Wilmington, Delaware, United States, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a study published by Transparency Market Research, the global advanced materials market for nuclear fusion technology is estimated to grow at a CAGR of 6.0% from 2022 to 2031.
Nuclear fusion technology produces large amounts of energy by using low quantities of a mixture of tritium and deuterium. Other than deuterium and tritium, some of the other metals and alloys used include tungsten, beryllium, vanadium-based alloys, and SiC composites.
Launch of new materials is likely to help well-established market players generate revenue and gain an edge over their competitors. Prominent market players are collaborating with other players to expand market presence and increase revenue share.
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Key Findings of Market Study
- Surge in Demand for Titanium in End-use Industries: Titanium is highly corrosion resistant. Hence, it has emerged as a key metal in different end-use industries, such as aerospace, where it has been used to replace joints, and the oil & gas industry, which is prone to corrosion. It is also used in power plants. Titanium is emerging as a key material for nuclear fusion technology. These factors are propelling market development.
- Increase in Demand for Magnetic Confinement: Based on technology, the global market has been bifurcated into magnetic confinement and inertial confinement. The magnetic confinement segment accounted for dominant market share in 2021. Magnetic field prevents collision of particles with walls of the nuclear reactor, which could lead to the evaporation of the heat inside the reactor and slow down the process within the reactor. This led to a rise in demand for magnetic confinement technology.
Advanced Materials Market for Nuclear Fusion Technology - Key Drivers
- Increase in need to reduce dependency on non-renewable energy sources to generate electricity is driving the global advanced materials for nuclear fusion technology market
- Growing support for the development of clean and climate-resilient infrastructure from governments worldwide is likely to fuel the industry growth in next few years
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Advanced Materials Market for Nuclear Fusion Technology - Regional Landscape
- North America accounted for dominant market share in 2021. The trend is likely to continue during the forecast period. Rise in demand for advanced materials in countries such as the U.S. and Canada is projected to increase market size in the region.
- The market in Asia Pacific is projected to witness significant growth in the near future due to increase in need for unpolluted fuels in countries such as India and China. Leading manufacturers focus on establishing production units and R&D centers for advanced materials in countries in Asia Pacific due to ease of availability of resources such as land and labor.
- Middle East and Africa are likely to witness strong growth in future due to growing investments in nuclear fusion technology in UAE and Saudi Arabia
Advanced Materials Market for Nuclear Fusion Technology - Key Companies
The global market is consolidated, with the presence of small number of players. Entry of new companies in the market is likely to intensify the competition in the near future.
Prominent players are likely to invest in research & development activities to manufacture improved materials that meet customer requirements. Increase in demand for improved materials is likely to bolster market development.
Few players in the market are Almonty, ATI Inc., Buffalo Tungsten Inc., and Materion Corp.
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The global market has been segmented as follows:
Material
- Tungsten
- Beryllium
- Vanadium-based Alloys
- SiC Composites
- Others
Technology
- Magnetic Confinement
- Inertial Confinement
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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