India: Zirconium Market 2024

Zirconium Market Size in India

The Indian zirconium market contracted to $X in 2022, approximately equating the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Zirconium Production in India

In value terms, zirconium production fell to $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the production volume increased by 54%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Zirconium Exports

Exports from India

Zirconium exports from India plummeted to X kg in 2022, with a decrease of -17.6% compared with the previous year. Overall, exports showed a sharp slump. The growth pace was the most rapid in 2021 with an increase of 75% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, zirconium exports contracted to $X in 2022. Over the period under review, exports continue to indicate a precipitous decrease. The pace of growth appeared the most rapid in 2018 when exports increased by 70% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X kg), Iran (X kg) and Iraq (X kg) were the main destinations of zirconium exports from India, with a combined 91% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of -7.6%), while the other leaders experienced a decline.

In value terms, the largest markets for zirconium exported from India were Iraq ($X), Iran ($X) and the United States ($X), with a combined 67% share of total exports. The United Arab Emirates, Canada and Saudi Arabia lagged somewhat behind, together comprising a further 18%.

In terms of the main countries of destination, Canada, with a CAGR of +5.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average zirconium export price stood at $X per ton in 2022, growing by 4.9% against the previous year. Over the period under review, the export price recorded a significant increase. The pace of growth appeared the most rapid in 2019 when the average export price increased by 156%. Over the period under review, the average export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+44.1%), while the prices for the other major destinations experienced more modest paces of growth.

Zirconium Imports

Imports into India

Zirconium imports into India fell slightly to X tons in 2022, remaining relatively unchanged against the previous year's figure. Over the period under review, imports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of 401% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, zirconium imports shrank remarkably to $X in 2022. Overall, imports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 451% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Italy (X kg), France (X kg) and the United States (X kg) were the main suppliers of zirconium imports to India, with a combined 95% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +44.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, France ($X) constituted the largest supplier of zirconium to India, comprising 70% of total imports. The second position in the ranking was taken by Italy ($X), with an 18% share of total imports. It was followed by the United States, with a 7% share.

From 2012 to 2022, the average annual growth rate of value from France stood at +39.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+46.6% per year) and the United States (+37.3% per year).

Import Prices by Country

The average zirconium import price stood at $X per ton in 2022, with a decrease of -22.9% against the previous year. Over the period under review, the import price, however, posted slight growth. The most prominent rate of growth was recorded in 2021 when the average import price increased by 85%. As a result, import price attained the peak level of $X per ton, and then shrank markedly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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