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How is soaring demand from ceramics applications triggering zirconium dioxide market trends?
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Augmenting demand for ceramic tiles from rising construction of airports, education institutes, and transport infrastructure across the globe is generating steady zirconium dioxide market demand. The product has also witnessed considerable deployment in the field of medical ceramics driven by the rising rate of knee and hip replacement surgeries, cosmetic procedures, and wound healing surgical techniques. Furthermore, strengthening economic activity on a global scale and towering demand for ceramics from heavy machineries, automotive, and defense industries is triggering zirconium dioxide market size.
Global 99.5% purity zirconium market size is expected to exceed USD 39.5 million by 2025. The growth can be attributed to the rising demand of the product from medical ceramic, refractory and construction applications. The product will witness massive traction from refractory purposes segment primarily driven by the expanding steel and cement sectors. Global 99.5% purity zirconium market size from refractory purposes application is estimated to accumulate gains over USD 17.5 million by 2025.
China and Germany are prominent revenue pockets for 99.5% purity segment. While market demand in China is mainly attributed to the growth of the retail sector and vigorous infrastructural & residential constructional activities, the key impetus behind Germany market growth is substantial product innovation and the upsurge in the demand for medical procedures involving the use of ceramics. As per the estimates, Germany 99.5% purity zirconium dioxide market share is slated to surpass USD 1 million by 2025. Meanwhile, China 99.5% zirconium dioxide market from ceramic applications is anticipated to record a CAGR of 4.5% over 2019-2025.
North America led by the US, Mexico and Canada is likely to exhibit bright prospects for zirconium dioxide market. In 2018, North America zirconium dioxide market size surpassed USD 15 million. Factors such as increased demand for cosmetic surgeries, favorable reimbursement landscape, and technological advancements are reinforcing demand for zirconium dioxide. In addition, rise in region's elderly population has consequently boosted the demand for ceramic-based medical procedures such as dental implants and knee & hip replacement procedures, which is expected to further fuel market trends.
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U.S. in particular will witness significant demand for 99% zirconium dioxide market owing to the expanding infrastructure sector and the exponentially augmenting demand for durable goods. In terms of volume, U.S. 99% purity zirconium dioxide market size is forecast to surpass 27.5 tons by 2025.
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