Valued to be 1.1 Million Metric Tons by 2026, Zirconium Slated for Robust Growth Worldwide

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Mar 23, 2022, 03:15 ET

SAN FRANCISCO, March 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Zirconium - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Valued to be 1.1 Million Metric Tons by 2026, Zirconium Slated for Robust Growth Worldwide

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Edition: 20; Released: February 2022
Executive Pool: 5621
Companies: 89 - Players covered include Allegheny Technologies, Inc.; ASM Inc; Astron Ltd.; Foskor Zirconia (PTY) Limited; Iluka Resources Limited; Imerys Fused Minerals Murg GmbH; Kenmare Resources plc; Luxfer Holdings plc; Oxkem Limited; Richards Bay Minerals; The Chemours Company; TiZir Limited; Tosoh Corporation; Tronox Limited; Zhejiang Jinkun Zirconium Industry Co., Ltd.; Zircomet Limited and Others.
Coverage: All major geographies and key segments
Segments: Occurrence Type (Zircon, Zirconia, Other Occurrence Types); End-Use (Ceramics, Chemicals, Refractories, Foundries, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Zirconium Market to Reach 1.1 Million Metric Tons by 2026
Zirconium represents an obscure, but a vital element with immense potential for comprehensive spectrum of applications. Generally found in zircon, the element is an indispensable component of nuclear power facilities, mobile phones, paints, ceramics, catalytic convertors and dialysis equipment. Based on its unique chemical and physical characteristics, zirconium is bound to find use in emerging applications, including sustainable and more efficient clean technologies. Factors responsible for driving long term growth in the market include increasing urbanization, escalating growth in consumption of ceramic tiles and increasing demand for Zirconium Chemicals in various industries. Further, maturing long term contracts, increasing popularity of zircon flour, emergence of innovative applications as well as vertical integration in the Zirconium market are some of the on-going trends in the industry. Some of the growth inhibitors include low pigment plant capacity utilization, radiological concerns, exchange rate fluctuation as well as other disruptions apart from threat from substitute materials, price fluctuations, related health issues and its outright elimination from use in product formulations such as TV glass.

Amid the COVID-19 crisis, the global market for Zirconium estimated at 1 Million Metric Tons in the year 2022, is projected to reach a revised size of 1.1 Million Metric Tons by 2026, growing at a CAGR of 3.1% over the analysis period. Zircon, one of the segments analyzed in the report, is projected to record a 3.3% CAGR and reach 845.3 Thousand Metric Tons by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Zirconia segment is readjusted to a revised 2.7% CAGR for the next 7-year period.

The U.S. Market is Estimated at 89.2 Thousand Metric Tons in 2022, While China is Forecast to Reach 511.2 Thousand Metric Tons by 2026
The Zirconium market in the U.S. is estimated at 89.2 Thousand Metric Tons in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of 511.2 Thousand Metric Tons by the year 2026 trailing a CAGR of 2.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.3% and 3.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.3% CAGR. China ranks as the largest consumer of Zirconium owing to rising demand from end-use industries including ceramics, construction, and medical and healthcare. Additionally, the country emerged as one of the largest producers of Zirconium sponge. South Africa and Australia, holding huge reserves of the mineral, represent the largest producers of Zirconium, worldwide.

Global Zirconia Market Segment to Reach 224.1 Thousand Metric Tons Billion by 2026
Global market for Zirconia is estimated at 204.9 Thousand Metric Tons in 2022, and is projected to reach 224.1 Thousand Metric Tons by 2026 reflecting a compounded annual growth rate of 2.7% over the analysis period. China constitutes the largest regional market for Zirconia segment, accounting for 41.1% of the global consumption. Asia-Pacific is poised to register the fastest compounded annual growth rate of 3.8% over the analysis period, to reach 26.6 Thousand Metric Tons by the year 2026.
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