ZIRCONIUM METAL MARKET REPORT OVERVIEW
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The global zirconium metal market size was USD 474.5 million in 2021 and is projected to touch USD 685.3 million by 2028, exhibiting a CAGR of 5.4% during the forecast period.
The sudden spike in CAGR is attributable to the zirconium market growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with zirconium metal experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Zirconium metal is a chemical element. The symbol of the element is Zr. It is a strong transition metal that closely resembles hafnium. The element is grey white in color and lustrous in nature. It is mainly used as a refractory and opacifier. It is ductile, soft and malleable metal. The element is highly resistant to corrosion by acids, alkalis, salt water, and other agents. The boiling point is 4409 °C (7968 °F) and melting point of the element is 1855 °C.
Growing nuclear power stations is estimated to accelerate market growth. Increasing usage of the product in surface coatings is projected to drive market growth. Increasing demand to protect metallic surfaces from high temperatures is estimated to boost zirconium metal adoption. Growing demand from aviation and automotive industries is predicted to accelerate market growth during the forecast period. Rising demand for cladding or outer covering in fuel rods is projected to drive market growth. Increasing demand for surgical instruments, flashbulbs, explosive primers, and rayon spinners is anticipated to stimulate market growth.
COVID-19 Impact: Shutdown of Industrial Activities to Hamper Market Growth
An outbreak of COVID-19 pandemic led to numerous countries resorting to lockdowns. Due to strict lockdown restrictions which affected the market economy. Industrial activities and economic were temporarily halt, which reduced the product demand. The market witnessed decline in production activities. Lack of raw materials during pandemic impacted the market growth. Several end-user industries such as energy and chemicals, steel and iron, cement, and chemicals & ceramic were shut, which reduced product adoption.
On the contrary, increasing focus on developing nuclear power resources is estimated to achieve positive market growth.
LATEST TRENDS
"Growing Demand from Ceramics Industry to Foster Market Expansion"
Increasing demand from ceramics industry is expected to accelerate market growth. The zircon sand is widely used in ceramics due to its ability to bind organic and inorganic sand binder. The product has multiple benefits, such as low acidity, low thermal, and high spatial stability, which is predicted to boost product adoption. Further, the product has high temperature and good recyclability, which is expected to stimulate market growth. In ceramics industry, the product is broadly used for its high refractive index, durability, and toughness. High thermal conductivity over silica sand is estimated to boost product adoption. Growing demand for ceramics is projected to drive market growth during the forecast period. Zirconium produces a better metal finish and has improved solidification is predicted to accelerate zirconium metal market growth during the forecast period.
ZIRCONIUM METAL MARKET SEGMENTATION
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- By Type
Based on type, the market is divided into industrial grade and nuclear grade.
Nuclear grade is expected to be the leading part of segmentation type.
- By Application
Based on the application, the market is divided into nuclear reactor, military Industry, chemical processing, and others.
Nuclear reactor is expected to be the leading part of application segmentation.
DRIVING FACTORS
"Growth in Nuclear Applications to Incite Market Growth "
Growing demand for nuclear applications is expected to fuel market growth. The product has catalytic converters, which is anticipated to boost product adoption in a nuclear reactor. In nuclear reactors, the product provides the cladding or outer covering for the fuel rods which power the nuclear reaction. The cladding used in tin, chromium, and nickel are predicted to increase market growth. It has highly resistant and helps in chemical corrosion, which is anticipated to increase market growth during the forecast period. Increasing demand for intense radiation and nuclear reactions is predicted to boost market growth during the forecast period. Growing research and development (R&D) activities in the nuclear sector are estimated to accelerate zirconium metal market growth.
"Increasing Demand from Military and Aerospace Industry to Stimulate Market Growth "
Growing demand from military and aerospace industry is expected to increase market growth. The metal has a high combustion rate and heat which is predicted to accelerate market growth. It has a core-shell structure which helps to boost combustion performance in aerospace. Such advantage is projected to drive market growth during the forecast period. Presence of oxidation and high temperature helps to accelerate product adoption in military industry. Increasing demand to produce flash powder, artillery shells, solid propellant rock fuel, and fireworks are estimated to accelerate market growth during the forecast period. Increasing demand for surgical instruments, flashbulbs, explosive primers, and rayon spinners is anticipated to stimulate market growth. The product is broadly used for its molding base material, and it has great mechanical strength. Such benefits associated with the product are estimated to surge zirconium metal market growth.
RESTRAINING FACTORS
"Health and Environmental Effects to Hamper Market Growth"
Presence of toxicity in the metal is estimated to restrict market growth. The metal is toxic to human health, which is anticipated to reduce market growth. The radioactive presence in the metal is harmful to environment which is predicted to minimize product demand during the forecast period.
ZIRCONIUM METAL MARKET REGIONAL INSIGHTS
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"Growing Demand for Nuclear Power Resources in Asia Pacific to Drive Market Share "
Asia Pacific is estimated to hold largest part of zirconium metal market share due to growing focus on developing nuclear power resources. Growing demand for the region's ceramics and sanitary ware products is projected to drive market growth. Growing popularity among consumers of nuclear energy is predicted to surge market growth. Increasing growth in several industries such as energy and chemicals, steel and iron, cement, and chemicals & ceramic is projected to drive market growth. Increasing demand for military equipment is anticipated to stimulate zirconium metal market growth during the forecast period.
KEY INDUSTRY PLAYERS
"Leading Players Adopt Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the Industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- ATI Metals (U.S.)
- Western Zirconium (U.S.)
- Framatome (U.S.)
- Chepetsky Mechanical Plant (Russia)
- State Nuclear Baoti Zirconium (China)
- Guangdong Orient Zirconic (China)
- CNNC Jinghuan (China)
- Nuclear Fuel Complex (India)
- Liaoning Huagao New Material (China)
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 474.5 Million in 2021 |
| Market Size Value By | US$ 685.3 Million by 2028 |
| Growth Rate | CAGR of 5.4% from 2021 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Types & Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the zirconium metal market expected to touch by 2028?
The global zirconium metal market is expected to reach 685.3 million by 2028.
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What CAGR is the zirconium metal market expected to exhibit by 2028?
The zirconium metal market is expected to exhibit a CAGR of 5.4% by 2028.
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Which are the driving factors of the zirconium metal market?
Drivers of this zirconium metal market are growth in nuclear applications and increasing demand from military and aerospace Industry.
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Which are the top companies operating in the zirconium metal market?
ATI Metals, Western Zirconium, Framatome, Chepetsky Mechanical Plant, State Nuclear Baoti Zirconium, Guangdong Orient Zirconic, CNNC Jinghuan, Nuclear Fuel Complex, and Liaoning Huagao New Material are the top companies operating in the zirconium metal market.
