Zirconium Oxide Market – Global Market Share, Trends, Analysis and Forecasts, 2022-2032

Zirconium oxide generally called as Zirconia and denoted as ZrO2 is a white and crystalline oxide of element zirconium. It is chiefly utilized in the manufacture of technical and advanced ceramics. Zirconium oxide provides excellent corrosion and chemical inertness at high temperatures coupled with high wear resistance and mechanical strength. Owing to these chemical, physical and mechanical properties, it is utilized as a key refractory material. It is also utilized in enamels, insulation and in the production of abrasives. Moreover, the Chinese ceramic tile industry is expected to increase the demand for Zirconium oxide, since the product is utilized in ceramic applications such as sanitary goods, floor and wall tiles and tableware for its opaque purposes. The main growth markets for zirconium oxide are developing countries such as India, Korea and China. In recent years, volatility in zirconium prices coupled with lack of supply has adversely affected market growth. However, the market is anticipated to improve rapidly and witness strong growth in the years to come.

The zirconium oxide market is anticipated to grow at a CAGR of 4.1% during the forecast period owing to the growth of ceramic tile industry in China where it is widely used as an opacifier in several ceramic applications such as floor, sanitary ware, tableware, and wall tiles. Developing economies such as Korea, and India are other chief growth markets for zirconium oxide. However, economic disorder flattening the industrial sector during the past few years has negatively affected the zirconium industry.

Volatility in raw material prices and cost of zirconium along with lack of supply has adversely influenced the market growth for last few years. Nonetheless, the global zirconium oxide market is expected to improve rapidly to pose a robust growth rate in the foreseeable years. The global ceramic industries have seen significant changes in product supply over the last couple of years and an important factor in customer buying behaviour, aestheticism along with strong power. The strength, wear resistance and hardness in ceramic materials are excellent due to the zirconium oxide. The ceramics can stand the attack of various acids, bases, and organic solvent due to their high chemical inertness of zirconium oxide and are therefore an ideal choice for the manufacture of different types of ceramics such as advanced technical ceramics, decorative ceramics, conductive ceramics etc.

The global zirconium oxide market is segmented on the basis of application and geography. Based on application, the global zirconium oxide market is sub-segmented into ceramics, ceramic colours and pigments, diamond simulant, electro-ceramics, solid electrolytes, optical fiber, coatings, refractories, catalysts and others. Geographically, the global zirconium oxide market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Major players operating in the global zirconium oxide market include Alkane Resources, E.I DuPont de Nemours and Company, Allegheny Technologies, Astron Advanced Materials, Australian Zircon NL, Astron and Astron Advanced Materials.