Global Zirconium Market 2016-2020
Zirconium (Zr) is a grayish-white chemical element sourced from mineral zircon (ZrSiO4) sand. It is strong, ductile, malleable, and extremely resistant to heat and corrosion by other agents in nature. It is very weak in absorbing thermal neutrons. Therefore, zirconium alloys are used in fuel cladding. Zirconium is widely used in various applications such as ceramics, chemicals, refractory, foundry, and television glass.By volume, Technavio’s analysts forecast the global zirconium market to grow at a CAGR of 6.91% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global zirconium market for 2016-2020. To calculate the market size, the report considers the revenue generated through the sale of zirconium for end-uses such as ceramics, chemicals, foundry, refractories and others (zirconia, television glasses, and construction of nuclear plants).The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Zirconium Market 2016-2020
Technavio recognizes the following companies as the key players in the global zirconium market: Alkane, Exxaro, Iluka Resources, Kenmare, RBM, and Tronox.
Other Prominent Vendors in the market are: Astron, Chemours, Cristal Mining (formerly Bemax Resources), Luxfer Group, Molycorp, and Titanium.
Commenting on the report, an analyst from Technavio’s team said: “that technological advances is one of the trends spurring growth for the market. In recent years, technological progressions have helped to increase the quality of zirconium enormously. This allows manufacturers to produce zirconium products in different varieties, shapes, and colors for different applications. Zirconium alloys are extensively used as materials for cladding nuclear fuel and are used to make water-cooled nuclear reactors where technology plays a very crucial role. Zirconium technology helps manufacturers build nuclear grade zirconium material and develop a wide variety of components for water-cooled nuclear power plant projects, which will contribute to this market’s growth during the forecast period.”
According to the report, augmented demand from ceramics industry is a key driver aiding to the growth of this market. The global ceramics industry is expected to grow at a rapid rate during the forecast period. This industry is primarily driven by the construction industry. The residential segment of the construction industry uses ceramics in sanitary ware, ceramic tiles, table and ornamental ware, bricks, and pipes. Moreover, the growth in housing prices over the last few years indicates the growing investment in the housing market by consumers. This implies that there is ample opportunity for the growth of the ceramics industry, which is a key end-user segment of the zirconium market.
Further, the report states that stringent mining policy and high tariffs is a major challenge the market is facing. The import of raw materials of zirconium faced challenge as exporting countries changed mining policies and maintained high tariff rates. The recent mining policies and regulations in Australia and South Africa act as a market hindrance for zirconium. The new mining policies in South Africa address various issues related to mineral reserves, resources, and exportation; recycling and refining; safety and environmental issues; and responsible mining and electronic recycling. The stringent nature of the policies discourages foreign direct investment. Governments are trying to attract FDI in the mining sector by providing investor-friendly policies.
Alkane, Exxaro, Iluka Resources, Kenmare, RBM, Tronox, Astron, Chemours, Cristal Mining (formerly Bemax Resources), Luxfer Group, Molycorp, Titanium.
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