PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1486497
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1486497
Global Zirconium Market is valued approximately USD 1.92 billion in 2023 and is anticipated to grow with a growth rate of more than 6.80% over the forecast period 2024-2032. Zirconium is a chemical element with the symbol Zr and atomic number 40. It is a lustrous, grayish-white, strong transition metal that resembles titanium and highly resistant to corrosion. Global zirconium market is used in various industrial applications, specially in the nuclear industry, where it is used in nuclear reactors as cladding for fuel rods due to its excellent resistance to corrosion by water and does not absorb neutrons, making it an ideal material for use in nuclear power stations. Various nuclear reactors may have more than 100,000 metres of zirconium alloy tubing. With niobium, at low temperatures, zirconium is superconductive and utilized in making superconducting magnets. Furthermore, Zirconium metal is safeguarded by a thin oxide layer making it extremely resistant to corrosion by acids, alkalis and seawater and it is extensively used by the chemical industry.
The surging demand for Zircon flour/sand is one of the substantial drivers boosting growth for the global zirconium market. It is derived mainly from zirconium silicate mineral deposits serves as a key raw material in various industries due to its unique properties and versatile applications. In ceramics industry, zirconium-based ceramics produced by incorporating zircon flour/sand into ceramic formulations, exhibit exceptional thermal and chemical resistance, making them ideal for applications in refractories, foundry coatings, and ceramic glazes. Therefore, growing construction activities, especially in emerging economies, fuel demand for zirconium market. In addition, zirconium alloys formed by alloying zirconium with other metals such as nickel, titanium, or iron, can be used for various application in aerospace, automotive and chemical processing industries. Thus, the surging demand for zircon flour/sand across numerous industries including ceramics, chemicals, and metallurgy, stresses its pivotal role in driving growth in the global zirconium market. However, high cost of production and a volatility in uranium prices, on the other hand, will stifle market growth between 2022 and 2032.
The key regions considered for the global Zirconium market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, Asia-Pacific was the largest regional market in terms of revenue and expected to develop at the fastest rate over the forecast period. Asia Pacific Zirconium market includes countries such as India, China, Japan, South Korea, and Australia, these countries are observing strong industrialization, urbanization, and infrastructure development, which contribute to the demand for the zirconium-based materials across the region. In countries such as China and India, rapid urbanization and population growth leading to the increased demand for residential and commercial infrastructure, driving the zirconium market in tiles, sanitaryware, and architectural industries. Moreover, zirconium alloys are used for lightweight and corrosion-resistant properties in various manufacturing sector, such as automotive and aerospace industries, find application in critical components such as turbine blades, engine parts, and structural components.