7.2% CAGR of Zirconium Market to Gain Around USD 3.48 Billion by 2032 || Report by Emergen Research

The global zirconium market is poised for significant expansion, with a forecasted rapid revenue (CAGR) of 7.2% during the projection period. According to Emergen research, the market size reached USD 1.73 billion in 2022, with key drivers including escalating demand in the nuclear power sector, burgeoning industrialization, rising disposable income, and urbanization trends.

Zirconium, a versatile transition metal characterized by its silver-grey hue, finds extensive application across various industries owing to its remarkable properties. Derived commercially from minerals like zirconium dioxide and zircon, it boasts attributes such as high malleability, resistance to corrosion, heat, acids, alkalis, and more, making it indispensable in the manufacturing of a wide array of products.

Market Dynamics

The burgeoning demand for zirconium in the nuclear power industry stands as a prime catalyst propelling market growth. Utilized for cladding in fuel rods due to its structural strength and low neutron absorption, zirconium plays a pivotal role in the sector's operations.

Furthermore, the healthcare sector's increasing adoption of zirconium, exemplified by innovative products like Cerec MTL Zirconia, underscores its expanding applications and market potential. Additionally, the need for ceramics and refractories continues to surge, driven by zirconium compounds' exceptional heat resistance and mechanical strength.

Market Segmentation
The market analysis delineates the zirconium market into distinct segments based on occurrence type, form, and end-use. Notably, the zircon segment emerged as the dominant revenue contributor owing to its widespread applications in ceramics, refractories, aerospace, and various industrial and chemical sectors.

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Moreover, the powder form segment is anticipated to witness substantial growth, attributed to its ease of handling, storage, and transportation, coupled with its applicability across diverse industries such as pharmaceuticals, food processing, and cosmetics.

Industry Insights
Within the end-use segment, ceramics industry emerges as the frontrunner, fueled by ceramics' ability to withstand high temperatures, corrosion, and mechanical stress. The sector's dominance extends to healthcare, where ceramics find extensive use in medical implants and dental applications due to their biocompatibility and inertness.

Furthermore, advancements in zirconia products, exemplified by BruxZir Esthetic Implant Prosthesis, underscore the material's growing significance in various industries.

Market Outlook
While the zirconium market exhibits promising growth prospects, certain factors could impede its trajectory, including reduced dependency on zircon, stringent regulations, availability of alternatives, and raw material price fluctuations.

However, with continuous technological advancements and evolving applications, coupled with increasing construction activities, particularly in emerging economies, the zirconium market is poised for sustained expansion in the foreseeable future.

Some of the major companies included in the global zirconium market report are:
• ATI Inc.
• Astron Group.
• Alkane Resources Ltd.
• Base Resources.
• Doral Mineral Sands Pty Ltd.
• Iluka Resources Limited
• Kenmare Resources plc.
• Rio Tinto
• Saint-Gobain
• Tosoh
• Tronox Holdings plc
• Exxaro.
• The Chemours Company.
• Southern Ionics Incorporated
• Zircomet Limited
• Murray Ziron
• Luxfer MEL Technologies
• Xiamen Mascera Technology Co., Ltd.
• Australian Strategic Materials Ltd.
• DuPont.

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Zirconium Latest Industry News

• In December 2021, ARTMS Inc., the US-based commercial nuclear pharmacy (ARTMS, announced that zirconium-89 (89Zr) oxalate is being produced with a low energy medical cyclotron. After exposing the ARTMS yttrium-89 solid target to low activity radiation for 60 minutes, production yielded over 40 millicuries of 89Zr. The QUANTM Irradiation System (QISTM) from ARTMS enables commercial nuclear pharmacies to manufacture 89Zr locally, reducing dependency on isotopes produced centrally.

• On 15 October, 2020, Advanced Metallurgical Solutions (ASM) achieved a significant milestone by manufacturing 8.6 kg of high-purity zirconium metal powder in Korea. This zirconium powder is of high grade, with an assay of 98% zirconium and 1.5% hafnium. Significantly, it fulfilled the Korean Atomic Energy Research Institute's stringent standards, signifying its suitability for use in wide range of applications, including those within the nuclear industry.

Zirconium Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global zirconium market on the basis of product type, forms, occurrence type, process, application, end-use, and region:

• Product Type Outlook (Revenue, USD Billion; 2019-2032)
o Industrial Zirconium Oxide
o Ultrafine Zirconium Oxide
o Others

• Forms Outlook (Revenue, USD Billion; 2019-2032)
o Crystal
o Powder

• Occurrence Type Outlook (Revenue, USD Billion; 2019-2032)
o Zircon
o Zirconia
o Others

• Process Outlook (Revenue, USD Billion; 2019-2032)
o Hydrothermal Method
o Precipitation Method

• Application Type Outlook (Revenue, USD Billion; 2019-2032)
o Nuclear Grade
o Industrial Grade
o Firearm Grade

• End-use Outlook (Revenue, USD Billion; 2019-2032)
o Nuclear Industry
o Ceramics Industry
o Chemical Industry
o Foundry Industry
o Electronics Industry
o Aerospace Industry
o Medical Industry
o Refactory Industry
o Glass Industry
o Others

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• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa

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