Zircon and Derivative Market Size, Share, Growth, and Industry Analysis, By Type (Premium Zircon and Standard Zircon), By Application (Ceramics, Refractories, Foundry, Chemicals, and Others), and Regional Forecast By 2031

Updated On: 29 April 2024

Zircon and Derivative Market Report Overview

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The global zircon and derivative market size was USD 1890.8 million in 2022, as per our research, the market is expected to reach USD 4568.96 million by 2031, exhibiting a CAGR of 10.3% during the forecast period.

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

Zircon, commonly known as zirconium silicate (ZrSiO4), is a byproduct of the extraction and processing of heavy mineral sand deposits that date back thousands of years. Zircon, which is primarily mined in Australia and South Africa, can be utilized as a fine powder or as a coarse sand. Due to its unique characteristics, it finds widespread industrial use as well as in daily items like ceramic tiles and medical implants.

A combination of significant market demand and large-scale investment has enabled the chemical sector to experience unparalleled expansion in recent years. The development of the building sector and the improvement in peoples' standards of life both make significant contributions. The need for zircon and derivatives will grow and reach new heights as the world develops into a technologically advanced culture.

COVID-19 Impact

"COVID-19 to Affect the Zircon and Derivative Market "

The growth of the zircon and derivative market was significantly impacted by the corona virus outbreak. Many nations have implemented lockdowns and travel restrictions in an effort to curb the rising patient count. Zircon and derivative is widely used in sectors like automotive, electrical, and construction. Due to restrictions, demand for this commodity decreased, which had an impact on the entire production and supply chain. The development of this market share and income system was stifled by these factors. The post-COVID industry is making every effort to restore the lost growth and improve the product in order to raise global demand for it.

Latest Trends

"Increased Research & Development Spending to Improve Zircon and Derivatives Market Demand"

The post-pandemic market saw an unmatched rise in the chemical industry. the expansion brought on by increasing government efforts to improve facilities for research and development and rising investment levels. Tin or titanium are excellent substitutes for zircon and its derivatives. By doing thorough research and improving the product's efficiency, the key players are working to broaden the application base of this product.

Zircon and Derivative Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into premium zircon and standard zircon amongst which the premium zircon segment is anticipated to hold the largest share.

• By Application Analysis

Based on application, the market can be divided into ceramics, refractories, foundry, chemicals, and others amongst which the ceramics is expected to be the largest share.

Driving Factors

"Ceramics Industry to Propel the Zircon and Derivatives Market Growth"

In the production of tiles and sanitary wave, ceramics are widely used. Around the world, residential and commercial space growth is a result of population growth. Since ceramics are used to make interior and other decorative goods, the construction industry is the one that makes the most money. Additionally, consumers are searching for more aesthetically beautiful interiors due to the improving living standard and strong purchasing power. Utilizing ceramics as a raw material for 3D printing, an area that is flourishing in the current market dynamics, broadens the applicability of ceramics. These elements collectively are to blame for the expanding zircon and derivatives market.

"Refractory Products to Increase the Demand for Zircon and Derivatives Market"

Refractory materials offer high levels of heat resistance, mechanical strength, and corrosion resistance. The items primarily aid in reducing heat loss. A suitable insulating coat is required. The expansion of infrastructure and progress in the automotive industries are to blame for the rise in demand for refractory materials. Zircon and its derivatives are used to make refractories because they have a high strength at room temperature and are useful in building materials. It strengthens resistance to thermal shock and deters corrosion. Thus, the market for derivatives and zircon will increase significantly as a result of all these causes.

Restraining Factors

"Inflation to Restrain the Zircon and Derivatives Market"

The current economy's biggest worry is inflation, which has an impact on all businesses and peoples' lifestyles. The problem has been brought on by the epidemic. Numerous price changes in the raw materials had an impact on output. The economic slowdown was caused by inflation, which also constrained the growth of the zircon and derivatives markets.

Zircon and Derivative Market Regional Insights

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"Asia Pacific to Dominate the Zircon and Derivatives Market"

Due to population growth, Asia Pacific is experiencing high economic growth and rising demand. China is gaining market share in the zircon and derivatives sector. China has become one of the countries with a strong economy and top-notch infrastructure. The expanding construction sector has given the chemical industries several opportunities. Furthermore, the expansion of the zircon and derivative market has been boosted in the anticipated year by the availability of raw materials and the establishment of manufacturing facilities.

North America and Europe are another regions flourishing with abundant amount of shares. These regions are attributing the global zircon and derivatives market growth and shares altogether. These regions are developing at an excellent pace which is resulting in the increased demand for this product.

Key Industry Players

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.

List of Market Players Profiled

• Iluka Resources (Australia)
• Tronox Holdings (U.S.)
• Rio Tinto (U.K.)
• Image Resources (Australia)
• TiZir Limited (U.K.)
• Chemours (U.S.)
• Kenmare Resources (Ireland)
• Jinan Yuxiao Group (China)
• Base Resources (Australia)
• UMCC-Titanium (Ukraine)
• Doral (U.S.)
• PYX Resources (Australia)
• Mineral Commodities (Australia)
• The Kerala Minerals & Metals Limited (India)
• V.V. Mineral (India)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.