NEW YORK, Sept. 17, 2015 /PRNewswire/ -- The Global Zirconium market has a total value of $4 billion as of 2014. The market is expected to grow at a CAGR of 7% during the forecast period. China is currently the leader in terms of consumption. The country has emerged in the last five years as a major supplier of zirconium sponge.
Zirconium is a corrosion-resistant metal which is used in a range of common products including several ceramic applications, as a drying agent in paints, and in a range of components for vehicles, such as car exhausts. It is also used extensively in the nuclear energy industry and in the development of surgical tools and appliances.
The dominant economic source of zirconium is the zirconium silicate mineral, zircon (ZrSiO4), which is found mainly in deposits located in Australia, South Africa and India. 42% of global zirconium production is in Australia, followed by 25% in South Africa and 10% in China. Global zirconium production was 1.44 million tonnes as of 2013.
The $1 billion Dubbo Zirconia Project (DZP) is one of Australia's most valuable rare metal/rare earth project. With an estimated mine life of 70+ years, the DZP will be the next big project to hit the global market in near future.
Major players in this industry are Iluka Resources, Richards Bay Minerals, and Tronox Ltd. Areas with major production activity are South Australia, Western Australia and New South Wales (Eucla Basin, Narngulu, Murray Basin, Perth Basin and Tiwi Islands). Hainan province is the principle zirconium production region in China.
Environmental concerns over automotive exhaust gases have forced manufacturers to use catalytic converters in their vehicle models. Over 95% of all new vehicles sold each year, are now fitted with catalytic converters.
The main influence on the zirconium metal market is the nuclear industry, accounting for around 60% of zirconium sponge capacity. Zirconium alloys are also used in the manufacture of fuel tubes, cladding and other components.
Environmental concerns and cost pressure are the major challenges faced by zirconium metal market.
What the report offers
1) Market Definition along with identification of key drivers and restraints for the market.
2) Market analysis with region specific assessments and competition analysis on a global and regional scale.
3) Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a global and regional scale.
4) Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.
5) Identification and analysis of the Macro and Micro factors that affect the industry on both global and regional scale.
6) A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
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