Asia: Zirconium Market 2024

Zirconium Market Size in Asia

The Asian zirconium market dropped slightly to $X in 2022, waning by -1.5% against the previous year. Overall, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Zirconium Production in Asia

In value terms, zirconium production shrank modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.8% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 22%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Zirconium Exports

Exports in Asia

In 2022, overseas shipments of zirconium increased by 4.8% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports showed strong growth. The most prominent rate of growth was recorded in 2014 with an increase of 112% 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 reduced to $X in 2022. In general, exports showed strong growth. The growth pace was the most rapid in 2014 when exports increased by 262%. 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 achieving 86% of total exports. It was distantly followed by Malaysia (X tons), creating a 7.3% share of total exports. Hong Kong SAR (X tons) and Japan (X tons) took a minor share 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 ($X) remains the largest zirconium supplier in Asia, comprising 74% of total exports. The second position in the ranking was taken by Japan ($X), with an 8.4% share of total exports. It was followed by Taiwan (Chinese), with a 6% share.

In China, zirconium exports expanded at an average annual rate of +11.5% over the period from 2012-2022. 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 amounted to $X per ton, which is down by -6.8% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the export price increased by 71% 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 remained at a lower figure.

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

In 2022, approx. X tons of zirconium were imported in Asia; picking up by 25% against the year before. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 120%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, zirconium imports rose slightly to $X in 2022. Over the period under review, imports, however, showed a pronounced decrease. The growth pace was the most rapid in 2015 with an increase of 27%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Saudi Arabia was the main importer of zirconium in Asia, with the volume of imports finishing at X tons, which was approx. 60% of total imports in 2022. It was distantly followed by China (X tons), making up a 24% share of total imports. The following importers - Japan (X tons), Malaysia (X tons) and Vietnam (X tons) - together made up 9.9% of total imports.

Saudi Arabia was also the fastest-growing in terms of the zirconium imports, with a CAGR of +69.3% from 2012 to 2022. At the same time, Malaysia (+47.7%) displayed positive paces of growth. By contrast, Japan (-3.4%), China (-3.5%) and Vietnam (-18.7%) illustrated a downward trend over the same period. While the share of Saudi Arabia (+60 p.p.) and Malaysia (+3.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Japan (-1.5 p.p.), China (-8.7 p.p.) and Vietnam (-14.7 p.p.) displayed negative dynamics.

In value terms, the largest zirconium importing markets in Asia were China ($X), Japan ($X) and Vietnam ($X), together accounting for 47% of total imports. Malaysia and Saudi Arabia lagged somewhat behind, together accounting for a further 9.7%.

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

Import Prices by Country

The import price in Asia stood at $X per ton in 2022, falling by -16.7% against the previous year. Over the period under review, the import price showed a noticeable decrease. The most prominent rate of growth was recorded in 2015 an increase of 87% against the previous year. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

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 Vietnam ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+21.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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