English Extended Distribution PR-Wirein Press Release Reportedtimes Research Newswire

Zirconium Market Size Forecast to Reach $2.7 Billion by 2027

The zirconium Market size is forecast to reach US$2.7 billion by 2027 after growing at a CAGR of 8.1% during 2022-2027. Zirconium is a silver-grey transition metal that usually occurs naturally in mineral baddeleyite, also known as zirconia or derived chemically from zircon. It exhibits excellent properties such as high ductility, robust thermal and corrosion resistance, chemical inertness, and the ability to create stable compounds. Such Perse properties make zirconium an ideal material for use in several industrial applications that include ceramic, chemical processing, nuclear power, piezoelectric crystals, zirconium alloys, and many more. The ceramics industry is one of the largest consumers of zirconium where this metal is used extensively in the production of glazes, ceramic bodies, tiles, frits, enamels, etc. The ceramic industry is booming with increasing demand for ceramics and this is expected to drive the market’s growth during the forecast period. For instance, as per the data by The Council of North America (TCNA), consumption of ceramic tile increased 15.3% by volume in the third quarter of 2021 compared to the same period in 2020. Furthermore, due to the exceptional corrosion resistance property, zirconium finds its high uses in multiple types of equipment and structural components in the chemical industry, providing the equipment with high resistance against organic acids, mineral acids, salt solutions, and strong alkalis. The chemical industry is expanding globally with increasing production and processing of chemicals and this, in turn, is projected to drive the market’s growth in the forecast period. For instance, according to the report by India Brand Equity Foundation, the chemical industry in India will touch US$ 304 billion by 2025, growing at a CAGR of 9.3%. The strict regulations regarding the use of zirconium might hamper the market’s growth during the forecast period.

COVID-19 Impact

The zirconium market was affected to a large extent due to the COVID-19 pandemic. Challenges in the form of supply chain disruption, plant operation at reduced capacity, and raw material procurement surfaced amid the pandemic. Market players incurred losses in their businesses due to the severity of the pandemic. As per the 2020 full-year results presentation report by Australian-based zircon producer Iluka Resources, the company had to reduce the production of zircon at its Narngulu plant due to weak market conditions. However, the growth of the market gradually grew towards the end of 2020 due to the increase in demand for zirconium in various end-use industries. Going forward, the market is expected to witness significant growth due to the massive growth of multiple end-use sectors such as the ceramics and chemical industries.

Zirconium Market – By Type

Zircon dominated the zirconium market in 2021 and is growing at a CAGR of 8.5% during the forecast period. This type of zirconium possesses a unique suite of physical properties which makes it suitable for use in a vast array of applications. One of the most important markets for zircon is the ceramics industry where it is used as a whitener for the ceramic surface and body owing to its high refractive index. As per the data by the Zircon Industry Association, about 54% of zircon that is produced is utilized in the ceramic industry. Apart from ceramics, zircon also finds its high uses in other end-use industries such as foundry and refractory industries. To expand the portfolio of zircon, more research and development activities are taking place. For instance, as per the September 2020 journal by the American Institute of Physics (AIP), the synthesis of zircon solid ceramics was conducted utilizing the Arch Plasma Sintering (APS) technique. Such increasing uses of zircon will increase its demand in the forecast period.

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Zirconium Market – By End Use Industry

The ceramic industry dominated the zirconium market in 2021 and is growing at a CAGR of 9.1% during the forecast period. Zirconium is used in a wide range of industrial applications ranging from ceramics to piezoelectric crystals, and zirconium alloys. Among these, the ceramics industry is one the largest market for zirconium where it is utilized in ceramic tiles, glazes, frits, enamels, and many other applications. The demand for ceramic is increasing globally due to increasing demand for stylish and premium ceramic products among consumers and this is projected to drive the market’s growth during the forecast period. For instance, as per the data by the Italian ceramics association Confindustria Ceramica, the ceramic tiles market in the first quarter of 2021 witnessed a positive growth rate with an increased turnover of 9% compared to 2020. Similarly, as per the data by the Tile Council of North America, consumption of ceramic tile through the first quarter of 2021 surged 17.8% by volume compared to the first quarter of 2020. Such massive growth in the demand for ceramics is projected to stimulate the use of zirconium which is expected to drive the growth of the market during the forecast period.

Zirconium Market – By Geography

The Asia-Pacific region held the largest market share in the zirconium market with a market share of up to 32%. The high demand for zirconium is attributed to the booming ceramic industry in the region. Zirconium is used in the production of multiple ceramic products ranging from tiles to frits and pigment. The Asia-Pacific region is one of the largest producers of ceramics in the world which propels the high uses of zirconium in the region. For instance, as per the data by the Trade Promotion Council of India (TPCI), China is the largest manufacturer of ceramic tiles globally. The ceramic industry is showing exceptional growth in the region in the last few years and this is expected to further increase the demand for zirconium during the forecast period. For instance, according to the June 2021 data by India Brand Equity Foundation, the ceramic products & glassware segment recorded positive growth (20.32%) in May 2021 compared to May 2019. Similarly, as per the 2021 Half Year Results report by Iluka Resources, production of ceramic tile returned to pre-pandemic levels in China. This huge boost in the production of ceramics in the region is expected to propel the demand for zirconium during the forecast period.

Zirconium Market Drivers

Expanding chemical sector will drive the market’s growth

The chemical industry is one of the major industries that utilize zirconium for a wide array of applications. Zirconium alloys are used in numerous equipment in the chemical industry such as boilers, tanks, pressure vessels, pumps, valves, and many other components where they provide robust corrosion resistance to the equipment against organic and inorganic acids, strong alkalis, salt solutions, and some molten salts. Zirconium is also used as a catalyst in various chemical processes in the chemical sector. The chemical industry is expanding globally and this is expected to increase the requirement of zirconium and zirconium alloys which will drive the market’s growth in the forecast period. For instance, according to the report by India Brand Equity Foundation, the domestic chemical industry’s small and medium enterprises will exhibit 18-23% revenue growth in FY22. Similarly, according to the June 2021 Mid-Year US Chemical Industry Outlook report, chemical volumes in the US market are anticipated to surge by 3.2% and shipments are projected to jump by 8.2% in 2022. Such massive expansion in the chemical industry globally is expected to increase the demand for zirconium and this will contribute to the growth of the market during the forecast period.

Booming ceramics industry will drive the market’s growth

Zirconium finds its extensive use in the ceramics industry globally. The ceramics industry is one of the largest markets for zirconium where it is utilized in numerous products ranging from tiles to glazes and enamels. The ceramic industry is booming globally with increasing production and consumption of ceramics and this is projected to drive the market’s growth during the forecast period. For instance, as per the data by the Trade Promotion Council of India, ceramic products exports by India increased in 2019, reaching US$ 1.7 billion. Similarly, as per the data by Ceramica.info, the official online source for the Italian ceramic industry, the ceramic tile demand had a significant performance in Europe, with Germany witnessing an increase of 10.8% in tile consumption. Such growth in the global ceramics industry is projected to increase the demand for zirconium and in turn, this is expected to drive the market’s growth during the forecast period.

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Zirconium Market Challenges

Strict regulations regarding the use of zirconium might hamper the market’s growth

The use of zirconium has always been a major concern due to the health issues associated with it and this might slow down the growth of the market during the forecast period. Exposure to zirconium can lead to eye irritation, lung irritation and it can cause an allergic skin reaction. Various governing bodies are constantly monitoring the proper use and its effect on human health. For instance, the Occupational Safety and Health Administration (OSHA) has set an exposure limit of 5 mg/m3. Such strict regulations regarding the use of zirconium might hamper the market’s growth during the forecast period.

Zirconium Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the zirconium market. Major players in the zirconium market are:

Iluka Resources
Eramet
Kenmare Resources plc
Tronox Inc.
Rio Tinto Group
Alkane Resources Limited
Base Resources Limited
Doral Mineral Sands Pty Ltd
Others.

Recent Developments

In December 2019, Lomon Billions acquired China National Nuclear Corporation’s shares in Orient Zirconic. This acquisition helped Lomon Billions to strengthen its position in the zirconium business globally.

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Key Takeaways:

Zircon dominated the zirconium market in 2021. This type of zirconium comes with a unique set of physical properties, making it ideal for multiple demanding applications.

The chemical industry is projected to drive the market’s growth during the forecast period. For instance, according to the June 2020 data by the American Chemistry Council, net exports of chemicals will account for US$37 billion by 2025.

The Asia-Pacific region is expected to witness the highest demand for zirconium owing to the increasing ceramics market in the region. As per the July 2021 data by India Brand Equity Foundation, the ceramic products & glassware segment recorded positive growth (36.97%) during June 2021 vis-a-vis June 2020.

Relevant Reports

A. Global Zirconium Tetrafluoride Market

https://www.industryarc.com/Research/Global-Zirconium-Tetrafluoride-Industry-Market-Research-511585

B. Zirconia Ceramic Balls Market 

https://www.industryarc.com/Research/Zirconia-Ceramic-Balls-Market-Research-501508

For more Chemicals and Materials related reports, please click here

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Contact Information:

Venkat Reddy
Sales Director
Email: venkat@industryarc.com
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677