Hafnium Market Size, Share, Growth, and Industry Analysis, By Type (Hafnium Sponge, Hafnium Crystal Bar and Others), By Application (Aerospace, Nuclear and Others) and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

HAFNIUM MARKET REPORT OVERVIEW

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The global hafnium market size was USD 86.12 million in 2022 and the market is projected to touch USD 160.99 million by 2031, exhibiting a CAGR of 7.2% during the forecast period.

The chemical element hexanium has an atomic number of 72 and the symbol "Hf". According to the periodic table, it is a tetravalent transition metal that is shiny and silvery-gray. Hafnium is usually obtained as a byproduct of zirconium processing and is frequently found in zirconium minerals. Hafnium has a variety of uses, such as being a neutron absorber in nuclear reactors and a high-temperature alloy maker in the aerospace sector. In addition, it finds application in the manufacturing of specific electronic components and as a getter—a substance utilized in vacuum tubes to eliminate trace gases. Hafnium is useful for a wide range of industrial applications due to its special qualities, especially in high-temperature and nuclear-related technology.

COVID-19 Impact: Fluctuations in Demand and Disrupted Supply Chain Slowed Down the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

LATEST TRENDS

"Utilization as Super Alloys to Revamp the Market Growth"

The primary application of hafnium is as a superalloy, which makes up over half of its overall utilization. Hafnium is utilized as a superalloy in industrial and aerospace turbines because of its exceptional strength and stability at very high temperatures. The majority of hafnium superalloys are used in rocket and jet engines. Roughly 10% of the niobium-based alloy found in rocket engine nozzles is composed of harnium. In the hot portion of jet engines, it is considered essential in the MAR M 247 superalloy (turbine blades and vanes). Superalloys made of hafnium may find application in industrial turbines, which primarily generate power. Therefore, hafnium superalloy growth will be aided by the expanding trends in the power generation industry and wind energy generation.

HAFNIUM MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into Hafnium Sponge, Hafnium Crystal bar and Others.

Hafnium can exist in a variety of states and shapes, each having unique qualities and uses, such as crystal bars and sponges. Sponge and crystal bars are both necessary components at various phases of the use and processing of hafnium. The particular requirements of the desired application and the associated production procedures determine which of the forms to use. When a more solid and refined form is needed, like in high-temperature alloys and structural components, the crystal bar form is employed. Conversely, the sponge form is better suited for specific chemical reactions and the early phases of hafnium production.

• By Application

Based on application the global market can be categorized into nuclear, aerospace and others.

The nuclear application market is anticipated to expand quickly during the course of the projection. Hafnium's unusual qualities, such as its high melting point, superior mechanical strength, and propensity to absorb neutrons, make it useful in both the nuclear and aerospace sectors. Hafnium's special combination of qualities, which enable it to resist harsh conditions and play a significant role in critical applications, assist the aerospace and nuclear sectors. It is noteworthy that hafnium is frequently obtained as a byproduct of zirconium manufacturing, and the applications of these metals in these industries are closely related.

DRIVING FACTORS

"Rising Demand in the Nuclear Applications to Nurture the Market Growth"

The widespread application of hafnium in the nuclear sector is one of the main factors driving demand for the metal. Hafnium is useful for producing control rods for nuclear reactors because of its strong capacity to absorb neutrons. The need for hafnium rises in tandem with the need for nuclear energy and the building of new nuclear reactors.

"Prominence in the Aircraft Manufacturing to Build Up the Market Growth"

Hafnium is a component of high-temperature alloys, which are essential for usage in aerospace applications. Alloys containing hafnium have heat-resistant qualities that are advantageous for components exposed to high temperatures, including sections of jet engines. One factor driving the demand for hafnium is the expansion of the aircraft industry.

RESTRAINING FACTORS

"Higher Cost, Availability and the Toxicity Concerns Vandalized the Market Growth"

While zirconium is a more frequent element, hafnium is less common than some other metals, and its production is generally linked to zirconium's extraction. Because of this, hafnium may be more costly than other, more easily obtained minerals. Although hafnium is not thought to be particularly hazardous, several of its constituents might be harmful to your health. To reduce possible health risks, occupational exposure to hafnium dust or compounds should be regulated. Hence, such factors are expected to hinder the hafnium market growth during the forecast period.

HAFNIUM MARKET REGIONAL INSIGHTS

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"Asia Pacific to Lead the Market with Robust Demand and Leading Aircraft Manufacturers"

Asia Pacific held the largest hafnium market share of more than quarter in the projected timeframe in terms of value. It is anticipated that growing nations in Asia Pacific, such as China and India, will propel the hafnium market due to their robust manufacturing sectors serving various end-use industries. The Asia Pacific hafnium market is being driven primarily by the use of hafnium in plasma cutting and semiconductor fabrication. Hafnium is employed in many forms such as alloys and sponges in the Chinese nuclear reactor, aerospace, and industrial turbine industries. Due to its large neutron-capture cross-section and neutron-absorbing properties, hafnium is utilized in nuclear reactors to create control rods.Together with being one of the biggest domestic air travel markets, China is also a top producer of aircraft.

 In addition, the nation's aviation parts and assembly manufacturing industry has been growing rapidly, and currently employs more than 200 small aircraft part producers.In consequence, it is anticipated that all of the previously stated elements will increase the nation's hafnium consumption.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Important industry players have a big impact on the market and are crucial in determining customer preferences and market dynamics. These major firms provide consumers easy access to a vast array of clothing alternatives through their huge retail networks and online platforms. Product adoption has increased as a result of their strong worldwide presence and well-known brand, which has also enhanced consumer trust and loyalty. These industry titans also consistently fund R&D, bringing cutting-edge designs, materials, and clever features to hafnium to meet changing customer demands and preferences. These big businesses' combined efforts have a big impact on the market's future direction and level of competition.

List of Market Players Profiled

• ATI Metals (U.S.)
• Baoji Chuangxin Metal Materials Co. Ltd. (China)
• U.S Titanium Industry Inc. (U.S.)
• ACI Alloys (U.S.)
• Westinghouse (U.S.)
• Edgetech Industries LLC (U.S.)
• Nanjing Youtian Metal Technology Co., Ltd. (China)
• Admat Inc. (U.S.)
• China Nulear Jinghuan Zirconium Industry Co., Ltd. (China)
• American Elements (U.S.)
• Starfire Systems (U.S.)

INDUSTRIAL DEVELOPMENT

• June 2021: A novel ceramic forming precursor with an ultra-high temperature has been released, according to Starfire Systems. A valuable addition to the family of SiC-forming pre-ceramic polymers is the Hafnium Carbide (HfC) precursor. In order to provide clients with more options for their high-temperature requirements, Starfire Systems is introducing a new system that will expand upon the patented chemical process that was utilized to manufacture its flagship product, SMP-10. The precursor HfC converts to HfC, a thermally stable hafnium carbide. Cures of the HfC precursor occur at 200°C or lower. In an inert atmosphere, the cured HfC polymer can be heated to 1600°C to create crystalline HfC with a high ceramic yield.

REPORT COVERAGE

The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.