The global zirconium market size reached US$ 1.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.9 Billion by 2028, exhibiting a growth rate (CAGR) of 7.8% during 2023-2028. The augmenting demand for nuclear power generation, rapid product utilization as a catalyst support in the production of catalytic converters in automobiles, and considerable growth in the aerospace industry represent some of the key factors driving the market.
The Increasing Demand for Nuclear Power Generation Augmenting the Market Growth
The zirconium market has been experiencing continuous growth. The augmenting demand for nuclear power due to the need for clean and reliable sources of energy across the globe represents one of the primary drivers. This can be attributed to the rising concerns over climate change and the growing need for reducing dependence on fossil fuels. Zirconium is a crucial component of uranium pellet container fuel rod cladding in nuclear power plants due to its high corrosion resistance, low neutron absorption cross-section, and high temperature and radiation tolerance. In addition, the rapid utilization of zirconium-based alloys in manufacturing various reactor components, such as fuel channels, pressure tubes, and control rods, is resulting in a higher product uptake for numerous industrial applications. Hence, the expansion of nuclear power plants across the globe, particularly in emerging economies, is resulting in a higher demand for nuclear power generation, thereby propelling the market.
Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure of zirconium is concentrated in nature due to the presence of a few number of players operating in the industry. The volume of new entrants is moderate in the zirconium industry due to the low product differentiation, reduced switching costs and the requirement of high capital investment.
What is Zirconium?
Zirconium (Zr) is a chemical element that is a transition metal, belonging to the Group 4 elements on the periodic table. Zirconium is typically found in mineral deposits, such as zircon, and can be extracted by using chemical methods, such as reduction with magnesium or sodium. It is characterized by a grayish-white color, lustrous appearance, light weight, pyrophoric properties and the ability to generate hydrogen gas when exposed to water. Due to its high resistance to corrosion and high melting point, zirconium is considered to be a valuable material for producing ceramics, alloys, and refractory materials. It is also often used as a lining or coating material for equipment that is exposed to corrosive substances, such as acids or alkalis. Furthermore, zirconium is biocompatible, thereby is extensively utilized in Furthermore, zirconium is biocompatible, making it safe to use in the production of medical implants.
The COVID-19 pandemic outbreak has caused a severe problem for the zirconium industry and imposed unprecedented challenges on numerous countries. The pandemic crisis caused a significant decline in mineral sand imports which are mandatory for zirconium production, leading to procurement and delivery challenges to end-users. Nationwide lockdowns and travel restrictions resulted in a halt of production activities in numerous supply chains, resulting in project delays and significant losses due to stringent regulations imposed on goods movement, road limitations, as well as labor shortages. Additionally, large-scale research and development (R&D) activities and innovation plans were delayed or canceled, resulting in narrow profit margins and a sharp decline in the demand for raw materials in various industries on a global level. However, with the number of COVID-19 cases in the decline, the major manufacturers have resumed operations, applied numerous safety precautions, and made significant improvements to Zirconium technologies, which is expected to result in steady market growth and the creation of new growth opportunities.
Zirconium Market Trends:
The global market is primarily driven by the rapid product utilization as a catalyst support in the production of catalytic converters in automobiles to reduce the emission levels. In line with this, the escalating demand for robust aircraft components, particularly turbine blades and vanes in aircraft engines with extreme temperatures and stress tolerance and corrosion resistance is propelling the market. Moreover, the growing demand for ceramics in numerous end-use sectors, such as construction and electronics, is resulting in a higher product uptake. In addition to this, the rising need for high-performance paints and coatings in numerous industrial applications is creating lucrative growth opportunities in the zirconium market. Furthermore, continual technological advancements in zirconium production, such as the adoption of zirconium alloys in additive manufacturing and development of biocompatible medical implants, are also fueling the market. Some of the other actors contributing to the market include rapid industrialization, increasing usage of zirconium in the production of EV batteries, growing utilization as a gemstone, rising demand for energy security and extensive research and development (R&D) activities.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global zirconium market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on occurrence type, form and end use.
Occurrence Type Insights:
The report has provided a detailed breakup and analysis of the zirconium market based on the occurrence type. This includes zircon, zirconia, and others. According to the report, zircon represented the largest segment due to the rising demand for refractory materials in various industries, such as steel, cement, and glass. In addition, the rapid utilization of zircon in the production of ceramic tiles and sanitaryware, which are used extensively in the construction industry, is also fueling the segment growth.
A detailed breakup and analysis of the zirconium market based on the form has also been provided in the report. This includes crystal and powder. According to the report, powder accounted for the largest market share as it is a major ingredient in the manufacturing of zirconium-based alloys, which are used in a wide range of industries. Moreover, the growing adoption of zirconium powder in the production of nuclear fuel rods and various nuclear reactor components is propelling the market growth in the segment.
End Use Insights:
A detailed breakup and analysis of the zirconium market based on the end use has also been provided in the report. This includes ceramics, chemicals, foundry, refractories, and others. According to the report, ceramics accounted for the largest market share on account of the advancements in manufacturing, enabling complex designs. In addition, the superior wear and corrosion resistance of zircon-based ceramics are resulting in higher product usage for high-durability applications like cutting tools, automotive parts, and medical implants, thereby stimulating the segment growth.
- North America
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for zirconium. Some of the factors driving the Asia Pacific zirconium market included the rapid product utilization as a catalyst support in the production of catalytic converters in automobiles, escalating demand for robust aircraft components, growing demand for ceramics in numerous end-use sectors such as construction and electronics, rising need for high-performance paints and coatings in numerous industrial applications, and continual technological advancements in zirconium production.
The report has also provided a comprehensive analysis of the competitive landscape in the global zirconium market. Some of the companies covered in the report include:
- Australian Strategic Materials Ltd (ASM)
- Base Resources Limited
- Doral Mineral Sands Pty Ltd. (Iwatani Corporation)
- Eramet SA
- Iluka Resources Limited
- Kenmare Resources Plc
- Rio Tinto Group
- Saint-Gobain ZirPro
- Tosoh Corporation
- Tronox Holdings Plc
Please note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
||Occurrence Type, Form, End Use, 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
||Australian Strategic Materials Ltd (ASM), Base Resources Limited, 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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Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the zirconium market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global zirconium market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the zirconium industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.