The global zirconium market stands at US$ 1.9 billion in 2023 and is projected to reach US$ 4.1 billion by the end of 2033, expanding at a CAGR of 7.9% over the next ten years. Increasing industrial applications of zirconium are expected to generate lucrative opportunities for market players.
Zirconium is a lithophile metallic element and is used to form different minerals, including zircon and baddelevite. Owing to the low stability of Zr(OH)4 and the stable presence of zircon, zirconium shows low mobility in most environmental conditions. Zircon generally occurs in plutonic and volcanic rocks.
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Zircon is extracted commercially as a co-product with some other minerals, including gold, rutile, and ilmenite. For the production of zirconium, various commercial methods are used, including fusion, electrolysis, reduction of halides with sodium or calcium, and fusion electrolysis. Significant growth in the nuclear sector can put a favorable impact on revenue generation due to the use of zirconium as a construction material in the nuclear industry.
Chemical corrosion and high heat resistance, structural length, and low neutron absorption are some noticeable properties of zirconium, which make it suitable for application in the nuclear sector. Further, it finds application as outer covering or cladding for fuel rods, which triggers a nuclear reaction. Moreover, zirconium alloys, which consist of tin, zirconium, chromium, nickel, and iron are utilized for cladding purposes in military and nuclear reactors.
Zirconium alloys are used in the production of rayon spinnerets, lamp filaments, ceramics, flashbulbs, glass, surgical instruments, gemstones, precision tools, and explosive primers. Among other ceramics, which are available in the healthcare industry, zirconia comes with good mechanical properties. Noticeable development and improvements in ceramics based on zirconia are estimated to generate multiple opportunities for market players.
The flexural strength of zirconium makes it a better option compared to other ceramics, which are used in dentistry. Prosthetic use of products, including fabrication of crowns with Cam/CAD technique and fixation of partial dentures for dentistry can boost sales of zirconium.
Zirconium is used in sulfuric, nitric, formic, and acetic acids owing to its corrosion resistance property. Condensers, vacuum tubes, piping systems, pressure vessels, columns, and heat exchangers utilize zirconium in their production, which will fuel its demand over the coming years.
Key Takeaways from Market Study
- The zirconium market is projected to surge ahead at a CAGR of 7.9% through 2033.
- The global market stands at a valuation of US$ 1.9 billion in 2023.
- The market is estimated to reach US$ 4.1 billion by the end of 2033.
- Asia Pacific is projected to hold 32.5% share of the total global market by the end of 2033.
- Demand for zirconium in the ceramics industry is forecasted to advance at a CAGR of 9.2% over the next 10 years.
- The zircon segment is predicted to expand at a CAGR of 8.6% through 2033.
Competitive Landscape
Prominent supplier companies of zirconium are spending on strengthening their supply chain management systems to attract substantial consumers. They ensure the delivery of quality products, which are produced while maintaining standards set for quality control. Manufacturers of zirconium also work efficiently to minimize the environmental impact to attain the goal of a sustainable environment.
Key providers of zirconium are involved in mergers & acquisitions to expand their footprints in the global market.
For instance,
- In December 2019, Lomon Billions acquired shares of China National Nuclear Corporation in Orient Zirconic. The acquisition will help Lomon Billions for strengthening its position in the zirconium business around the world.
Leading Market Players
- Compagnie de Saint-Gobain S.A.
- Glidewell Laboratories
- Imperial Metal Industries Limited
- Japan New Metals Co., Ltd.
- Alkane Resources Ltd.
- DuraTech Industries
- Alliance Design and Development Group, Inc.
- KCM Corporation
Segmentation of Zirconium Industry Research
- By Occurrence Type:
- Zircon
- Zirconia
- Others
- By Form:
- Crystals
- Powders
- Others
- By End Use:
- Ceramics
- Chemicals
- Foundries
- Refractories
- Others
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Questions Covered in the Zirconium Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will sales in the global Zirconium Market grow until 2033?
- Which are the factors hampering the Zirconium market?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Zirconium Market during the forecast period?
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global zirconium market for the period from 2023 to 2033.
The study divulges essential insights into the market based on occurrence type (zircon, zirconia, others), form (crystals, powders, others), and end use (ceramics, chemicals, foundries, refractories, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the MEA).
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