Zirconium Target Market Size, Share, Growth, and Industry Analysis, By Type (Planar Target, Rotating Target and Others), By Application (Electronics & Semiconductors, Solar Energy, Performance Coating and Others), Regional Insights and Forecast to 2032

Updated On: 08 April 2024

ZIRCONIUM TARGET MARKET REPORT OVERVIEW

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global zirconium target market size was USD 5 million in 2022 and market is projected to touch USD 6.88 million by 2032 at CAGR 2.3% during the forecast period.

A zirconium target is an essential part used in solar cells, semiconductor devices, thin film deposition, and other applications. Forming into a solid cylinder or disk, this refined form of zirconium serves as a source material for physical vapor deposition (PVD) procedures. High purity zirconium is usually used to make these targets in order to avoid contaminants and provide best possible performance during the thin film deposition procedure.

COVID-19 Impact: Halt of Construction Activities during Pandemic Tranquilized the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-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.

Zirconium is a metal that is frequently utilized in many different sectors, such as ceramics, aerospace, automotive, and nuclear power. Applications for it include jewelry, refractory materials, and components for nuclear reactors. The success of these industries is frequently correlated with the demand for zirconium.  Zirconium alloys are used in these sectors for parts that need to be very resilient to corrosion. The state of the automotive and aerospace industries as a whole affects the demand for these materials. Refractory materials and ceramics are produced using zirconium compounds. The demand for these commodities may change in response to modifications in manufacturing and building operations.

LATEST TRENDS

"Increasing Demand from Electronics and Semiconductor Industry to Electrify the Market Growth"

The electronics industry's growing need for zirconium due to its application in thin-film deposition techniques like sputtering and vapor deposition is one of the emerging trends in the worldwide zirconium target market. The demand for semiconductor devices is being driven by the increasing use of cutting-edge technologies like artificial intelligence, 5G, and the Internet of Things (IoT). The production of thin films and high-performance electronic components needed for these technologies depends heavily on zirconium objectives. The market is also expanding due to the expanding consumer electronics sector and the rising usage of zirconium targets in solar cells and renewable energy systems.

ZIRCONIUM TARGET MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into planar target, rotating target  and others.

Planar Target: A zirconium sheet used as an ingot in the synthesis of high-purity Zr is known as a planar target. It is the zirconium target type that is most prevalent. Usually cylindrical in shape, these targets have diameters of around 100 mm and thicknesses of 0.25 to 0.35 cm. However, there are other varieties as well, such as circular plates, squares, or rectangles, which may be tailored to the requirements of the client.

Rotating Target: Performance coating, solar energy, semiconductor, and other applications employ zirconium. Its superior heat conductivity over silica ceramics is the primary justification for its use. This leads to quicker heat dissipation, which can result in a 20% boost in processing performance. When utilized in transistors, it also lessens the voltage drop across lines.

• By Application

Based on application the global market can be categorized into electronics & semiconductors, solar energy, performance coating and others.

Zirconium has a wide range of uses in several target areas, including electronics and semiconductors. Zirconium is utilized in the electronics and semiconductors sector for its endurance and conductivity in a variety of components, including resistors and capacitors.

Solar Energy: Zirconium is used in the solar energy industry to produce long-lasting solar panels and photovoltaic cells because to its superior resistance to corrosion.

Performance Coatings: Zirconium is perfect for performance coatings in sectors including aerospace, automotive, and healthcare because of its remarkable resistance to heat and chemicals.

Others: Because of its distinct qualities and dependability, zirconium is also used in a number of other industries, such as jewelry, nuclear power, and military.

DRIVING FACTORS

"Wide Utilization in the Solar Energy Industry to Brace Up the Market Growth"

The solar energy sector uses zirconium targets extensively. The material in question has found increasing use as a constituent in photovoltaic glass coatings for solar panels because of its resistance to high temperatures and other attributes, like its ability to weather and its non-reflective nature, which aid in improving light transmission and increasing solar panel power generation. In addition to being utilized as a target material in solar cell manufacturing, zirconium is renowned for having excellent thermal conductivity.

"Expanding Applications in Chemical Sector to Intensify the Market Growth"

When applying Performance Coating on substrate materials like steel, aluminum, or other materials, zirconium target is utilized. The target's primary purpose is to offer a surface on which metal may evaporate and deposit on substrates. Performance Coating uses them to anodize or harden metals. When using this technique, the Zr-Si alloy is the most suitable target material because of its excellent resolution and capacity to deposit thin coatings with few flaws.

RESTRAINING FACTOR

"Cost Factor and Limited Availability of Raw Materials to Hold Back the Market Growth"

In contrast to other materials, zirconium may be somewhat costly. Its price tag could prevent it from being used in some situations when less expensive options are available. The main source of zirconium is the mineral zircon (zirconium silicate). The total supply of zirconium may be impacted by the presence of zircon deposits. However, the issues with the cost and limited availability of raw materials may restrict the worldwide zirconium target market growth.

ZIRCONIUM TARGET MARKET REGIONAL INSIGHTS

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"Asia Pacific to dominate the Market owing to Significant Reserves "

The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

With more than half of the worldwide zirconium target market share in terms of sales, Asia Pacific led the way. China has dominated the world market for zirconium, especially when it comes to manufacturing. China is a key supplier of zirconium products to a variety of sectors and possesses sizable deposits of minerals containing zirconium. Variations in production capacity, market dynamics, and geopolitical upheavals can all affect a region's supremacy in the zirconium market.

KEY INDUSTRY PLAYERS

"Notable Market Players Shaping the Market and Contributing in the Market Expansion"

Due to their significant market influence, major market players are essential for understanding consumer preferences and industry dynamics. Because of these big companies' extensive retail networks and online platforms, customers may easily browse through an enormous variety of clothing selections. Due to their strong global presence and well-known brand, which have also strengthened customer loyalty and confidence, product adoption has increased. 

List of Market Players Profiled

• Lesker (U.S.)
• SAM (U.S.)
• Nexteck (U.K.)
• CXMET (China)
• Firmetal (China)
• Fine Metals (India)
• Advanced Engineering Materials (China)
• Haohai Sputtering Targets (China)
• Plansee (Austria).

INDUSTRIAL DEVELOPMENT

• Feburary 2021: The Plansee Group owns stakes in one business, Molymet, and is organized into three divisions: Plansee High Performance Materials, Ceratizit Hard Metals & Tools, and Global Tungsten & Powders.

REPORT COVERAGE

The research provides forecasts for future market expansion in addition to a comprehensive SWOT analysis. It examines a wide range of market classifications, potential uses, and important factors that fuel the market's expansion in order to determine how the industry develops over the next several years. By considering both historical turning points and current trends, the research offers a thorough picture of the market's components and highlights potential growth prospects.