The global Hafnium Market size is projected to accrue voluminously by 2027 registering a phenomenal CAGR of 7.0% during the review period (2022 to 2027)
Hafnium is a chemical component with the symbol Hf and atomic number 72. A lustrous, silvery gray, tetravalent transition metallic, hafnium chemically resembles zirconium and is initiate in zirconium minerals. The physical assets of hafnium are markedly hampered by the zirconium impurities, as these metals are hard to separate due to their chemical similarity. The extreme notable difference between hafnium and zirconium is their density, as hafnium has twice the density of zirconium. Hafnium possesses excellent chemical possessions and is resistant to chemicals and oxidation. The metal is even resistant to concentrated alkalis. The usage of hafnium-free zirconium in nuclear reactors in the late 1950s made hafnium easily accessible. But, the rarity of hafnium and difficult and exclusive separation techniques make it a scarce commodity. In zirconium ore, hafnium exists in a ratio of 2:00 to zirconium. Hafnium is produced as a byproduct during the cleansing of zirconium. Obtained hafnium has high thermal resistance, which makes it useful in several applications such as super alloys in business turbines and jet engines for aircraft. The hafnium market is anticipated to increase at a moderate progress rate during the forecast period due to the difficult and expensive separation procedure. There are several driving factors of this market such as increasing demand for super alloys for applications in gas turbines and the aerospace industry. Rising usage of hafnium in nuclear, photographic, and semiconductors applications are likely to present potential opportunities for the hafnium market during the forecast period.
Industry News:
29 Septembe r 2017Most people in developed nations have no idea how much the technology they use everyday depends on Hafnium, nor how access to this minor but critical element will shape future world economics and politics.
In 2017, Westinghouse Electric Company and its Chinese joint venture partner, State Nuclear Baoti Zirconium Industry, LTD. (SNZ), commenced a new production facility for zirconium sponge, State Nuclear WEC Zirconium Hafnium Co., Ltd. (SNWZH), in Nantong, China.
By Type, it is segmented into
By Applications it is segmented into
In China, hafnium is consumed in the form of sponge, alloys, etc., in the nuclear reactors, aerospace, industrial turbines, and other industries. China is one of the major consumers of hafnium in nuclear reactors, as it has 36 working nuclear power plants. The country has 21 under construction plants, which may increase the consumption of hafnium, over forecast period.
In China, hafnium is consumed in the form of sponge, alloys, etc., in the nuclear reactors, aerospace, industrial turbines, and other businesses.
China is one of the key consumers of hafnium in nuclear reactors, as it has 36 working nuclear power plants. The country has 21 under construction plants, which may progress the consumption of hafnium, over forecast period.
Furthermore, China is planning to double the nuclear capacity to around 58 Gwe, by 2022, and gradually reach 150 GWe, between 2030 and 2050. This, in turn, is expected to increase the consumption of hafnium in the country.
With the rise in demand, companies are also growing their supply. For instance, Westinghouse Electric UK Holdings Limited is producing high-quality nuclear-grade hafnium oxides, sponge, etc., which are suitable for nuclear reactor applications.
The China’s aircraft and spacecraft business has depicted significant progress over the years. According to the Boeing's market outlook report, released in China this year, shows that China is likely to need 6,810 new aircraft in the next 20 years, with a total value of 1.025 trillion US dollars, owing to the increasing passenger throughput.
China's current core military aircraft production bases contain Xi'an, Shaanxi, Chengdu, Shenyang, and Guizhou Aircraft Manufacturing Plant. Among the five major aircraft manufacturers, Xifei and Shaanxi have the major number of aircraft models and the largest number, accounting for 40% of military aircraft.
North America
The Hafnium Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type and segment. It focuses extensively on revealing a detailed regional analysis. The Global Hafnium Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.
Report Attributes | Report Details |
Forecast Period 2022 to 2027 CAGR | CAGR of 7.0% during the review period (2022 to 2027). |
By Type |
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By Application |
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By Companies | Alkane Resources, Orano, ATI, CNNC Jinghuan, Nanjing Youtian Metal Technology |
Regions Covered |
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Countries Covered |
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Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2022 to 2027 |
Number of Pages | 90 |
Customization Available | Yes, the report can be customized as per your needs |
What is the study period of this market?
The Hafnium Market is studied from 2017 - 2027.
What is the growth rate of Hafnium Market?
The Hafnium Market is growing at a CAGR of 7.0% over the next 5 years.
What regions does this Hafnium Market report covers?
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
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SECONDARY RESEARCH
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PRIMARY RESEARCH
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MARKET ENGINEERING
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REPORT WRITING/ PRESENTATION
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