Zirconium Market - Segmented by Occurrence-Type, Application, and Geography - Growth, Trends and Forecast (2018 - 2023)
The global zirconium market is expected to grow at a CAGR of approximately 6.21% during the forecast period (2018 - 2023). The major factor driving the market growth is the growing use of zirconium in foundries and refractories. Furthermore, a strong growth in the global automobile production and mechanical engineering industries is stimulating the demand for cast parts, which, in turn, is accelerating the growth of zirconium market.
Intensive Properties Driving the Market
Due to the low acidity, high chemical resistance, high bonding capacity, and the low thermal expansion coefficient of zirconium, it is being extensively used in the foundries and refractories as molding base material for sand casting and investment casting. The accelerating usage of zirconium in surface coatings to improve the adhesion, to improve the heat and water/solvent resistance properties, and as a keying agent between the body of coating and the substrate is also likely to drive the zirconium market.
Ceramics the Largest Application Type
The market report can be segmented by application into refractories, ceramics, zircon chemicals, foundry sand, and others, such as radio tubes and detonation caps, with zircon-based ceramics being the major application in the market. In 2017, approximately 50% of the total zirconium consumption, by volume, was contributed by the ceramics application segment. The chemicals segment is estimated to have the highest growth rate, owing to growing application of zirconium as a catalytic converter for automotive and industrial exhaust systems.
China Dominates the Zirconium Market
China has the largest market, approximately 50%, for zirconium globally. The consumption of zirconium will be driven by the nuclear power station in China. China consumes a significantly large amount of zirconium silicate. As per production, Australia is the largest producer of zirconium across the globe.
Key Developments in the Market
- December 2017- Iluka Resources Limited approved the development of Cataby mineral sands deposit in Western Australia. It is expected to produce around 50 kilo tons per annum of zircon.
Major Players -Iluka Resouces Inc., Rio Tinto, Tronox, Kenmare Resources Ltd and Cirstal Mining Australia Ltd, among others.
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