South-Eastern Asia: Zirconium Market 2024

Zirconium Market Size in South-Eastern Asia

The Southeast Asian zirconium market contracted slightly to $X in 2022, therefore, remained relatively stable against the previous year. Overall, consumption saw a mild decrease. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Zirconium Production in South-Eastern Asia

In value terms, zirconium production fell modestly to $X in 2022 estimated in export price. In general, production, however, recorded measured growth. The pace of growth was the most pronounced in 2016 when the production volume increased by 139% against the previous year. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Zirconium Exports

Exports in South-Eastern Asia

In 2022, zirconium exports in South-Eastern Asia skyrocketed to X tons, rising by 304% on the year before. Over the period under review, exports enjoyed a resilient expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, zirconium exports skyrocketed to $X in 2022. In general, exports saw significant growth. The pace of growth appeared the most rapid in 2018 when exports increased by 1,476% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Malaysia (X tons) was the largest exporter of zirconium, mixing up 89% of total exports. It was distantly followed by Singapore (X tons), committing an 11% share of total exports.

Malaysia was also the fastest-growing in terms of the zirconium exports, with a CAGR of +38.0% from 2012 to 2022. Singapore (-2.5%) illustrated a downward trend over the same period. Malaysia (+69 p.p.) significantly strengthened its position in terms of the total exports, while Singapore saw its share reduced by -65.7% from 2012 to 2022, respectively.

In value terms, Malaysia ($X) remains the largest zirconium supplier in South-Eastern Asia, comprising 71% of total exports. The second position in the ranking was taken by Singapore ($X), with a 28% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Malaysia amounted to +57.4%.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, waning by -61.4% against the previous year. Overall, the export price, however, recorded a tangible expansion. The pace of growth appeared the most rapid in 2018 an increase of 1,079%. As a result, the export price reached the peak level of $X per ton. From 2019 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 Singapore ($X per ton), while Malaysia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+14.1%).

Zirconium Imports

Imports in South-Eastern Asia

In 2022, imports of zirconium in South-Eastern Asia shrank sharply to X tons, which is down by -59.5% on 2021 figures. Overall, imports faced a abrupt setback. The pace of growth appeared the most rapid in 2021 with an increase of 85% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, zirconium imports declined to $X in 2022. Total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +60.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 51% against the previous year. As a result, imports attained the peak of $X, leveling off in the following year.

Imports by Country

In 2022, Malaysia (X tons), distantly followed by Vietnam (X tons), Thailand (X tons), Indonesia (X tons) and Singapore (X tons) represented the main importers of zirconium, together making up 98% of total imports. The Philippines (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +47.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) constitutes the largest market for imported zirconium in South-Eastern Asia, comprising 48% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 22% share of total imports. It was followed by Singapore, with a 16% share.

From 2012 to 2022, the average annual growth rate of value in Thailand totaled +6.1%. In the other countries, the average annual rates were as follows: Vietnam (-1.4% per year) and Singapore (+15.6% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, picking up by 145% against the previous year. Over the period under review, the import price saw significant growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while Indonesia ($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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