Zirconium Market

The article discusses the rising demand for zirconium worldwide, forecasting an increase in market performance with a CAGR of +1.3% for consumption and +2.6% for value from 2022 to 2030. Global consumption dropped in 2022 but is expected to rise, with the largest consumers being Australia, South Africa, and China. In terms of production, zirconium production has been relatively flat, with countries like Mozambique showing significant growth. Imports and exports of zirconium have seen fluctuations, with the United States being a key importer and South Africa a major exporter. Overall, prices and trends in the zirconium market varied across countries over the years.

Market Forecast

Driven by rising demand for zirconium worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.3% for the period from 2022 to 2030, which is projected to bring the market volume to 1.4M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market value to $171.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Zirconium

Global zirconium consumption dropped to 1.3M tons in 2022, approximately reflecting the year before. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak volume of 1.6M tons. From 2015 to 2022, the growth of the global consumption remained at a lower figure.

The global zirconium market revenue dropped slightly to $139.8B in 2022, stabilizing at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption continues to indicate a slight setback. As a result, consumption attained the peak level of $210.2B. From 2015 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Australia (486K tons), South Africa (341K tons) and China (152K tons), with a combined 75% share of global consumption. Indonesia, Mozambique, India and Ukraine lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the biggest increases were recorded for Mozambique (with a CAGR of +7.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Australia ($115.7B) led the market, alone. The second position in the ranking was held by South Africa ($6.4B). It was followed by China.

From 2012 to 2022, the average annual growth rate of value in Australia amounted to -2.0%. The remaining consuming countries recorded the following average annual rates of market growth: South Africa (+3.6% per year) and China (+1.6% per year).

In 2022, the highest levels of zirconium per capita consumption was registered in Australia (19 kg per person), followed by South Africa (5.6 kg per person), Mozambique (2.9 kg per person) and Ukraine (0.5 kg per person), while the world average per capita consumption of zirconium was estimated at less than 0.1 kg per person.

In Australia, zirconium per capita consumption plunged by an average annual rate of -3.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Africa (-2.1% per year) and Mozambique (+4.4% per year).

Production

World Production of Zirconium

In 2022, approx. 1.3M tons of zirconium were produced worldwide; leveling off at the previous year's figure. Over the period under review, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 33% against the previous year. As a result, production attained the peak volume of 1.6M tons. From 2015 to 2022, global production growth remained at a somewhat lower figure.

In value terms, zirconium production declined to $391.2B in 2022 estimated in export price. Overall, production, however, continues to indicate significant growth. The growth pace was the most rapid in 2019 when the production volume increased by 1,017%. As a result, production reached the peak level of $461B. From 2020 to 2022, global production growth failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were Australia (486K tons), South Africa (342K tons) and China (152K tons), with a combined 76% share of global production. Indonesia, Mozambique, India and Ukraine lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the biggest increases were recorded for Mozambique (with a CAGR of +7.4%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Zirconium

In 2022, purchases abroad of zirconium was finally on the rise to reach 2.8K tons for the first time since 2018, thus ending a three-year declining trend. In general, total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when imports increased by 52%. As a result, imports reached the peak of 3.4K tons. From 2019 to 2022, the growth of global imports remained at a lower figure.

In value terms, zirconium imports surged to $50M in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when imports increased by 32% against the previous year. Global imports peaked at $76M in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports By Country

The United States was the key importer of zirconium in the world, with the volume of imports amounting to 1.2K tons, which was near 43% of total imports in 2022. It was distantly followed by Saudi Arabia (405 tons), Germany (176 tons), China (159 tons) and France (142 tons), together generating a 31% share of total imports. The following importers - Russia (113 tons), the UK (110 tons), Vietnam (98 tons) and Senegal (78 tons) - together made up 14% of total imports.

Imports into the United States increased at an average annual rate of +26.9% from 2012 to 2022. At the same time, Saudi Arabia (+50.0%), Russia (+20.5%), Senegal (+16.7%), Germany (+5.0%) and France (+3.4%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in the world, with a CAGR of +50.0% from 2012-2022. By contrast, Vietnam (-2.3%), China (-6.8%) and the UK (-10.5%) illustrated a downward trend over the same period. While the share of the United States (+38 p.p.), Saudi Arabia (+14 p.p.), Russia (+3.2 p.p.) and Senegal (+2.8 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Vietnam (-2 p.p.), China (-8.6 p.p.) and the UK (-10.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($10M), France ($7.6M) and Russia ($6.6M) were the countries with the highest levels of imports in 2022, with a combined 48% share of global imports. Germany, the UK, China, Vietnam, Saudi Arabia and Senegal lagged somewhat behind, together accounting for a further 26%.

In terms of the main importing countries, Saudi Arabia, with a CAGR of +26.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average zirconium import price amounted to $17,700 per ton, dropping by -14% against the previous year. Overall, the import price saw a slight curtailment. The most prominent rate of growth was recorded in 2014 when the average import price increased by 17% against the previous year. As a result, import price attained the peak level of $27,044 per ton. From 2015 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Russia ($58,279 per ton), while Saudi Arabia ($855 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+4.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Zirconium

In 2022, the amount of zirconium exported worldwide skyrocketed to 2.5K tons, increasing by 38% against the previous year. Over the period under review, exports posted a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 71%. The global exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, zirconium exports reached $52M in 2022. The total export value increased at an average annual rate of +1.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of 35% against the previous year. The global exports peaked at $68M in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, South Africa (1.2K tons) represented the major exporter of zirconium, achieving 45% of total exports. Taiwan (Chinese) (411 tons) held a 16% share (based on physical terms) of total exports, which put it in second place, followed by the United States (16%), China (9.6%) and Germany (7.2%). Spain (45 tons) followed a long way behind the leaders.

Exports from South Africa increased at an average annual rate of +130.7% from 2012 to 2022. At the same time, Spain (+174.7%), China (+9.3%), Taiwan (Chinese) (+8.0%) and Germany (+2.2%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing exporter exported in the world, with a CAGR of +174.7% from 2012-2022. By contrast, the United States (-2.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of South Africa and Spain increased by +45 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($18M), Germany ($15M) and China ($9.3M) constituted the countries with the highest levels of exports in 2022, together accounting for 82% of global exports. South Africa, Taiwan (Chinese) and Spain lagged somewhat behind, together accounting for a further 9.4%.

Among the main exporting countries, Spain, with a CAGR of +140.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average zirconium export price stood at $20,407 per ton in 2022, dropping by -24.6% against the previous year. In general, the export price saw a abrupt descent. The pace of growth was the most pronounced in 2019 when the average export price increased by 46%. The global export price peaked at $46,567 per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($81,912 per ton), while South Africa ($2,447 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.4%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform