Global Zirconium Market to Reach US$ 3.5 Billion by 2032, Propelled by Expanding Product Utilization across Various Industries

According to the latest report by IMARC Group, titled “­­Zirconium Market Report by Occurrence Type (Zircon, Zirconia, and Others), Form (Crystal, Powder), End Use (Ceramics, Chemicals, Foundry, Refractories, and Others), and Region 2024-2032,” the global zirconium market size reached US$ 1.9 Billion in 2023. Zirconium is a lustrous, silver-grey transition metal found in volcanic and plutonic rocks. It can be commercially extracted from zircon (zircon silicate) and zirconium dioxide that is naturally present in the mineral baddeleyite, also known as zirconia. Zirconium exhibits high ductility and malleability, chemical inertness, strong resistance to heat, corrosion, acids, alkalis, and seawater, and the ability to create stable compounds. These advantageous properties make it an ideal material for several industrial purposes, such as manufacturing pipes, plumbing fittings, heat exchangers, colored glazes, bricks, ceramics, tiles, frits, enamels, abrasives, lamp filaments, and artificial gemstones. Apart from this, it finds numerous applications in chemical processing, nuclear power, piezoelectric crystals, and steel and zirconium alloys.

Global Zirconium Market Trends:

The increasing use of zirconium across the bolstering nuclear power industry for cladding or outer covering in fuel rods due to its high structural strength and low neutron absorption is primarily driving the market growth. Besides this, the rising product utilization in boilers, tanks, pressure vessels, pumps, and valves across the chemical sector to provide resistance against corrosion from organic acids, mineral acids, salt solutions, and strong alkalis is aiding in market expansion. Moreover, the large-scale product adoption for manufacturing flashbulbs, surgical instruments, explosive primers, precision tools, gemstones, glass, ceramics, and rayon spinnerets is contributing to the market growth. Concurrent with this, zirconium is extensively employed in producing modern porcelain tiles, as they can bind organic and inorganic sand binders and possess low thermal expansion and acidity properties, which is creating a positive outlook for the market. In addition to this, the escalating demand from the aviation and automotive sectors for manufacturing protective coatings for engine components, such as exhaust manifolds, pistons, and cylinder heads, and protecting their metallic surfaces from prolonged exposure to high temperatures are presenting remunerative growth opportunities for the market. Furthermore, expanding prosthetic applications of zirconium alloys, such as fixation of partial dentures and fabrication of crowns with computer-aided design (CAD)/ computer-aided manufacturing (CAM) techniques in dentistry, is impelling the market growth. Looking forward, the market value is projected to reach US$ 3.5 Billion by 2032, expanding at a CAGR of 6.8% during 2024-2032.

Market Summary:

• On the basis of the occurrence type, the market is segregated into zircon, zirconia, and others.
• Based on the form, the market has been bifurcated into crystal and powder.
• On the basis of the end use, the market is categorized into ceramics, chemicals, foundry, refractories, and others.
• Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the market has also been examined, with some of the key players being Australian Strategic Materials Ltd (ASM), Base Resources Limited, Doral Mineral Sands Pty Ltd. (Iwatani Corporation), Eramet SA, Iluka Resources Limited, Kenmare Resources Plc, Rio Tinto Group, Saint-Gobain ZirPro, Tosoh Corporation, and Tronox Holdings Plc.

Report Coverage:

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