The global hafnium market reached a volume of 73.54 Tons in 2021. Looking forward, IMARC Group expects the market to reach 108.04 Tons by 2027, exhibiting a growth rate (CAGR) of 6.30% during 2022-2027.
Hafnium (Hf) is a silvery gray, lustrous, tetravalent transition metal that chemically resembles zirconium and is found in zirconium minerals. It is characterized by stability at room temperature, spontaneous combustion in air, and the ability to absorb hydrogen at high temperatures. The hafnium metal is an ideal neutron absorber due to its large cross-section and excellent welding and processing properties. It is also resistant to high temperatures and corrosion. Hafnium improves the creep ductility and rupture lifetime of nickel-based superalloys and high temperature alloys when used in relatively small amounts. The oxide of hafnium is used to fabricate integrated circuits at shorter feature sizes in semiconductor fabrication processes as well as filaments and electrodes. Hafnium is combined with niobium, titanium, or tungsten in super alloys to be used across the aerospace and nuclear sectors.
Hafnium Market Trends:
- The market is majorly driven by the escalating demand for superalloys for numerous applications in the aerospace industry. This can be attributed to the continual innovations and technological breakthroughs in the aerospace manufacturing processes. Also, the rapid product utilization in the production of gas turbines, nuclear reactors, pressurized water reactors, and semiconductors is providing an impetus to the market. In addition to this, the rising adoption of hafnium oxide in optical coatings is creating lucrative growth opportunities for the major market players. The market is further propelled by extensive research and development (R&D) activities conducted by key players. Apart from this, favorable government incentives and policies promoting hafnium applications are creating a positive outlook for the market. Some of the other factors contributing to the market growth include the effective allocation of resources, rapid industrialization, inflating disposable income levels and fierce competition among major market players to expand their geographical presence.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global hafnium market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type and application.
Breakup by Type:
- Hafnium Metal
- Hafnium Oxide
- Hafnium Carbide
Breakup by Application:
- Super Alloy
- Optical Coating
- Plasma Cutting
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
- The competitive landscape of the industry has also been examined along with the profiles of the key players being ACI Alloys, Alkane Resources Ltd, Allegheny Technologies Incorporated (ATI), American Elements, Chemsavers Inc., China Nulear JingHuan Zirconium Industry Co. Ltd., Framatome (Electricite de France S.A.), Lenntech B.V., Nanjing Youtian Metal Technology Co. Ltd., Phelly Materials Inc. and Thermo Fisher Scientific Inc.
Key Questions Answered in This Report:
- How has the global hafnium market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global hafnium market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global hafnium market and who are the key players?
- What is the degree of competition in the industry?