Asia-Pacific: Zirconium Market 2024

Zirconium Market Size in Asia-Pacific

The Asia-Pacific zirconium market shrank modestly to $X in 2022, approximately mirroring the previous year. In general, consumption saw a slight shrinkage. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Zirconium Production in Asia-Pacific

In value terms, zirconium production shrank to $X in 2022 estimated in export price. Overall, production, however, posted a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 1,628% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Zirconium Exports

Exports in Asia-Pacific

In 2022, shipments abroad of zirconium increased by 4.9% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports saw a prominent expansion. The growth pace was the most rapid in 2014 with an increase of 110% against the previous year. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, zirconium exports fell modestly to $X in 2022. Overall, exports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 261% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Taiwan (Chinese) (X tons) and China (X tons) prevails in exports structure, together constituting 86% of total exports. It was distantly followed by Malaysia (X tons), generating a 7.3% share of total exports. The following exporters - Hong Kong SAR (X tons) and Japan (X tons) - together made up 5.5% of total exports.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +38.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest zirconium supplier in Asia-Pacific, comprising 74% of total exports. The second position in the ranking was taken by Japan ($X), with an 8.4% share of total exports. It was followed by Taiwan (Chinese), with a 6% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +11.5%. In the other countries, the average annual rates were as follows: Japan (-7.3% per year) and Taiwan (Chinese) (+5.2% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, shrinking by -6.8% against the previous year. Overall, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the export price increased by 72% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 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 Japan ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+14.1%), while the other leaders experienced more modest paces of growth.

Zirconium Imports

Imports in Asia-Pacific

Zirconium imports shrank sharply to X tons in 2022, waning by -23.6% compared with 2021. In general, imports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 120% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, zirconium imports rose to $X in 2022. Overall, imports recorded a noticeable decline. The growth pace was the most rapid in 2018 when imports increased by 30% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

China represented the key importer of zirconium in Asia-Pacific, with the volume of imports accounting for X tons, which was approx. 61% of total imports in 2022. Japan (X tons) ranks second in terms of the total imports with an 11% share, followed by Malaysia (8.5%) and Vietnam (5.6%). South Korea (X tons), Thailand (X tons) and Hong Kong SAR (X tons) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to zirconium imports into China stood at -3.5%. At the same time, Malaysia (+47.7%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +47.7% from 2012-2022. By contrast, Japan (-3.4%), Hong Kong SAR (-9.0%), South Korea (-13.4%), Vietnam (-18.7%) and Thailand (-28.1%) illustrated a downward trend over the same period. China (+28 p.p.), Malaysia (+8.5 p.p.) and Japan (+5.1 p.p.) significantly strengthened its position in terms of the total imports, while South Korea, Vietnam and Thailand saw its share reduced by -2.2%, -11.2% and -28.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X), China ($X) and Japan ($X) constituted the countries with the highest levels of imports in 2022, with a combined 64% share of total imports. Vietnam, Malaysia, South Korea and Hong Kong SAR lagged somewhat behind, together comprising a further 25%.

Malaysia, with a CAGR of +43.5%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, picking up by 36% against the previous year. Over the period under review, the import price saw a temperate increase. The growth pace was the most rapid in 2015 when the import price increased by 94% against the previous year. Over the period under review, import prices reached the maximum in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Thailand ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+47.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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