According to a recent market study published by Growth Market Reports, titled, “Global Zirconium and Hafnium Market by Type, by End-use Industry, and by Region: Size, Share, Trends and Opportunity Analysis, 2015-2030”, the market was valued at US$ 1706.6 Million in 2022 and is anticipated to grow at a growth rate of 4.5% by the year 2031.

Zirconium (Zr) is usually found in felsite, an igneous rock rich in silica and feldspar. The principal source of zirconium is the zirconium silicate mineral, zircon (ZrSiO4). Zirconium is a very strong, ductile, malleable, and lustrous silver-gray metal. Its physical and chemical properties are similar to those of titanium. Zirconium is extremely heat and corrosion-resistant. Zirconium is lighter than steel, and its hardness is comparable to copper.

Zircon is a co-product or by-product of the heavy mineral sand industry, where the titanium minerals ilmenite and rutile are also extracted. Hafnium is chemically identical to zirconium, making it difficult to separate the two components. Therefore, it is considered that most of the commercial hafnium is a by-product of zirconium refining. Zircon is considered better than most other minerals at resisting weathering and erosion, due to its hardness, durability, and chemical inertness. Therefore, zircon is concentrated in sedimentary deposits and is present in most sands. It is found in economically concentrated deposits of heavy mineral sands.

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The main ore minerals of these two corrosive and refractory metals is zircon, which mostly contains about 50 times more zirconium than hafnium. Zirconium is used in signal boosters built into mobile phones and phone towers to improve signal strength and clarity as well.

Hafnium comes primarily from zircon. Hafnium is a silvery, lustrous, and ductile metal. Hafnium is also used in photographic flash bulbs, light bulb filaments, and in electronic equipment, such as cathodes and capacitors. Hafnium is used in nuclear control rods, plasma arc metal cutting nozzles, nickel-based superalloys, and high temperature ceramics. It is corrosion resistant and absorb neutrons at high rate, which makes it desirable in the nuclear industry. Hafnium is also used in vacuum tubes as a getter, a material that combines with and removes trace gases from vacuum tubes. Hafnium is a oxide-based compounds that is introduced into silicon-based chips to design small, energy effective, and powerful processors.

The Zirconium and Hafnium Market has been fragmented based on by Type, by End-use Industry. By Type, the Global Zirconium and Hafnium Market are categorized as Nuclear Grade Zirconium, Industrial Grade Zirconium, and Hafnium. In terms of End-use Industry, the market is categorized as Ceramics, Chemicals, Nuclear and Others. The market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Key factors that are anticipated to fuel the demand for Zirconium and Hafnium market during the forecast period are the growing demand for Zirconium and Hafnium in the nuclear industry. The use of Zirconium and hafnium in the nuclear reactor sector is a potential driver for the market. Hafnium is highly corrosion-resistant and an improved neutron absorber. Zirconium alloys are used in numerous chemical industry equipment, such as tanks, pressure vessels, boilers, pumps, and valves.

The Coronavirus disease 2019 (COVID-19) pandemic highlighted economic disparities, global interdependence, and governance challenges. Pandemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities. COVID-19 has a moderate impact on the industry due to the simultaneous reduction of supply and demand. The COVID-19 pandemic caused a slight slowdown in market expansion. Once these sectors have recovered from the pandemic's effects, the market for other end-user industries is expected to restore its growth rate.

As per growth market reports industry analyst Partha Paul, “Hafnium is frequently used as a superalloy in the aerospace industry, owing to its suitable properties. It combines with a wide variety of other metals, such as tantalum, iron, niobium, and titanium. Hafnium niobium alloys are heat resistant that are used in aerospace applications, such as space rocket engines. Superalloys are the one of applications for the hafnium market. The growing demand for hafnium is attributed to ongoing technological advancements and innovations in the aerospace manufacturing processes. The adoption of technological advancements in the aerospace industry is anticipated to increase hafnium demand in the aviation and aerospace sectors."

A supply chain is a network between a manufacturer and suppliers to produce and distribute a specific product to the final buyers. This network includes different people, regulatory bodies, entities, information, and resources. Raw materials such as zircon and baddeleyite minerals are utilized to extract these elements, which are shipped to manufacturers. Zircon must be heated in the presence of oxygen or steam to create zirconia to convert zircon to zirconium. Manufactures supply zirconium and hafnium to distributors/dealers. End-users are the final step of the supply chain, where consumption takes place.

Key Takeaways from the Study

  • The players in the Zirconium and Hafnium market include Graphex Group, Superior Graphite, NovoCarbon, QINGDAO MINGHEDA GRAPHITE NEW MATERIAL CO., LTD, BariteWorld held a small market share of the Zirconium and Hafnium market in the year 2021.
  • In terms of type, the market is segmented into, nuclear grade zirconium, industrial grade zirconium, and hafnium. Zirconium helps in enhancing fuel performance through high fuel burn and low failure rates. Nuclear grade zirconium is regarded as an important strategic metal and is closely related to the development of the nuclear industry, which is expected to drive the nuclear industry in the long term. Therefore, increasing usage of nuclear grade zirconium is driving the market. Industrial grade zirconium is a versatile material that may be applied to a wide variety of applications. Its great tensile strength, resistance to corrosion, and biocompatibility make it an important material in numerous industries, from ceramics to medical equipment.
  • Hafnium metal is an ideal neutron absorber, due to its large cross section and notable welding and processing properties. Rapid product utilization in the production of pressurized water reactors, nuclear reactors, and others, is boosting the market. Increasing use of hafnium as a superalloy in the aerospace industry is driving the market, due to its high thermal stability in both composite and metallic forms.
  • Based on End-use Industry, the global zirconium and hafnium market is segmented into ceramics, nuclear, chemicals, and others. The ceramics segment is expected to hold a significant share in the market. Rising consumer demand for classy and high-quality ceramic products is boosting the demand for ceramics, which is expected to boost the market during the forecast period. The chemical industry is expanding, which is expected to increase the requirement of hafnium and zirconium and drive the market in the forecast period. Furthermore, the nuclear segment is growing as there is an increasing focus on developing nuclear power resources is boosting the nuclear power industry, which, in turn, is driving the zirconium and hafnium market.
  • In terms of regions, the Global Potassium Borohydride markets are divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The growth of the Zirconium and Hafnium market in North America is attributed to due to the increasing demand for zirconium and hafnium in major industries such as nuclear and superalloy manufacturing used in the aerospace industry. Increasing investment in the nuclear industry in the US is helping the market expansion in the region. For instance, in February 2023, Constellation Energy announced plans to invest USD 800 million in new equipment to increase the output of its Braidwood and Byron nuclear power plants in Illinois by approximately 135 MWe. Such government investments are helping the nuclear power industry to grow in this region. Furthermore, rising aerospace manufacturing and superalloy production in this region is projected to expand growth opportunities for the market during the forecast period. Asia Pacific is growing at a fast pace. This region is the major dynamic economic region across the globe. This region has a huge capacity for energy, which in turn leads to the high number of nuclear reactors in the area. Additionally, increasing production of ceramics especially ceramic tiles in countries such as China and India is also contributing to the growth of the zirconium and hafnium market in the region.

Report Scope

Report Metric

Details

Market Value in 2022

US$ 1,706.6 Million

Market Growth Rate (from 2023 to 2031)

 4.5%

Historical Data

2016 - 2021

Base Year

2022

Forecast Period

2023 – 2031

Units Considered

Value (US$ Million)

Market Segments

By Type, By End-use Industry, and By Region

Key Companies Profiled

ATI, abcr GmbH, American Elements, Framatome, Glentham Life Sciences Limited, ISOFLEX, NEO, Oxkem Limited, VDM Metals, and ZIRCOMET LIMITED

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail of tailor-made purchase options to meet your research requirements.

Target Audience

  • Supply-side: Manufacturer and distributors.
  • Demand Side: Nuclear, Ceramics, Chemicals, Aerospace and Others.
  • Regulatory Side: Concerned government authorities, and other approval regulatory bodies.
  • Associations and Industry Bodies: CISA, US EPA, REACH.