Zirconium Market Size (2024 - 2029)

Zirconium Market Analysis

The Zirconium Market size is estimated at 1.69 Million tons in 2024, and is expected to reach 2.09 Million tons by 2029, growing at a CAGR of 4.30% during the forecast period (2024-2029).

A sharp increase in the number of COVID-19 cases led to numerous countries resorting to lockdowns, which significantly affected the global economy. The economic and industrial activities came to a temporary halt, which led the zirconium market to witness repercussions in terms of both production and demand from end-user industries, such as iron and steel, cement, energy and chemicals, and ceramics. However, the increasing focus on developing nuclear power resources is expected to help the market achieve positive growth during the forecast period.

• Over the medium term, the major factors driving the market's growth are the growth in foundries and refractories, the increasing number of nuclear power stations in Asia-Pacific, and the accelerating usage of surface coatings.
• On the other hand, the reducing dependence on zircon is likely to hinder the growth of market significantly.
• The rising demand for zirconium in the healthcare sector for orthopedics and stringent emission standards pertaining to the automotive industry are expected to create the opportunities for the market studied.
• China dominated the market studied, accounting for a major share of the total revenue, and it is expected to witness the fastest CAGR over the forecast period.

Zirconium Industry Segmentation

Zirconium is a grayish-white metal with a wide range of industrial, commercial, and scientific applications. It is the 20th most abundant element in the Earth's crust. It commonly occurs as the mineral zircon (ZrSiO4) in a silicate form. It is less frequently available as the mineral baddeleyite (natural zirconia or ZrO2) in an oxide form.

The zirconium market is segmented by occurrence type, end-user industry, and geography. By occurrence type, the market is segmented into zircon, zirconia, and other occurrence types. By application, the market is segmented into zircon flour/milled sand, zircon opacifier, refractories (zirconia), zircon chemicals, and other applications. The report also covers the size and forecast for the zirconium market in five key countries across major regions, with production across seven countries in major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilotons).