Global Zirconium Market 2024

Zirconium Market Size

The global zirconium market declined modestly to $X in 2022, therefore, remained relatively stable against the previous year. Overall, consumption continues to indicate a mild curtailment. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the global market failed to regain momentum.

Zirconium Production

In value terms, zirconium production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, recorded significant growth. The pace of growth appeared the most rapid in 2019 with an increase of 959%. As a result, production reached the peak level of $X. From 2020 to 2022, global production growth remained at a lower figure.

Zirconium Exports

Exports

Global zirconium exports soared to X tons in 2022, rising by 35% against the previous year. Over the period under review, total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when exports increased by 56% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, zirconium exports rose to $X in 2022. Overall, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 27%. Over the period under review, the global exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, South Africa (X tons) was the key exporter of zirconium, creating 47% of total exports. It was distantly followed by the United States (X tons), Taiwan (Chinese) (X tons), China (X tons) and Germany (X tons), together committing a 46% share of total exports. The following exporters - Malaysia (X tons) and Spain (X tons) - each amounted to a 3.7% share of total exports.

Exports from South Africa increased at an average annual rate of +128.7% from 2012 to 2022. At the same time, Spain (+173.9%), Malaysia (+38.0%), Taiwan (Chinese) (+9.6%), China (+9.1%) and Germany (+2.1%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing exporter exported in the world, with a CAGR of +173.9% 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, Taiwan (Chinese), Spain and Malaysia increased by +47, +2.1, +1.8 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest zirconium supplying countries worldwide were the United States ($X), Germany ($X) and China ($X), with a combined 82% share of global exports. South Africa, Spain, Taiwan (Chinese) and Malaysia lagged somewhat behind, together comprising a further 9.2%.

Spain, with a CAGR of +140.7%, recorded the highest growth rate of the value of exports, among the main exporting countries 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 $X per ton in 2022, declining by -22.8% against the previous year. Overall, the export price saw a deep reduction. The most prominent rate of growth was recorded in 2019 an increase of 39%. The global export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat 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 Germany ($X per ton), while Taiwan (Chinese) ($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 global leaders experienced more modest paces of growth.

Zirconium Imports

Imports

In 2022, supplies from abroad of zirconium was finally on the rise to reach X tons after two years of decline. Overall, imports recorded a noticeable expansion. The pace of growth was the most pronounced in 2018 when imports increased by 70% against the previous year. Global imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, zirconium imports soared to $X in 2022. Over the period under review, total imports indicated notable growth from 2012 to 2022: its value 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. Based on 2022 figures, imports decreased by -27.3% against 2019 indices. The pace of growth was the most pronounced in 2014 with an increase of 25% against the previous year. Over the period under review, global imports hit record highs at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X tons) was the major importer of zirconium, committing 46% of total imports. Saudi Arabia (X tons) held the second position in the ranking, distantly followed by Germany (X tons) and China (X tons). All these countries together took approx. 28% share of total imports. The following importers - Russia (X tons), the UK (X tons), France (X tons) and Senegal (X tons) - together made up 15% 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 (+69.3%), Russia (+20.7%), Senegal (+16.6%), Germany (+4.9%) and France (+1.5%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in the world, with a CAGR of +69.3% from 2012-2022. By contrast, China (-3.5%) and the UK (-10.5%) illustrated a downward trend over the same period. While the share of the United States (+40 p.p.), Saudi Arabia (+15 p.p.), Russia (+3.3 p.p.) and Senegal (+2.8 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of China (-7.7 p.p.) and the UK (-15.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X), Russia ($X) and France ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 50% share of global imports.

Russia, with a CAGR of +24.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries 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 $X per ton, reducing by -13.6% against the previous year. Over the period under review, the import price continues to indicate a perceptible reduction. The growth pace was the most rapid in 2017 an increase of 25% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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

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

Source: IndexBox Platform

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