Press release
Zirconium Market is Booming and Predicted to Hit US$ 2.9 Billion by 2028
Zirconium Market Report 2023
Report Highlights
How big is the zirconium market?
The global zirconium market size reached US$ 1.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.9 Billion by 2028, exhibiting a growth rate (CAGR) of 7.8% during 2023-2028.
What is zirconium?
Zirconium (Zr) is a metallic element and belongs to the transition metals group, with a lustrous, silver-gray appearance. It occurs naturally within volcanic and plutonic rocks, and its extraction is commercially viable from zircon and zirconium dioxide, also known as baddeleyite or zirconia. It is known for its stability, remarkable ductility, malleability, and chemical inertness with resistance to heat, corrosion, acids, alkalis, and even seawater, making it a highly desirable material for numerous industrial applications. Additionally, zirconium is widely employed in fabricating heat exchangers, plumbing fixtures, pipes, ceramics, tiles, colored glazes, enamels, abrasives, bricks, artificial gemstones, lamp filaments, and frits. Nowadays, zirconium is applied in chemical processing, nuclear power, ceramics, foundries, piezoelectric crystal manufacturing, and refractories.
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What are the growth prospects and trends in the zirconium industry?
The zirconium market is primarily driven by the growing healthcare sector. In addition, the rising product use in dental and medical applications, such as prosthetics and implants, due to their biocompatibility and advanced manufacturing techniques, contribute to the market growth. Moreover, the widespread adoption of zirconium in the nuclear industry due to its structural strength, low neutron absorption, and excellent resistance to heat and chemicals in cladding fuel rods represents another major growth-inducing factor. Besides this, the increasing product application for numerous industries such as chemicals, ceramics, and foundries is accelerating market growth. Along with this, the automotive sector utilizes zirconium as catalyst support for catalytic converters, driving the market growth. Apart from this, the incorporation of zirconium alloys in additive manufacturing and the development of biocompatible medical implants are further propelling market growth. Furthermore, the continuous research and development (R&D) initiatives for developing innovative applications, such as high-performance paints, coatings, and electronic vehicle batteries, are creating a positive market outlook.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Occurrence Type Insights:
Zircon
Zirconia
Others
Form Insights:
Crystal
Powder
End Use Insights:
Ceramics
Chemicals
Foundry
Refractories
Others
Breakup by Region:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Australian Strategic Materials Ltd (ASM)
Base Resources Limited
Doral Mineral Sands Pty Ltd. (Iwatani Corporation)
Eramet SA
Iluka Resources Limited
Kenmare Resources Plc
Rio Tinto Group
Saint-Gobain ZirPro
Tosoh Corporation
Tronox Holdings Plc
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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