According to the latest report by IMARC Group, titled “Zirconium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,”The global zirconium market price reached a US$ 1.66 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 2.65 Billion by 2027, exhibiting at a CAGR of 8.4% during 2022-2027.
Zirconium is a lustrous silver-grey transition metal commonly found in volcanic and plutonic rocks. It is commercially extracted from minerals, such as zirconium dioxide and zircon, and is infused with silica, ilmenite, and rutile. Zirconium is highly ductile, malleable, and resistant to corrosion, heat, acids, alkalis, and seawater. As a result, it is widely utilized to manufacture pipes, plumbing fittings, heat exchangers, steel alloys, colored glazes, bricks, ceramics, abrasives, lamp filaments, and artificial gemstones.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Zirconium Market Trends:
The zirconium market is primarily driven by the significant growth in the nuclear power industry across the globe. Owing to its high structural strength and low neutron absorption properties, zirconium is extensively used for cladding or outer covering in fuel rods in nuclear power units. Additionally, the widespread adoption of zirconium alloys to manufacture flashbulbs, surgical instruments, and explosive primers is further propelling the market. It is also used to produce modern porcelain tiles due to its strong binding ability, low thermal expansion, and reduced acidity. Moreover, zirconium protects metallic surfaces from prolonged exposure to high temperatures, thereby making it ideal for manufacturing engine components. Other factors, like the replacement of steel dental implants with zirconium alloys, along with extensive R&D activities, are further expected to drive the global market for zirconium in the coming years.
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Global Zirconium Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Alkane Resources Ltd., 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.
The report has segmented the market on the basis on region, occurrence type, form and end use.
Breakup by Occurrence Type:
Breakup by Form:
Breakup by End Use: