Global Zirconium Tetrafluoride Market - Forecast(2023 - 2028)

Global Zirconium Tetrafluoride Market Overview

The global zirconium tetrafluoride market size is estimated to reach US$275.0 million by 2027, growing at a CAGR of around 4.5% from 2022 to 2027. The zirconium tetrafluoride is a water insoluble and inorganic compound. The zirconium tetrafluoride is used in oxygen-sensitive applications such as metal production, fluoride glass, fuel coolant in molten salt reactors, and others. It is also used with other compounds such as sodium fluoride for use in the coolant for the reactors. Furthermore, the high demand of zirconium tetrafluoride for fluorozirconate glasses and optical glass fiber systems is driving the global zirconium tetrafluoride market. The growing application and demand of zirconium tetrafluoride in various end-use industries such as glass industry, metal industry, chemical, and others due to chemical stability, mechanical properties, and low loss is offering high growth for the global zirconium tetrafluoride industry during the forecast period.

COVID-19 Impact

The global zirconium tetrafluoride market was majorly impacted by the covid-19 outbreak. The global economy experienced slowdown, production halts, logistics restrictions, and major supply and demand gap. The zirconium tetrafluoride has major applications in metal industry and glass manufacturing sector. Furthermore, the zirconium tetrafluoride market experienced a major decline in demand and falling applications in the metal industry. The demand for various metals collapsed during the pandemic. The processing and production activities for industrial metals were impacted by the COVID outbreak. The restrictions in movement, delay in metal mining and development projects, closure of mining and metal production, along with slumping metal prices affected the global metal production sector as well. According to the World Bank, the metal and mineral price index expected a 13% decline due to economic slowdown in 2020. Thus, with major decline in growth of metal industry, the application of zirconium tetrafluoride for oxygen sensitive applications such as metal production activities also saw major fall in demand, thereby restricting the growth opportunities in global zirconium tetrafluoride market.

Report Coverage

The “Global Zirconium Tetrafluoride Market Report – Forecast (2022-2027)” by IndustryARC covers an in-depth analysis of the following segments of the global zirconium tetrafluoride industry.

Figure: Asia Pacific Zirconium Tetrafluoride Market Revenue, 2021-2027 (US$ Million)

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Key Takeaways

• The global zirconium tetrafluoride market size will increase due to high demand for applications in metal industry, optical glass manufacturing, and others during the forecast period.
• The Asia Pacific region hold a dominant market share in the global zirconium tetrafluoride industry due to high in metallurgical sector, glass, nuclear, and other, thereby boosting the application of zirconium tetrafluoride in this region.
• The demand for zirconium tetrafluoride is high in glass industry due to major application in fluoride glass, fluorozirconate glass, optical fiber systems, and others in the coming years.

Global Zirconium Tetrafluoride Market Segment Analysis – By Purity

By purity, the above 99% segment held the largest global zirconium tetrafluoride market share and is expected to grow by over 5.1% during the forecast period. The demand of above 99% purity segment is high due to its growing applications in fluoride glass production such as ZBLAN and others. The high purity composition makes it perfect for application in optical fluoride glasses owing to its excellent optical quality and improved scientific standards. Furthermore, these fluoride glasses are used in optical fiber, thereby boosting the demand for the zirconium tetrafluoride. According to the International Energy Agency (IEA), the number of internet users is estimated to increase to around 5.0 billion by the year 2025. Thus, with rise in major application of zirconium fluoride in optical fiber glasses and usage as component in fluorozirconate glasses production, the global zirconium industry will grow during the forecast period.

Global Zirconium Tetrafluoride Market Segment Analysis – By Application

By application, the fluorozirconate glass segment accounted for the largest share in the global zirconium tetrafluoride market and is expected to grow by around 4.7% during the forecast period. The zirconium tetrafluoride is used as a major component in the fluoride based glasses such as ZBL and ZBLAN. The zirconium tetrafluoride glasses offer superior properties such as high mechanical property, low potential loss, environmental resistance, and chemical stability. The high demand of fluoride fiber glasses in optical fiber system, broadband, and others is driving the market of global zirconium tetrafluoride. According to the China Internet Network Information Centre (CNNIC), the broadband connection in China reached around 91%, with 396 million premises in 2019. Thus, with growing applications of zirconium tetrafluoride for fluorozirconate glasses and other optical fiber glass systems, the demand of global zirconium tetrafluoride industry will rise in the coming years.

Global Zirconium Tetrafluoride Market Segment Analysis – By End-Use Industry

By end-use industry, the glass industry segment holds largest global zirconium tetrafluoride market share and will grow at a CAGR of over 4.1% during the forecast period. The rising demand of zirconium tetrafluoride in glass sector is influenced by increasing application in optical glass, fibers, and other fluorozirconate glasses. The zirconium tetrafluoride has major application in the glass industry such as for fluoride glass or HMFG owing to its stability, low losses, and improved mechanical properties. According to the Fiber Broadband Association (FBA), the fiber deployed in U.S. households exceeded 60 million, showing an increase of 12% in 2020. Furthermore, the high demand of fluorozirconate glasses and optical glass fiber, which uses zirconium tetrafluoride for glass production, is influencing the growth of zirconium tetrafluoride. Thus, with major application and demand in the glass industry, the global zirconium tetrafluoride will rapidly grow during the forecast period.

Global Zirconium Tetrafluoride Market Segment Analysis – By Geography

By geography, the Asia Pacific segment is the fastest-growing region in the global zirconium tetrafluoride market for the year 2021 and will grow by over 5.4% during the forecast period. The growth of zirconium tetrafluoride industry in this region is influenced by rising demand in glass manufacturing industry, chemical, metal industry, and others. The demand of zirconium tetrafluoride is high for oxygen sensitive applications such as metal production or aluminum coatings. According to the India Brand Equity Foundation (IBEF), around USD 2.23 billion was attracted by the iron ore exports, with an increase of 21% in 2021. Furthermore, the growth of optical fiber in APAC region is contributing to the growth in zirconium tetrafluoride usage in fluoride glasses, which is used in optical fiber systems is offering major growth prospects for the zirconium tetrafluoride industry. Moreover, the zirconium tetrafluoride is also used as a fuel-coolant in the molten salt reactors and coolant when mixed with sodium fluoride. Thus, with growing application of zirconium tetrafluoride in various end-use industries and high demand of zirconium fluoride based components in the APAC region, the global zirconium tetrafluoride market will grow in the coming years.

Global Zirconium Tetrafluoride Market– Drivers

Growing demand from fluoride glass applications

There is a rise in the demand for the zirconium tetrafluoride in the glass industry for applications in fluoride glass and fibers. The zirconium tetrafluoride is a major component which is used in the fluoride glass. Furthermore, the growth of optical glasses for optical fiber systems, internet transmission, and commercial application is influencing the high demand for the zirconium tetrafluoride. According to the Organization for Economic Co-operation and Development (OECD), the demand for high-speed fiber subscription saw a growth by 15% from June 2020 to June 2021 across the OECD countries. Thus, with rising demand for fluoride glass in broadband transmission, optical fibers, and others, the application of zirconium tetrafluoride in fluorozirconate glasses will rise, thereby creating high demand in the global zirconium tetrafluoride market.

Increasing usage in molten salt reactors system

The demand of zirconium tetrafluoride is growing in the nuclear energy sector due to its increasing application in the molten salt reactors. The development for the molten salt reactor technology is rising across the globe due to high demand for nuclear power energy generation. The zirconium tetrafluoride is mixed with the sodium fluoride for usage as fuel coolant in the high temperature reactor and molten salt reactors. For instance, the China Academy of Sciences and US Department of Energy collaborated with a start-up budget of USD 350 million for development and deployment of TMSR by 2030. Thus, with growth in nuclear energy generation and development of molten salt reactor technologies, the demand and application of zirconium tetrafluoride will rise, thereby offering major growth opportunities in the global zirconium tetrafluoride industry.

Global Zirconium Tetrafluoride Market– Challenges

Unstability in moisture and corrosive nature

The zirconium tetrafluoride is a water insoluble element and is highly demanded in glass and metal industry. However, the unstability of zirconium tetrafluoride in moisture, active metals, and oxidizing agents can lead to hazards and reactivity complications. Furthermore, the zirconium fluoride can led to inhalation, skin, and other chronic effects, when not handled properly. Thus, improper handling and storage of this moisture unstable metal can create major hindrance in growth for various applications in the global zirconium tetrafluoride market.

Global Zirconium Tetrafluoride Industry Outlook

The global zirconium tetrafluoride top 10 companies include:

1. Fluoropharm Chembase
2. Aurora Fine Chemicals
3. Nanoshel LLC
4. Saint-Gobain ZirPro
5. Base Resources Limited
6. AK Scientific Fluoropharm Chembase
7. Finetech Industry
8. 3B Scientific
9. Ambinter
10. Tronox Holdings Plc

Recent Developments

In December 2020, OptaSense, a leading producer of optic fiber, which uses majority of zirconium fluoride as component was acquired by the Luna Innovation Inc. to boost the growth and customer base.

In May 2020, China National Nuclear Corporation (CNNC) produced first batch of zirconium alloy and fluorides and signed deal to export nuclear grade zirconium sponge to Chepetsky Mechanical Plant.

In January 2020, the Lomon Billions made acquisition of the 15.66% equity of the Guandgong Orient Zirconic Ind Sci & Tech Co. Ltd., a leading producer of zirconium oxides, fluorides, and others with the aim to boost the portfolio of the company.

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