LOS ANGELES, May 22, 2019 (GLOBE NEWSWIRE) -- The research analyst at QY Research has recently published a new report titled, Global Zirconium Metal Market Research Report 2019, which studies the market size, along with analyzing various trends and opportunities of the global zirconium metal market. According to the report, the global zirconium metal market is likely to touch a valuation of US$593 mn by the end of 2025 from US$417 mn in 2018. The market will register at a healthy CAGR of 5.09% throughout the forecast period, anticipates the report.
Global Zirconium Metal Market: Drivers
Zirconium is a type of a silver-gray transition metal, which is mainly used in the nuclear industry for covering fuel elements. Zirconium is used in the chemical industry as it is resistant to corrosion that is caused by sea water, acids, and alkalis. Zirconium metal is also used as an alloying agent in steel, which is used for making dental implants and orthopedic prosthetics. All of these factors are expected to drive the growth of the global zirconium market.
Zirconium alloys consist of tin, nickel, chromium, zirconium, and iron, which are used for layering purposes in the military and nuclear reactors. The significant development and improvements in the zirconia-based ceramics are likely to offer lucrative opportunities to the market in the forthcoming years.
Moreover, properties such as recyclability, high bonding capacity, low thermal expansion coefficient, low wettability by molten metal, low acidity, and high chemical resistance zirconium make the metal suitable for refractories and foundry.
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Global Zirconium Metal Market: Forecast by Segments
The global zirconium metal market is segmented on the basis of application and type. Based on the application, the market is segmented into the military industry, chemical processing, nuclear reactor, and others. The type segment is segmented into industrial grade and nuclear grade.
Global Zirconium Metal Market: Forecast by Geography
Asia Pacific is expected to hold the largest share in the global zirconium metal market over the forecast period. Emerging economies such as China and India are likely to grab a remarkable market share due to rapidly growing nuclear sectors. North America is also expected to hold a significant share in the market in the near future due to increasing manufacturing and industrial activities.
Global Zirconium Metal Market: Key Players
Nuclear Fuel Complex, ATI Metals, CNNC Jinghuan, Western Zirconium, Guangdong Orient Zirconic, Cezus-Areva, State Nuclear Baoti Zirconium, Chepetsky Mechanical Plant are the major eight players that are operating in the global zirconium metal market.
Global Zirconium Metal Market: Competitive Landscape
One of the leading players, State Nuclear Baoti Zirconium, has successfully achieved three achievements in 2018, which passed its appraisal successfully and made a great achievement in the research and development and promotion activities. Companies are expected to focus on research and development in the coming years to gain a competitive edge.
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