Zirconium and Hafnium Market Size, Share, Growth, and Industry Analysis by Type (Nuclear Grade Zirconium, Industrial Grade Zirconium, and Hafnium) By Application (Nuclear Industry, Zircaloy Alloys Industry, and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Zirconium and Hafnium Market Report Overview

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The global zirconium and hafnium market size was USD 733.3 million in 2022 and market is projected to touch USD 1046.55 million by 2031, exhibiting a compound annual growth rate (CAGR) of 3.6% during the forecast period.

The mineral zirconium (Zr) is commonly found in felsic rocks, which are igneous rocks rich in silica and feldspar. Zirconium is primarily found in zircon (ZrSiO4), a zirconium silicate mineral. As hafnium and zirconium have similar chemical properties, it is difficult to separate them. Since zirconium is a by-product of zirconium refining, most commercial hafnium comes from zirconium. Approximately 50 to 1 hafnium is present in zircon, the primary source of all hafnium.

Hafnium and zirconium are corrosion-resistant metals widely used in the nuclear and chemical industries. In terms of charge, ionic radius, and ionic potential, zirconium, and hafnium are both refractory lithophile elements, thereby having similar geochemical properties. Due to their physical and crystal-chemical properties, both elements are incompatible with the crystal lattices of most rock-forming minerals. Normally, zircon and baddeleyite (ZrO2) form as accessory minerals within igneous rocks. Melt generation and evolution play an important role in controlling the abundance and presence of these ore minerals in igneous rocks. Apatite and magnetite mining on the Kola Peninsula of Murmandkaya Oblast, Russia, yields baddeleyite as a byproduct, which is one of the world's largest primary sources of zirconium and hafnium. There are few igneous deposits of zirconium- and hafnium-bearing minerals with economic value at present.

COVID-19 Impact: Implementation Of Lockdown Affected Zirconium and Hafnium Market

Due to an increase in the number of COVID-19 cases, many countries resorted to lockdowns, which had a significant impact on the global economy. Economic and industrial activity temporarily ceased, causing the zirconium and hafnium market to suffer consequences in terms of both production and demand from end-user industries such as iron and steel, cement, energy and chemicals, and ceramics. During the pandemic, challenges such as supply chain disruption, plant operation at reduced capacity, and raw material procurement arose. Due to the severity of the pandemic, market participants suffered losses in their businesses. However, the increased emphasis on developing nuclear power resources is expected to aid the zirconium and hafnium market growth.

Latest Trends

"Enormous Growth of Chemical Industry to Drive the Market "

Zirconium is used in a range of chemical industry applications. Zirconium alloys are used to make a variety of components for the chemical industry, including boilers, tanks, pressure vessels, pumps, valves, and many more. These materials offer exceptional corrosion resistance to strong acids, both organic and inorganic, salt solutions, and some molten salts. Zirconium is also employed as a catalyst in a range of chemical processes in the chemical industry. Global chemical industry growth is anticipated to enhance demand for zirconium and zirconium alloys, propelling market expansion throughout the course of the forecast period.

Zirconium and Hafnium Market Segmentation

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• By Type

The market is classified into nuclear grade zirconium, industrial grade zirconium, and hafnium based on type. The nuclear grade zirconium will lead the zirconium and hafnium market share throughout the forecast period.

• By Application

The market is classified into the nuclear industry, zircaloy alloys industry, and others on the basis of application. The nuclear industry segment will lead the zirconium and hafnium market share throughout the forecast period.

Driving Factors

"Increasing Demand For the Aerospace Industry to Drive the Market"

Because of its excellent properties, hafnium finds wide use as a superalloy in aerospace applications. Many other metals, including niobium, iron, tantalum, and titanium, an alloys with it. Heat-resistant alloys, for example, are used in the aerospace industry in space rockets. A superalloy is the most important application, accounting for over 35 percent of global hafnium demand. The growing aerospace industry, combined with technological advances, is expected to boost hafnium demand across the aerospace & aviation industry.

"Usage of Zirconium in the Rapidly Expanding Ceramics Industry To Drive Market Growth"

Zirconium demonstrates the breadth of its use in the ceramics sector. The ceramics industry, where zirconium is utilized in a range of goods from tiles to glazes and enamels, is one of the biggest markets for the metal. The ceramics market is predicted to rise over the forecast period due to the booming global ceramics sector and rising ceramic output and consumption. Zirconium consumption is anticipated to rise as the ceramics sector expands globally, fueling market expansion over the projected timeframe.

Restraining Factors

"Shutdown Of Nuclear Facilities and Health Issues Related to Zirconium to Impede Market Growth"

Nuclear is the main aspect of hafnium, and nuclear plant shutdowns may impede the market growth. Most countries, including Germany, Belgium, Switzerland, and Spain are phasing out nuclear power. Over the past few years, nuclear facilities have been increasingly closed than opened around the world.

Due to its health risks, zirconium has long been a major concern, which may slow the market's growth during 2022-2028. Exposure to zirconium can irritate the eyes, the lungs, and cause allergic reactions on the skin. Human health is constantly monitored by a variety of regulatory bodies.

Zirconium and Hafnium Market Regional Insights

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"Asia Pacific to Lead the Market Owing to the Presence of More Number of Market Players  "

The presence of a robust manufacturing industry for various zirconium and hafnium end-use industries in the Asia Pacific emerging economies such as India and China is expected to propel the zirconium and hafnium market in the region. The use of hafnium in plasma cutting and semiconductor manufacturing are major factors driving the Asia Pacific hafnium market.

The region's thriving ceramic industry is to blame for the high demand for zirconium. Zirconium is used to make a variety of ceramic products ranging from tiles to frits and pigment. The Asia-Pacific region is one of the world's largest producers of ceramics, which drives the region's high use of zirconium. China is one of the product's largest consumers, owing to its rapidly expanding nuclear sector and large exports of ceramics, in which zirconium silicate is a key raw material.

Key Industry Players

"Leading Players Adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolios and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the zirconium and hafnium market.

List of Market Players Profiled

• Orano (France)
• Westinghouse (U.S.)
• ATI (U.S.)
• Chepetsky Mechanical Plant (Russia)
• Nuclear Fuel Complex (India)
• SNWZH (China)
• CNNC Jinghuan (China)
• Guangdong Orient Zirconic (China)
• Aohan China Titanium Industry (China)
• Baoti Huashen (China)
• CITIC Jinzhou Metal (China)

REPORT COVERAGE

In the report, factors affecting the market from both demand and supply are evaluated and market dynamics during the forecast period are also forecasted. Also included in the report is a comprehensive PEST analysis of countries, which assesses the governmental, financial, and shared factors influencing their markets. Apart from all of these, the report also provides drivers, restraints, opportunities, and future trends.