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Zirconium Market Size

Report ID: GMI7082
Published Date: Oct 2023
Report Format: PDF

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Zirconium Market Size

Zirconium Market size was valued at around USD 1.7 billion in 2022 and is estimated to reach USD 3.6 billion by 2032. The Market is characterized by its versatile applications and sustained growth. Zirconium, a corrosion-resistant and heat-tolerant metal, is utilized in various forms.

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Zirconium's applications span from critical components in nuclear reactors, ceramics, and zirconium compounds for ceramics and refractories to zirconium alloys and zirconia-based dental and medical implants. Its significance lies in serving the nuclear, ceramics, chemical, foundry, electronics, and other industries. The market is driven by the nuclear sector's demand, the increasing utilization of zirconium in ceramics, and its wide-ranging applications.

The growth is sustained by the metal's exceptional corrosion resistance and the versatile solutions it offers, making it a pivotal element in several industrial processes and innovative product developments.

Zirconium Market Report Attributes
Report Attribute	Details
Base Year:	2022
Zirconium Market Size in 2022:	USD 1.7 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	7.5%
2032 Value Projection:	USD 3.6 Billion
Historical Data for:	2018 – 2022
No. of Pages:	180
Tables, Charts & Figures:	203
Segments covered:	Type, Application, End use Industry and Region
Growth Drivers:	Increasing Nuclear Energy Demand: Electronics and Zirconia-based Implants Ceramics and Refractories:
Pitfalls & Challenges:	Limited Supply Sources

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The limited supply sources of zirconium indeed present a significant restraint and pitfall for the zirconium market. Zirconium is predominantly sourced from a handful of countries with significant reserves, leaving the market vulnerable to supply chain disruptions due to geopolitical tensions, export restrictions, or unforeseen events. This dependency on a small number of suppliers can lead to price volatility, reduced reliability of supply, and increased production costs.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Zirconium industry size was worth around USD 1,780.1 million in 2022 and is estimated to reach USD 3,668.9 million by 2032 driven by rising demand from the nuclear sector and the increasing utilization in ceramics.

The zirconium metal segment generated USD 686.6 million in revenue in 2022 and is expected to witness high demand from 2023-2032 owing to their increasing application in the production of ceramics, refractories, and foundry materials.

U.S. zirconium market size was USD 406.9 million in 2022 and is anticipated to expand significantly during 2023-2032 attributed to the presence of robust nuclear sector and the increasing demand in ceramics across the country.

Some of the prominent zirconium industry players include Iluka Resources Limited, Tronox Holdings plc, Eramet, Kenmare Resources PLC, Rio Tinto Group, Wanhua Chemical Group, BASF SE, Huntsman International LLC, and Evonik Industries AG