Zirconium Silicate Market Size, Share, Growth, And Industry Analysis By Type (High-grade Zirconium Silicate and Common Zirconium Silicate) By Application (Ceramics, Wear-resistant Materials, and Others), Regional Insights, and Forecast To 2031

Updated On: 08 July 2024

Zirconium Silicate Market Report Overview

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The global zirconium silicate market size is anticipated to be USD 1315.7 million in 2022 and is projected to touch USD 1731.76 million by 2031, at a CAGR of 3.1% during the forecast period.

Zirconium silicate is a chemical compound and a natural mineral found in nature as zircon. It is insoluble in water, alkali and acid. It is used in the ceramic industry and provides high durability and corrosion resistance. In the upcoming years, the product is expected to diversify its application base.

The chemical industry has seen unprecedented growth in recent years backed by the high scale investment and strong market demands. A major contribution is the construction industry and the rise in the living standard of the people. As the world progress toward a technologically advanced society, the demand will escalate and reach new heights.

COVID-19 Impact: Slow Economic Progress to Hamper the Market Demand

The global COVID-19 pandemic has been unprecedented and staggering, with the zirconium silicate market experiencing lower -than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The pandemic has changed the normal growth pattern and the market trends were transformed and drastically shifted to cope with the rising COVID-19 cases across the globe. The healthcare unit witnessed the worst crisis and all the industrial sector has to cope with the new emerging trends. The worldwide lockdowns were imposed which affected the supply chain of raw materials. The sudden shutting down of the manufacturing unit created a state of unbalance between supply and demand. The economy hit a new low and the investments in research and development were momentarily affected. Furthermore, the declining demand from the construction industry acted as a major restraining factor for the zirconium silicate market share during the pandemic times. In a nutshell, the compression of all the industrial sector, financial constraints and rising COVID-19 cases hampered the market growth. However, as the people are getting accustomed to the new normal the demands are witnessing an upward trend and will continue to rise in the forthcoming years.

LATEST TRENDS

"Increased Investments in Research and Developments to Propel the Market Demand"

The chemical sector saw an unparallel growth in the post-pandemic market. The growth is triggered by the rising investments and government initiatives to provide better facilities for research and development. Zirconium silicate is an excellent alternative option to tin or titanium. The key players are striving to increase the application base of this product by doing proper research and increasing the efficiency of the product.

Zirconium Silicate Market Segmentation

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• By Type

Based on type, the market is divided into high-grade zirconium silicate and common zirconium silicate. The high-grade zirconium sector is expected to lead this segment in the forecasted year.

• By Application

Based on the application, the market is divided into ceramics, wear-resistant materials and others. The ceramics sector is anticipated to lead this segment in the upcoming year.

DRIVING FACTORS

"Increasing Demand from Ceramics Industry to Accelerate the Product Sale"

Ceramics is extensively utilized in the manufacture of tiles and sanitary wares. The population expansion has triggered the growth of residential and commercial spaces across the world. The construction sector generates the highest revenue as ceramics are used in the production of interior and other decorative items. Furthermore, the rising living standard accompanied by high purchasing power is driving people to look out for more aesthetically pleasing interiors. The application of ceramics is diversified by using it as a raw material for 3D printing which is a booming field in the present market dynamics. Moreover, the trembling state of healthcare has compelled the government to strengthen the healthcare infrastructure. The incorporation of ceramics in the manufacturing bioimplants is another driving factor which will contribute to the zirconium silicate market growth in the upcoming years. Zirconium silicate offers increased strength and durability of the ceramic substances while at the same time keeping intact the glossiness and providing opacity in the ceramic glasses. The increased application of ceramide will generate a high market share for zirconium silicate.

"Rise of Refractory Products to Boost the Zirconium Silicate Market Demand"

Refractory products have high heat resistance properties and provide mechanical strength and protect from corrosion. The products primarily help in the minimal loss of heat. A proper insulating coat is necessary. The increased demand for the refractory is due to the growth of infrastructure and development in the automotive sectors. Zirconium silicate is used in the production of refractories and provides high strength at room temperature and a useful in construction materials. It increases the thermal shock capacity and protects against corrosion. Thus, all these factors will be a major driving factor for the growth of the zirconium market.

RESTRAINING FACTORS

"High Inflation to Hamper the Market Growth"

Inflation is a major concern of the present economy affecting all the industries and lifestyles of the people. The pandemic has triggered the situation. The prices of the raw materials fluctuated numerous times affecting production. The inflation led to the economic slowdown and restrained the growth of the zirconium silicate market.

Zirconium Silicate Market Regional Insights

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"Asia Pacific to Dominate the Market due to the Rising Demands. "

Asia Pacific is witnessing strong economic growth and an increase in demand owing to the population expansion. China is leading the segment of the zirconium silicate market growth size. China has emerged as one of the economically strong nations with world-class infrastructure. The rising construction industry has created ample opportunities for the chemical sectors. Furthermore, the availability of raw materials and the establishment of manufacturing units have stimulated the zirconium silicate market growth in the forecasted year.

"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

• JINGJIEHUI GROUP (China)
• Zhangzhou Antai Zirconium Development Co. Ltd. (China)
• Shandong Jinao Technology Advanced Materials Co.,Ltd. (China)
• Yixing Yaoguang Group Co.,LTD (China)
• Chilches Materials (Spain)
• Imerys (France)          
• Industrie Bitossi (U.S.)
• HakusuiTech Co., Ltd. (Japan)
• Shandong Gold Sun Zirconium (China)
• Tirupati Microtech (India)
• Shandong Chenyuan Power (China)
• T&H GLAZE (U.S.)
• Nitto Granryo Kogyo (Japan)
• Foshan Goway Materials Co.,LTD (China)
• Jiansu Baifu Group (China)
• Guangdong Orient Zirconic Ind Sci & Tech Co., Ltd. (China)

REPORT COVERAGE

This report covers the analysis of the zirconium silicate market providing a comprehensive market insight focusing on the existing key players who would play a crucial role in the forecasting period. It also analyses based on segmentation, industrial developments, trends, growth, size, share, restraints and revenue. The report covers an overview of the latest driving factor in the industry, dominant region, latest innovations and opportunities.