The global hafnium market size reached 78.8 Tons in 2022. Looking forward, IMARC Group expects the market to reach 113.7 Tons by 2028, exhibiting a growth rate (CAGR) of 6% during 2023-2028.
Hafnium (Hf) is a silvery gray, lustrous, tetravalent transition metal that chemically resembles zirconium and is found in zirconium minerals. It is characterized by stability at room temperature, spontaneous combustion in air, and the ability to absorb hydrogen at high temperatures. The hafnium metal is an ideal neutron absorber due to its large cross-section and excellent welding and processing properties. It is also resistant to high temperatures and corrosion. Hafnium improves the creep ductility and rupture lifetime of nickel-based superalloys and high temperature alloys when used in relatively small amounts. The oxide of hafnium is used to fabricate integrated circuits at shorter feature sizes in semiconductor fabrication processes as well as filaments and electrodes. Hafnium is combined with niobium, titanium, or tungsten in super alloys to be used across the aerospace and nuclear sectors.
Hafnium Market Trends:
The market is majorly driven by the escalating demand for superalloys for numerous applications in the aerospace industry. This can be attributed to the continual innovations and technological breakthroughs in the aerospace manufacturing processes. Also, the rapid product utilization in the production of gas turbines, nuclear reactors, pressurized water reactors, and semiconductors is providing an impetus to the market. In addition to this, the rising adoption of hafnium oxide in optical coatings is creating lucrative growth opportunities for the major market players. The market is further propelled by extensive research and development (R&D) activities conducted by key players. Apart from this, favorable government incentives and policies promoting hafnium applications are creating a positive outlook for the market. Some of the other factors contributing to the market growth include the effective allocation of resources, rapid industrialization, inflating disposable income levels and fierce competition among major market players to expand their geographical presence.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global hafniummarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type and application.
Breakup by Type:
Breakup by Application:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being ACI Alloys, Alkane Resources Ltd, Allegheny Technologies Incorporated (ATI), American Elements, Chemsavers Inc., China Nulear JingHuan Zirconium Industry Co. Ltd., Framatome (Électricité de France S.A.), Lenntech B.V., Nanjing Youtian Metal Technology Co. Ltd., Phelly Materials Inc. and Thermo Fisher Scientific Inc.
Base Year of the Analysis
US$ Million, Tons
Type, Application, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
ACI Alloys, Alkane Resources Ltd, Allegheny Technologies Incorporated (ATI), American Elements, Chemsavers Inc., China Nulear JingHuan Zirconium Industry Co. Ltd., Framatome (Électricité de France S.A.), Lenntech B.V., Nanjing Youtian Metal Technology Co. Ltd., Phelly Materials Inc. and Thermo Fisher Scientific Inc.
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Key Questions Answered in This Report
The global hafnium market reached a volume of 78.8 Tons in 2022.
We expect the global hafnium market to exhibit a CAGR of 6% during 2023-2028.
The rising utilization of hafnium to produce gas turbines, nuclear reactors, pressurized water reactors, semiconductors, etc., owing to its large cross-section and excellent welding and processing properties, is primarily driving the global hafnium market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous production activities for hafnium.
Based on the type, the global hafnium market has been segregated into hafnium metal, hafnium oxide, hafnium carbide, and others. Among these, hafnium metal currently holds the largest market share.
Based on the application, the global hafnium market can be bifurcated into super alloy, optical coating, nuclear, plasma cutting, and others. Currently, super alloy exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global hafnium market include ACI Alloys, Alkane Resources Ltd, Allegheny Technologies Incorporated (ATI), American Elements, Chemsavers Inc., China Nulear JingHuan Zirconium Industry Co. Ltd., Framatome (Électricité de France S.A.), Lenntech B.V., Nanjing Youtian Metal Technology Co. Ltd., Phelly Materials Inc., and Thermo Fisher Scientific Inc.
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