According to the latest report by IMARC Group, titled "Zirconium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global zirconium market size reached US$ 1.66 Billion in 2021. Zirconium is a lithophile metallic element that is malleable and ductile in nature. It is a transition metal that is characterized by a silver-gray color. Commonly found in volcanic and plutonic rocks, it can be obtained by commercial extraction processes involving the use of zirconium dioxide and zircon that is further infused with rutile, silica and ilmenite. The metal can also be produced by the process of decomposition, fusion electrolysis and the reduction of halides with calcium or sodium. It can endure harsh and corrosive environmental conditions while being highly resistant to heat, acids, alkalis and seawater. As a result, it is extensively used in the manufacturing of pipes, bricks, ceramics, abrasives, heat exchangers and steel alloys.
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Global Zirconium Market Trends:
The market is primarily driven by the increasing demand for zirconium and its alloys in the nuclear sector. It is widely used as cladding or outer covering for fuel rods that triggers a nuclear reaction due to its high heat resistance, chemical corrosion resistance and low neutron absorption properties. Apart from this, zirconium alloys are widely replacing steel dental implants in the healthcare sector. With continual improvements in zirconia-based ceramics, it is being extensively preferred for dental applications, especially due to the wide range of flexural strength offered by it. The market is further driven by the growing demand for zirconium for the manufacturing of modern porcelain tiles. The metal can easily bind with organic and inorganic sand binders while exhibiting low thermal expansion and acidity properties which makes it an ideal material for its utilization in the production process of tiles. Moreover, the increasing demand for zirconium from the automotive industry for applications in protective coatings and numerous engine components, including pistons and manifolds, is acting as another major growth-inducing factor. On account of the aforementioned factors, the market is anticipated to exhibit a CAGR of 8.4% during 2022-2027.
- On the basis of the occurrence type, the market has been divided into zircon, zirconia and others.
- Based on the form, the market has been bifurcated into crystal and powder.
- On the basis of the end use, the market has been classified into ceramics, chemicals, foundry, refractories and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Alkane Resources Ltd, Base Resources, Doral Mineral Sands Pty Ltd. (Iwatani Corporation), Eramet SA, Iluka Resources Limited, Kenmare Resources plc, Rio Tinto Group, Saint-Gobain ZirPro, Tosoh Corporation, and Tronox Holdings plc.
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