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Zirconium Market Overview
The Zirconium Market size is forecast to reach US$3.409 billion by 2030 after growing at a CAGR of 8.1% during 2024-2030. Zirconium is a silver-grey transition metal that usually occurs naturally in mineral baddeleyite, also known as zirconia or derived chemically from zircon. It exhibits excellent properties such as high ductility, robust thermal and corrosion resistance, chemical inertness, and the ability to create stable compounds. Such Perse properties make zirconium an ideal material for use in several industrial applications that include ceramic, chemical processing, nuclear power, piezoelectric crystals, zirconium alloys, and many more. The ceramics industry is one of the largest consumers of zirconium where this metal is used extensively in the production of glazes, ceramic bodies, tiles, frits, enamels, etc. The ceramic industry is booming with increasing demand for ceramics and this is expected to drive the market’s growth during the forecast period. Furthermore, due to the exceptional corrosion resistance property, zirconium finds its high uses in multiple types of equipment and structural components in the chemical industry, providing the equipment with high resistance against organic acids, mineral acids, salt solutions, and strong alkalis. The chemical industry is expanding globally with increasing production and processing of chemicals and this, in turn, is projected to drive the market’s growth in the forecast period. For instance, according to the report by India Brand Equity Foundation, the chemical industry in India will touch US$ 304 million 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.
Zirconium’s corrosion resistance, high-temperature tolerance, and excellent mechanical properties make it indispensable in various applications. It is commonly used in ceramics, foundries, nuclear reactor fuel rods, and other critical areas. The zirconium market is poised for growth, driven by technological advancements, industrial demand, and the global focus on sustainable energy resources. Strategic investments, research and development, and collaborations will continue to shape the market’s trajectory.
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, 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.
The global economic slowdown caused by the COVID-19 pandemic had repercussions on both zirconium production and demand from end-user industries such as iron and steel, cement, energy, chemicals, and ceramics. Despite these challenges, the focus on developing nuclear power resources is expected to drive positive growth in the market.
Zirconium Market Report Coverage
The report: “Zirconium Market Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Zirconium Industry.
By Type: Zircon, Zirconia, and Others.
By Form: Crystal, Powder, and Others.
By End-Use Industry: Ceramic, Foundry Sands & Coatings, Refractory, Chemical, Glass, Nuclear Power, Cosmetics, Food Packaging, Solar Power, Healthcare, Industrial, Paper, and Others.
By Geography: North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of Asia Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), and RoW (Middle East and Africa).
Key Takeaways:
• Zircon dominated the Zirconium Market in 2023. 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.
• The Asia-Pacific region is expected to witness the highest demand for zirconium owing to the increasing ceramics market in the region.
• China’s robust industrial base and focus on technological advancements contribute to its leadership position. Other regions, including North America, Europe, and the Rest of the World (RoW), also play significant roles.
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Zirconium Market - By Type
Zircon dominated the Zirconium Market in 2023 and is growing at a CAGR of 8.2% 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. Such increasing uses of zircon will increase its demand in the forecast period.
Zirconium Market - By End Use Industry
The ceramic industry dominated the Zirconium Market in 2023 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 2023 witnessed a positive growth rate with an increased turnover of 9.81% compared to 2022. 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. As per the 2023 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 20-24% revenue growth in FY23. For instance, according to a report by the India Brand Equity Foundation, the chemical industry in India is projected to touch US$ 304 billion by 2025, growing at a CAGR of 9.3%. Similarly, the Mid-Year US Chemical Industry Outlook in June 2023 reported a 4.3% expansion in chemical volumes in the United States market. 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 2023, reaching US$ 2.10 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 11.76% 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.
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:
1. Iluka Resources
2. Eramet
3. Kenmare Resources plc
4. Tronox Inc.
5. Rio Tinto Group
6. Alkane Resources Limited
7. BASF SE
8. Wanhua chemical group.
9. Huntsman International LLC.
10. Wanhua chemical group and Others
Zirconium market- Acquisition /Technology Launches.
• In June 2022, Malaysia Smelting Corp (MSC) unit acquired a neighboring tin mining leaseholder. The transaction involved the purchase of 272,250 shares, equivalent to 20% of the expanded share capital of the company RHT .
1. Zirconium market- Market Overview
1.1 Definitions and Scope
2. Zirconium market- Executive Summary
2.1 Key Trends by Type
2.2 Key Trends by Form
2.3 Key Trends by End Use Industry
2.4 Key Trends by Geography
3. Zirconium market- Comparative analysis
3.1 Market Share Analysis- Major Companies
3.2 Product Benchmarking- Major Companies
3.3 Top 5 Financials Analysis
3.4 Patent Analysis- Major Companies
3.5 Pricing Analysis (ASPs will be provided)
4. Zirconium market- Startup companies Scenario Premium Premium
4.1 Major startup company analysis:
4.1.1 Investment
4.1.2 Revenue
4.1.3 Product portfolio
4.1.4 Venture Capital and Funding Scenario
5. Zirconium market– Industry Market Entry Scenario Premium Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing business index
5.3 Successful Venture Profiles
5.4 Customer Analysis - Major companies
6. Zirconium market- Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters five force model
6.3.1 Bargaining power of suppliers
6.3.2 Bargaining powers of customers
6.3.3 Threat of new entrants
6.3.4 Competitive Rivalry
6.3.5 Threat of substitutes
7. Zirconium market-Strategic analysis
7.1 Value chain analysis
7.2 Opportunities analysis
7.3 Product/Market life cycle
7.4 Distributors Analysis - Major Companies
8. Zirconium market– By Type (Market Size -US$ Million, Billion)
8.1 Zircon
8.2 Zirconia
8.3 Others
9. Zirconium market– By Form (Market Size -US$ Million, Billion)
9.1 Crystal
9.2 Powder
9.3 Others
10. Zirconium market– By End Use Industry (Market Size -US$ Million, Billion)
10.1 Ceramic
10.2 Foundry Sands & Coatings
10.3 Refractory
10.4 Chemical
10.5 Glass
10.6 Nuclear Power
10.7 Cosmetics
10.8 Food Packaging
10.9 Solar Power
10.10 Healthcare
10.11 Industrial
10.12 Paper
10.13 Others
11. Zirconium market - By Geography (Market Size -US$ Million / Billion)
11.1 North America
11.1.1 USA
11.1.2 Canada
11.1.3 Mexico
11.2 Europe
11.2.1 UK
11.2.2 Germany
11.2.3 France
11.2.4 Italy
11.2.5 Netherlands
11.2.6 Spain
11.2.7 Russia
11.2.8 Belgium
11.2.9 Rest of Europe
11.3 Asia Pacific
11.3.1 China
11.3.2 Japan
11.3.3 India
11.3.4 South Korea
11.3.5 Australia and New Zealand
11.3.6 Indonesia
11.3.7 Taiwan
11.3.8 Malaysia
11.3.9 Rest of Asia Pacific
11.4 South America
11.4.1 Brazil
11.4.2 Argentina
11.4.3 Colombia
11.4.4 Chile
11.4.5 Rest of South America
11.5 ROW
11.5.1 Middle East
11.5.1.1 Saudi Arabia
11.5.1.2 UAE
11.5.1.3 Israel
11.5.1.4 Rest of Middle East
11.5.2 Africa
11.5.2.1 South Africa
11.5.2.2 Nigeria
11.5.2.3 Rest of Africa
12. Zirconium market-Entropy
12.1 New Product Launches
12.2 M&A’s, Collaborations, JVs and Partnerships
13. Zirconium market- Industry/Segment Competition Landscape Premium
13.1 Company Benchmarking Matrix- Major Companies
13.2 Market Share at Global Level- Major companies
13.3 Market Share by Key Region- Major companies
13.4 Market Share by Key Country- Major companies
13.5 Market Share by Key Application - Major companies
13.6 Market Share by Key Product Type/Product category- Major companies
14. Zirconium market- Key Company List by Country Premium Premium
15. Zirconium market Company Analysis- Business Overview, Product Portfolio, Financials, and Developments
15.1 Company 1
15.2 Company 2
15.3 Company 3
15.4 Company 4
15.5 Company 5
15.6 Company 6
15.7 Company 7
15.8 Company 8
15.9 Company 9
15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"
LIST OF TABLES
1.Global MARKET SEGMENTATION Market 2019-2024 ($M)1.1 Occurrence Type Market 2019-2024 ($M) - Global Industry Research
1.1.1 Zircon Market 2019-2024 ($M)
1.1.2 Zirconia Market 2019-2024 ($M)
1.1.4 Ceramics Market 2019-2024 ($M)
1.1.5 Refractories Market 2019-2024 ($M)
1.1.6 Zircon Chemicals Market 2019-2024 ($M)
1.1.7 Foundry Sand Market 2019-2024 ($M)
1.1.9 Production Market 2019-2024 ($M)
1.1.10 Consumption Market 2019-2024 ($M)
2.Global COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
2.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Global Industry Research
3.Global MARKET SEGMENTATION Market 2019-2024 (Volume/Units)
3.1 Occurrence Type Market 2019-2024 (Volume/Units) - Global Industry Research
3.1.1 Zircon Market 2019-2024 (Volume/Units)
3.1.2 Zirconia Market 2019-2024 (Volume/Units)
3.1.4 Ceramics Market 2019-2024 (Volume/Units)
3.1.5 Refractories Market 2019-2024 (Volume/Units)
3.1.6 Zircon Chemicals Market 2019-2024 (Volume/Units)
3.1.7 Foundry Sand Market 2019-2024 (Volume/Units)
3.1.9 Production Market 2019-2024 (Volume/Units)
3.1.10 Consumption Market 2019-2024 (Volume/Units)
4.Global COMPETITIVE LANDSCAPE Market 2019-2024 (Volume/Units)
4.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 (Volume/Units) - Global Industry Research
5.North America MARKET SEGMENTATION Market 2019-2024 ($M)
5.1 Occurrence Type Market 2019-2024 ($M) - Regional Industry Research
5.1.1 Zircon Market 2019-2024 ($M)
5.1.2 Zirconia Market 2019-2024 ($M)
5.1.4 Ceramics Market 2019-2024 ($M)
5.1.5 Refractories Market 2019-2024 ($M)
5.1.6 Zircon Chemicals Market 2019-2024 ($M)
5.1.7 Foundry Sand Market 2019-2024 ($M)
5.1.9 Production Market 2019-2024 ($M)
5.1.10 Consumption Market 2019-2024 ($M)
6.North America COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research
7.South America MARKET SEGMENTATION Market 2019-2024 ($M)
7.1 Occurrence Type Market 2019-2024 ($M) - Regional Industry Research
7.1.1 Zircon Market 2019-2024 ($M)
7.1.2 Zirconia Market 2019-2024 ($M)
7.1.4 Ceramics Market 2019-2024 ($M)
7.1.5 Refractories Market 2019-2024 ($M)
7.1.6 Zircon Chemicals Market 2019-2024 ($M)
7.1.7 Foundry Sand Market 2019-2024 ($M)
7.1.9 Production Market 2019-2024 ($M)
7.1.10 Consumption Market 2019-2024 ($M)
8.South America COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
8.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research
9.Europe MARKET SEGMENTATION Market 2019-2024 ($M)
9.1 Occurrence Type Market 2019-2024 ($M) - Regional Industry Research
9.1.1 Zircon Market 2019-2024 ($M)
9.1.2 Zirconia Market 2019-2024 ($M)
9.1.4 Ceramics Market 2019-2024 ($M)
9.1.5 Refractories Market 2019-2024 ($M)
9.1.6 Zircon Chemicals Market 2019-2024 ($M)
9.1.7 Foundry Sand Market 2019-2024 ($M)
9.1.9 Production Market 2019-2024 ($M)
9.1.10 Consumption Market 2019-2024 ($M)
10.Europe COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
10.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research
11.APAC MARKET SEGMENTATION Market 2019-2024 ($M)
11.1 Occurrence Type Market 2019-2024 ($M) - Regional Industry Research
11.1.1 Zircon Market 2019-2024 ($M)
11.1.2 Zirconia Market 2019-2024 ($M)
11.1.4 Ceramics Market 2019-2024 ($M)
11.1.5 Refractories Market 2019-2024 ($M)
11.1.6 Zircon Chemicals Market 2019-2024 ($M)
11.1.7 Foundry Sand Market 2019-2024 ($M)
11.1.9 Production Market 2019-2024 ($M)
11.1.10 Consumption Market 2019-2024 ($M)
12.APAC COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
12.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research
13.MENA MARKET SEGMENTATION Market 2019-2024 ($M)
13.1 Occurrence Type Market 2019-2024 ($M) - Regional Industry Research
13.1.1 Zircon Market 2019-2024 ($M)
13.1.2 Zirconia Market 2019-2024 ($M)
13.1.4 Ceramics Market 2019-2024 ($M)
13.1.5 Refractories Market 2019-2024 ($M)
13.1.6 Zircon Chemicals Market 2019-2024 ($M)
13.1.7 Foundry Sand Market 2019-2024 ($M)
13.1.9 Production Market 2019-2024 ($M)
13.1.10 Consumption Market 2019-2024 ($M)
14.MENA COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
14.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Zirconium Market Revenue, 2019-2024 ($M)2.Canada Zirconium Market Revenue, 2019-2024 ($M)
3.Mexico Zirconium Market Revenue, 2019-2024 ($M)
4.Brazil Zirconium Market Revenue, 2019-2024 ($M)
5.Argentina Zirconium Market Revenue, 2019-2024 ($M)
6.Peru Zirconium Market Revenue, 2019-2024 ($M)
7.Colombia Zirconium Market Revenue, 2019-2024 ($M)
8.Chile Zirconium Market Revenue, 2019-2024 ($M)
9.Rest of South America Zirconium Market Revenue, 2019-2024 ($M)
10.UK Zirconium Market Revenue, 2019-2024 ($M)
11.Germany Zirconium Market Revenue, 2019-2024 ($M)
12.France Zirconium Market Revenue, 2019-2024 ($M)
13.Italy Zirconium Market Revenue, 2019-2024 ($M)
14.Spain Zirconium Market Revenue, 2019-2024 ($M)
15.Rest of Europe Zirconium Market Revenue, 2019-2024 ($M)
16.China Zirconium Market Revenue, 2019-2024 ($M)
17.India Zirconium Market Revenue, 2019-2024 ($M)
18.Japan Zirconium Market Revenue, 2019-2024 ($M)
19.South Korea Zirconium Market Revenue, 2019-2024 ($M)
20.South Africa Zirconium Market Revenue, 2019-2024 ($M)
21.North America Zirconium By Application
22.South America Zirconium By Application
23.Europe Zirconium By Application
24.APAC Zirconium By Application
25.MENA Zirconium By Application