Increase in nuclear power stations, rise in demand for surface coating products, and diverse applicability of zirconium are significant factors boosting Zirconium Market.
Market Size – USD 420.0 Million in 2018, Market Growth - CAGR of 4.9%, Market Trends –Rise in the number of nuclear power stations.
NEW YORK, May 29, 2019 (GLOBE NEWSWIRE) -- The Global Zirconium Market is forecast to reach USD 620.0 Million by 2026, according to a new report by Reports and Data.
Various factors promote the expansion of the zirconium market. One of the mentionable factors in this context is the rise in the number of nuclear power stations in developing nations. Such an increase in nuclear power stations in developing countries results in promoting the demand for zirconium and expanding market growth. Regions like the Asia Pacific is a significant exporter of ceramics that have positive impact on the growth of the market.
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In addition to the specified fact, zirconium has strong corrosion resistance properties that makes it appropriate for its application in nuclear power plants. The rise in nuclear power plants in developing nations and the presence of appropriate qualities to implement it in these plants contributes to the expansion of the industry. Apart from that, zirconium has diverse applicability ranging from table, pipes, sanitary ware, decorative ware, bricks, and ceramic tables. Such different application of zirconium also contributes to its market growth. It has qualities like high chemical resistance, low thermal expansion coefficient. These qualities in zirconium makes it applicable in foundry and refractories.
In regards to the region, Asia Pacific leads the market due to the rise in the number of nuclear power plants and a significant export of ceramics. A combination of these two factors makes the zirconium market relevant to this region that contributes to its market dominance.
Further key findings from the report suggest
- The zirconium market held a market share of USD 420.0 million in the year 2018. It is forecasted to grow at a rate of 4.9% during the forecast period.
- Apart from the above-discussed application of zirconium, it is also applicable for the production of abrasive materials, artificial jewelry, and insulating. Diversity, in its use, helps in its market expansion.
- In the context of occurrence, zircon dominates the market. It held a market share of 49% in 2018 with a CAGR of 5.1% during the forecast period. Its applicability in various industrial purposes like casting and foundry contributes to its market dominance.
- In the processing segment, extraction leads the market. In the year 2018, it held a market share of 63% with a growth rate of 4.6% during the forecast period. The significance of the process of collecting zircon has contributed to its market dominance.
- In regards to end users of zirconium, ceramics dominants the market. It is forecasted to hold 47% of the market by 2026 with a CAGR of 5.4% during the forecast period. Zirconium is applicable for producing tableware, sanitary ware, and tiles in this segment. Diversity in the application of this segment and significant exports of ceramic in specific regions have contributed to its market dominance.
- In the application segment, nuclear grade dominates the market. It is forecasted to hold 46% of the market by 2026 with a growth rate of 5.1% during the forecast period. Increase in nuclear power stations in developing nations is a major contributing factor for its market dominance.
- The Asia Pacific holds the most significant market share. It is forecasted to hold 39% of the market by 2026 with a growth rate of 5.2% during the forecast period. Development of nuclear power stations in this region and substantial exports of ceramics are the factors contributing to its market dominance.
- Key participants include Alkane, Iluka Resources, Tronox, Exxaro Resources, Kenmare Resources, Luxfer Holdings PLC, RBM, Oxkem Limited, Richards Bay Minerals, and Smartac Group China Holdings Limited.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/zirconium-market
Segments covered in the report:
For the purpose of this report, according to Occurrence, Processing, End-user, Application, and Region:
Occurrence Type Outlook (Revenue, USD Million; 2016-2026) (Kilo Tons)
- Zircon
- Zirconia
- Others
Processing Type Outlook (Revenue, USD Million; 2016-2026) (Kilo Tons)
- Extraction
- Refining
End-user Outlook (Revenue, USD Million; 2016-2026) (Kilo Tons)
- Ceramics
- Zircon chemicals
- Refractories
- Foundry
- Others
Application Type Outlook (Revenue, USD Million; 2016-2026) (Kilo Tons)
- Nuclear grade
- Industrial grade
- Firearm grade
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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