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Market Overview:
The Zirconium Market size is estimated to reach $3.409 billion by 2030, growing at a CAGR of 8.1% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Zirconium Market Size, Share & Trends Analysis Report- By Type (Zircon, Zirconia, and Others), By Form (Crystal, Powder, and Others), By End Use (Ceramic, Foundry Sands & Coatings, Refractory, Chemical, Glass, Nuclear Power, Cosmetics, Food Packaging, Solar Power, Healthcare, Industrial, Paper, and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
The expanding chemical sector and booming ceramics industry are fueling the growth of the Zirconium industry during the forecast period.
Asia-Pacific Dominated the Market in 2023:
The Asia-Pacific region dominates the Zirconium Market, boasting a market share of up to 32%. This prominence is largely driven by the robust ceramic industry, which utilizes zirconium in various products such as tiles, frits, and pigments. The region stands out as one of the largest ceramic producers globally, significantly influencing zirconium's demand. According to the Trade Promotion Council of India (TPCI), China leads the world in ceramic tile manufacturing, underscoring the region's vital role in this sector. The exceptional growth observed in the ceramic industry over recent years is anticipated to further elevate zirconium demand during the forecast period.
Zirconium Market: Key Takeaways
Expanding Chemical Sector is Driving the Market Growth:
The chemical industry extensively uses zirconium for various applications, including boilers, tanks, and valves, due to its excellent corrosion resistance against acids, alkalis, and salt solutions. Additionally, zirconium catalyzes chemical processes. The global chemical industry is expanding, leading to a rising demand for zirconium and its alloys. According to the India Brand Equity Foundation, India's chemical industry is expected to reach US$ 304 billion by 2025, growing at a CAGR of 9.3%. Furthermore, the Mid-Year US Chemical Industry Outlook noted a 4.3% increase in chemical volumes in June 2023, further driving zirconium market growth.
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Market Growth Driven by Booming Ceramics Industry:
Zirconium is widely used in the ceramics industry, which is one of its largest markets, with applications in products like tiles, glazes, and enamels. The global ceramics industry is experiencing significant growth, which is anticipated to boost zirconium demand. According to the Trade Promotion Council of India, India's ceramic product exports reached US$ 2.10 billion in 2023. Additionally, Ceramica.info reported an 11.76% increase in tile consumption in Germany. This robust growth in the ceramics sector is expected to further drive the demand for zirconium, contributing to market expansion during the forecast period.
Scope of the Report:
Recent Developments:
• In June 2022, the Malaysia Smelting Corp (MSC) unit acquired a neighboring tin mining leaseholder. The transaction involved the purchase of 272,250 shares, equivalent to 20% of the expanded share capital of the company RHT.
Zirconium Market: Competitive Landscape
Key companies profiled in the Zirconium Market are Iluka Resources, Eramet, Kenmare Resources plc, Tronox Inc., Rio Tinto Group, Alkane Resources Limited, BASF SE, Huntsman International LLC., Wanhua Chemical Group, and others.
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
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Mr. Venkat Reddy
IndustryARC
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