Zirconium Market Size Worth USD 3.48 Billion in 2032 | Emergen Research

Vancouver, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The global zirconium market size was USD 1.73 Billion in 2022 and is expected to register a rapid revenue CAGR of 7.2% during the forecast period. Rising demand for zirconium in the nuclear power industry and need for ceramics and refractories and increasing industrialization, disposable income, and urbanization are key factors driving market revenue growth.

In addition, rising demand for zirconium in the nuclear power industry across the globe is another key factor driving revenue growth of the market. Zirconium is used for cladding or outer covering in fuel rods due to properties such as high structural strength and low neutron absorption. Zirconium alloys are widely used in the manufacturing of rayon spinnerets, flashbulbs, surgical instruments, and explosive primers. These alloys are also used in the manufacturing of modern porcelain tiles owing to their ability to bind with organic and inorganic sand binders, low thermal expansion, and low acidity properties

Moreover, rising adoption of zirconium in the healthcare sector is also expected to drive market revenue growth during the forecast period. For instance, in October 2021, Dentsply Sirona introduced Cerec MTL Zirconia, a zirconium oxide enhanced with yttrium oxide. Multi Transitional Layer (MTL) technology, combined with high translucency, results in natural aesthetics without sacrificing strength. The novel material is suitable for bridges and crowns, as well as inlays, onlays, and veneers.

Need for ceramics and refractories is increasing owing to zirconium compounds exceptional heat resistance, mechanical strength, and low thermal conductivity, especially zirconium dioxide (zirconia), which hare widely used in ceramic applications. Zirconium-based materials are used in the ceramics industry to produce high-performance refractories, abrasives, and glazes that are used in various industries such as construction, electronics, and aerospace.

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However, reducing dependency on zircon, strict regulations for usage of zirconium and mining policies, availability of alternatives in the ceramic industry, and high tariffs and gaps between supply and demand are key factors, which could restrain market revenue growth. In addition, raw material price fluctuation is another factor, which could also restrain market revenue growth.

Segment Insights

Occurrence Type Insights:

On the basis of occurrence type, the global zirconium market is segmented into zircon, zirconia and others. The zircon segment accounted for largest revenue share in the global zirconium market in 2022 owing to zircon's exceptional hardness and durability. Zircon serves as a requirement for the manufacturing of ceramics and refractory tiles as well as a range of other high-tech applications such as heat shields in space shuttles, armor plating on military aircraft, solid oxide fuel cells in hydrogen-powered vehicles, oxygen sensors, and many industrial and chemical applications.

In addition, zircon is an excellent refractory material due to their chemical inertness, very low heat conductivity, high specific gravity, low expansion, good abrasion resistance, high melting point, and no shrinkage even heated to 1,7500°C. Moreover, zircon gems are used in jewelry. For instance, Imerys, the global leading producer of fused zirconia, manufactures high-quality fused zirconia and zirconium chemicals in cutting-edge facilities in the U.S., Germany, and China for a wide range of industrial users.

Form Insights:

On the basis of form, the global zirconium market is segmented into crystal and powder. The powder segment is expected to account for significantly large revenue share in the global zirconium market during the forecast period owing to exceptional properties, such as the form's free-flowing nature, easy to handle, store, transport, mix, and blend, and increasing productivity and reducing waste. These properties contribute to enhanced performance and uniformity in final applications, making powders acceptable in industries such as pharmaceuticals, food processing, and cosmetics.

Recent developments in the powdered form zirconium market include rising focus on sustainable production and its sources, in accordance with the global shift toward environmentally friendly materials. In addition, developments in zirconium powder processing techniques, and increasing application in developing technologies, such as fuel cells, are also expected to drive revenue growth of this segment during the forecast period. Moreover, zirconium powder's adaptability across many industries is highlighted by its prevalence that some products are tailored to specific end-users such as nuclear power plants or aerospace manufacturers.

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Regional Insights:

The Asia Pacific market accounted for largest revenue share in the global zirconium market in 2022 due to rising construction and renovation activities in healthcare centers, educational institutions, airports, transport infrastructure, and others. In addition, rising government funding for major infrastructure projects and rapid growth of the retail sector rare expected to drive market revenue growth of this region during the forecast period. According to the Trade Promotion Council of India (TPCI), China is the leading manufacturer of ceramic tiles in the Asia Pacific region.  China dominates the zirconium concentrate import structure, accounting for 1.1 million tonnes, or around 72% of overall imports in 2020. China (USD 869M) is the world's largest market for imported zirconium ores and concentrates, accounting for 59% of total imports.

The Europe market is expected to account for considerably large revenue share in the global zirconium market during the forecast period due to rising demand for zirconium-based material in various industries. In addition, increasing collaborations with companies provide access to advanced technology and experience, which is also expected to drive market revenue growth of this region during the forecast period. In 2021, the UK exported USD 3.47 million in zirconium, ranking it as the world's 12th highest exporter.

Scope of Research

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Major Companies and Competitive Landscape

The global zirconium market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective zirconium products in the market. Some of the major companies included in the global zirconium market report are:

• ATI Inc.
• Astron Group.
• Alkane Resources Ltd.
• Base Resources.
• Doral Mineral Sands Pty Ltd.
• Iluka Resources Limited
• Kenmare Resources plc.
• Rio Tinto
• Saint-Gobain
• Tosoh
• Tronox Holdings plc
• Exxaro.
• The Chemours Company.
• Southern Ionics Incorporated
• Zircomet Limited
• Murray Ziron
• Luxfer MEL Technologies
• Xiamen Mascera Technology Co., Ltd.
• Australian Strategic Materials Ltd.
• DuPont.

Strategic Development

• In December 2021, ARTMS Inc., the US-based commercial nuclear pharmacy (ARTMS, announced that zirconium-89 (89Zr) oxalate is being produced with a low energy medical cyclotron. After exposing the ARTMS yttrium-89 solid target to low activity radiation for 60 minutes, production yielded over 40 millicuries of 89Zr. The QUANTM Irradiation System (QISTM) from ARTMS enables commercial nuclear pharmacies to manufacture 89Zr locally, reducing dependency on isotopes produced centrally.
•  On 15 October, 2020, Advanced Metallurgical Solutions (ASM) achieved a significant milestone by manufacturing 8.6 kg of high-purity zirconium metal powder in Korea. This zirconium powder is of high grade, with an assay of 98% zirconium and 1.5% hafnium. Significantly, it fulfilled the Korean Atomic Energy Research Institute's stringent standards, signifying its suitability for use in wide range of applications, including those within the nuclear industry.

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For the purpose of this report, Emergen Research has segmented the global zirconium market on the basis of product type, forms, occurrence type, process, application, end-use, and region:

• Product Type Outlook (Revenue, USD Billion; 2019-2032)

• • Industrial Zirconium Oxide
  • Ultrafine Zirconium Oxide
  • Others

• Forms Outlook (Revenue, USD Billion; 2019-2032)

• • Crystal
  • Powder

• Occurrence Type Outlook (Revenue, USD Billion; 2019-2032)

• • Zircon
  • Zirconia
  • Others

• Process Outlook (Revenue, USD Billion; 2019-2032)

• • Hydrothermal Method
  • Precipitation Method

• Application Type Outlook (Revenue, USD Billion; 2019-2032)

• • Nuclear Grade
  • Industrial Grade
  • Firearm Grade

• End-use Outlook (Revenue, USD Billion; 2019-2032)

• • Nuclear Industry
  • Ceramics Industry
  • Chemical Industry
  • Foundry Industry
  • Electronics Industry
  • Aerospace Industry
  • Medical Industry
  • Refactory Industry
  • Glass Industry
  • Others

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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