energy market is expected to grow at a CAGR of around 15% during the forecast period.

According to the report, demand from China will be one of the major drivers leading to market growth. China is the leading producer of stainless steel. In 2012, the country overtook South Africa as the leading consumer of ferrochrome on the back of stainless steel production. In Q4 2015, despite a 400,000 metric tons drop in stainless steel production, it was still the largest producer in the world. We expect the market in China to increase production by the end of the forecast period, which will bode well for the global chromium mining market.

Further, the report states that declining ferrochrome prices will be a major challenge against the market growth. During 2014-2015, the ferrochrome prices experienced a significant decrease. Ferrochrome prices were $1 per pound in January 2015 and reached $0.81 per pound by the end of the year. This led to a cut down in the production of ferrochrome across the supply chain. For instance, Yildrim has cut its production in Tikhvin, Russia and Zimasco has shut its furnaces in Kwekwe, Zimbabwe. International Ferro Metals and Tata Steel KZN also faced challenges in running their businesses due to the declining prices.

Key vendors

– Assmang

– Chrometco

– ENRC

– Ferbasa

– Glencore

– International Ferro Metals

– Samancor Chrome

– Yilmaden Holding

For more information visit http://www.researchandmarkets.com/research/pp25g6/global_chromium