DUBLIN--(BUSINESS WIRE)--The "Zirconium Market - Growth, Trends and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global zirconium market is expected to witness a healthy growth, at an estimated CAGR of 6.25%, over the forecast period of 2019-2024.
Owing to the consistent growth in foundries and refractories and growth of nuclear power stations in Asia-Pacific, the market studied is projected to witness significant growth, during the forecast period.
- Among the occurrence type segments, the zircon segment accounted for the largest share, contributing 96% by volume. The zircon segment is also expected to register the fastest growth, with a CAGR of 6.26% during the forecast period.
- By application, the ceramic segment accounted for the largest share of 46% in 2018. However, the zircon chemical segment is expected to witness the fastest growth, recording a CAGR of 11.23%, during the forecast period.
Major Market Trends
Consistent Growth in Foundries & Refractories
- Owing to its properties, such as high bonding capacity, low acidity, low thermal expansion coefficient, high chemical resistance, low wettability by molten metal and good recyclability, zirconium is extremely suitable for use in foundry and refractories.
- These properties make zirconium suitable for use as a molding base material for sand casting and investment casting, in addition to its use as mold coating in die-casting and in refractory paints and washes to reduce the wettability of other foundry sands. It is mostly used in the form of sand and flour.
- Additionally, it is used in a wide range of refractory operations including refractory mortar, firebricks, or refractory linings for glass and metal furnaces, as well as fibers, nozzles, slide gates, valves, and grouts.
- Driven by the demand for improved steel quality, manufacturing process optimization, and cost reduction, the foundry industry has seen major technical breakthroughs over the last 30 years, thus stimulating the development of performance-enhanced refractories with higher resistance to thermal shock, corrosion, erosion, and wear.
- Moreover, the strong growth in the global vehicle production and mechanical engineering industries, coupled with a trend toward urbanization, which is positively influencing housing and infrastructure construction, is stimulating the demand for cast parts, thus augmenting the growth of zirconium market.
- Owing to the growing disposable income and improving standards of living, the Asia-Pacific is expected to witness the maximum growth in the demand from this sector of foundry and refractories.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018 with the major demand coming from China.
- Refractories and ceramics account for the largest share of zirconium demand in the country. The type of zirconium used for these applications is zirconium silicates, zirconia, etc. Zirconium metal is also used in nuclear reactors and nuclear materials in China.
- China is gaining popularity as the fastest-growing consumer of nuclear energy, with 38 nuclear reactors in the country currently, with 19 more under construction. The increasing focus on the development of nuclear power resources is expected to increase the demand for zirconium usage.
- In addition, China has been a major consumer and exporter of ceramics, worldwide. The robust manufacturing industry, along with increasing construction activities in the country are driving the demand for ceramics. This, in turn, is expected to increase the demand for zirconium silicate.
- Zirconium products enterprises in China include Asia Zirconium Limited, Guangdong Orient Zirconic Ind Sci & Tech Co. Ltd, Zhejiang Shenghua Biok Biology, JIANGXI KINGAN HI-TECH.CO LTD, Huashen Titanium Industry, Jinzhou Metal, Shandong Shenzhou Zirconium Industry, Aohan China Titanium Industry, Zibo Guangtong Chemical Co. Ltd, Shanghai Gaotai, and State Nuclear Baoti Zirconium Industry.
The global zirconium market is highly consolidated with the top five companies accounting for around 70% of the global production capacity in 2017. A majority of the production of zirconium is based in the Asia-Pacific and African regions. Iluka Resource Limited leads the zirconium market, with a share of over 25% of the total production capacity. Tronox, Rio Tinto, Cristal, Kenmare, and Alkane Resources Ltd are other prominent manufacturers in the market.
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Consistent Growth in Foundries & Refractories
4.1.2 Growth of Nuclear Power Stations in Asia-Pacific
4.1.3 Increasing Usage in Surface Coatings
4.2.1 Reducing Dependence on Zircon
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
4.5 Import & Export
4.5.1 Trade Regulatory Policy Analysis
4.5.2 Analysis of Major Exporting and Importing Countries
4.5.3 Price Trends
5 MARKET SEGMENTATION
5.1 Occurrence Type
5.1.3 Others (Including Zirconium Metal)
5.2.3 Zircon Chemicals
5.2.4 Foundry Sand
188.8.131.52 South Africa
184.108.40.206 Rest of the World
220.127.116.11 United States
18.104.22.168 European Union
22.214.171.124 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Alkane Resources Limited
6.4.2 Iluka Resources Inc.
6.4.4 Cristal Mining Australia Ltd.
6.4.5 Rio Tinto
6.4.6 Kenmare Resources PLC
6.4.7 Mzi Resources Ltd.
6.4.8 Doral Mineral Sands Pty. Ltd.
6.4.9 Lanka Mineral Sands Ltd.
6.4.10 Oregon Resources Corporation
6.4.11 Industrias Nucleares Do Brasil S.A.
6.4.12 Binh Dinh Minerals Company
6.4.13 Hainan Wenchang Sanlian Mining Co. Ltd.
6.4.14 Volnogorsk State Mining And Metallurgical Integrated Works
6.4.15 HaTinh Minerals and Trading Corporation
6.4.16 Thua Thien Hue Minerals Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Stringent Emission Standards in the Automotive Industry
7.2 Increasing Usage in the Healthcare Sector, especially Orthopedic Implants
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