Californium Market Size Forecast to Reach Around $800.2 Million by 2025

Global Californium Market size is forecast to reach around $800.2 million by 2025, after growing at a CAGR of 5% during 2020-2025. Californium is highly radioactive chemical elements represented with the symbol Cf and atomic number 98. Californium belongs to the actinide series and is used for practical applications. The surging uses of californium due to its radioactive properties in a number of applications like neutron source in nuclear reactors, material scanners, and certain types of cancer treatment drive the growth of global californium market size. Additionally, the growing well logging activities in the oil industries from the US and Middle East country is also propelling the growth of this market.

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Californium Market Segment Analysis - By Type

The Californium-252 (Cf-252) segment holds the largest share of more than 45% in the Californium market in 2019 due to its greater stability and exceptional neutron emission capabilities. Furthermore, growing consumption of Californium-252 from nuclear industry as a neutron source to initiate the nuclear fission process in reactors and in medical field, used to treat cancer tumors when other radiation treatments failed. As, Californium-252 can only be produced in a high flux isotope reactor and the production process is quite lengthy. At present, High Flux Isotope Reactor (HFIR) at Oak Ridge National Laboratory (ORNL) and SMR3 at RIAR, Russia are only two nuclear reactors capable of producing Cf-252.

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Californium Market Segment Analysis - By Application

The Coal and Cement applications segment is projected to witness the substantial growth of CAGR 6% in the Californium market during the forecast period due to growing uses of Prompt Gamma Neutron Activation Analysis (PGNAA) powered by californium-252 in the coal and cement industries. Furthermore, the use of PGNAA offers real-time analysis of samples, also offers the highest level of accuracy and responsiveness for elemental composition readings and contribute to greater cost savings. Thus, due to these advantages of californium, the Coal and cement industry professionals often turn to californium-252 neutron sources.

Californium Market Segment Analysis - By Geography

Among the regions, the APAC is projected to witness the highest CAGR of 8% in the global Californium market during the forecast period. The growing demand from healthcare industries across China and India is fueling the growth of this market in the APAC region. In APAC region, China acts as a dominant country in the Californium market owing to the presence of large consumer base and the rapid development of the production of nuclear weapons. Furthermore, developing cancer treatment centers and petrochemical industry across the region and rise in disposables income also contribute to the growth of this market in APAC region.

Californium Market Drivers

Surging demand for Californium across various end-use industries

Californium is considered as rare earth element, belonging to the actinide series. Californium is one of the highly radioactive elements having the second-highest atomic mass among all the elements that have been produced in amounts large enough to see with the unaided eye. Globally, rise in the demand for cancer treatment application, and increasing research work in nuclear reactions and its potential benefits in developed countries are the prime growth drivers of californium market. In addition, emergence of potential application of californium such as discovery of precious metals such as silver or gold and biodefense and rising number of nuclear reactors in emerging economies such as China, India and others are also propelling the growth of californium market. Moreover, increasing well logging activities to determine the porosity and permeability of the surrounding material, as well as detection of shale beds and hydrocarbons and boom in the shale gas production drives the demand of Californium from oil industry. Furthermore, in the military and defense industry, the growing need of scanning of fuel rods, weapons parts, and aircraft components to detect cracks, bad welds, and other faults is also contributing to the growth of this market. Whereas, the growing demand for californium from healthcare sector for the cancer treatment is also driving the market growth.

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Californium Market Challenges

Complicated production and transportation process along with hazardous chemical

The high cost of the californium, complicated process of production, Radioactive nature of californium, and need of specialized shielding walls and shipping containers to ensure the safety when shipping is hampering the growth of Californium market share during the forecast period. Californium is a powerful neutron source and thus has the hazardous potential to emit radiation if not encapsulated properly. To ensure the safety of all involved during the production, transport, delivery, and storage of californium products, it is important to implement an excellent-quality, high-strength protective shielding measures. This requirement can increase the cost of transportation. Furthermore, the growing smuggling of californium is also acting as a restraining factor to the growth of this market. Californium is a chemical element that is not readily available in nature and the due to its high cost, smuggling of californium is growing. For instance, in July 2019, according to the Turkish governor's office statement, five people were arrested in the west of the country on suspicion of smuggling 18 grams of highly radioactive element californium used in the manufacture of nuclear warheads, valued at $72 million.

Californium Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Californium market report. In 2019, the market of Californium top 10 companies accounting for xx% of the share. Major players in the Californium industry outlook are Frontier Technology Corporation, Oak Ridge National Laboratory, Research Institute of Atomic Reactors, among others.

Key Takeaways

In South America region, Brazil and Argentina are the major emerging market for the Californium owing to growing industrialization and developing healthcare sector.

The outbreak of COVID-19 is also considered as the major restraining factor to the market growth over the forecast period. COVID-19 pandemic has badly impacted the global supply chain and world economy. Besides, Industries are being shuttered all around the globe due to lockdown. Hence, demand is declining for Californium from various industry verticals acts as a restraining factor to the market growth.

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