Hafnium Market Size, Share, Growth Overview 2023

According to Precision Business Insights' (PBI), latest report hafnium market was valued at USD 80.3 million in 2022, and is poised to grow at a 7.4% CAGR during the forecast period 2022 to 2029. The rising demand of microchips, the indispensable application of superalloys in jet and rocket engines, the booming photovoltaic business, demand for control rods in nuclear power plants and industrial turbines to produce electricity are major drivers propelling the hafnium industry. Furthermore, an increase of lucrative regions for growth in the hafnium market, an increase in the emergence of key players, new emerging hafnium-based technology, increasing demand of electricity due to population increase, rapidly growing aerospace and submarine technology, and urbanization are anticipated to burgeon the growth of the market over the forecasted period. Moreover, countries like France (45%), the US (41%) are some of the major producers of hafnium in the world, whereas China is the major exporter of Zirconium - the raw material for hafnium extraction, these countries also burgeon the growth of market over the forecast years.

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The hafnium market is segmented based on product type, disease type, technology type, and geography.

Based on the Type, the market is segmented into the following:
• Hafnium metal
• Hafnium oxide
• Hafnium carbide
• Others

Based on the Application, the market is segmented into the following:
• Superalloy
• Nuclear
• Optical coating
• Plasma cutting/welding
• Catalyst
• Others

Based on the End-user Industry, the market is segmented into the following:
• Electronics
• Nuclear
• Aerospace

Based on the Geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA
• Rest of MEA

Based on the use in the electronics industry currently, hafnium is used as a dielectric material in the production of microchips and other electronic components is anticipated to show a significant growth rate in the market share over the forecasted years. Its high dielectric constant and ability to form stable, thin films makes it attractive material for the extensive use in advanced electronics. It is used as a dielectric material in microelectronics and is proclaimed to be used in different processors, adding heat resistance. The increasing demands for electronic gadgets such as smartphones and tablets, increasing population, developed infrastructure and urbanization is predicted to drive the demand for hafnium in the electronics industry.

North America Leads Hafnium Market
Hafnium market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America Hafnium market accounted to have a significant share in the global market and the market is expected to grow at a significant CAGR, over the forecast years. Europe market is expected to expand at significant growth owing to the largescale production in France, increased demand for exports and a strong manufacturing base. Asia Pacific hafnium market is also anticipated to grow in the forecasting period owing to the rising development in the automotive industry, aerospace and submarine industry, shifting preference of the population for air travel, increasing demand for electricity, more investment by governments in nuclear power plants and necessary platforms.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players

Hafnium market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In July 2021, a group of South Korean investors agreed to buy a 20% stake in the Alkane Resources Dubbo rare earths project for USD 250 million from Australian Strategic Materials.

In October 2020, MET, Hyderabad had established first indigenous hafnium metal sponge to meet ISRO demands. It also caters to the need of department of atomic energy (DAE) in control rods of nuclear reactors.

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Key player's profiles in the Hafnium Market report are ACI Alloys, Alkane Resources Ltd, Allegheny Technologies Incorporated, American Elements, Nanjing Youtian Metal Technology Co. Ltd, Framatome, Phelly Materials Inc, Thermo Fisher Scientific Inc., Baoji ChuangXin Metal Materials Co. Ltd, Chemsavers Inc and Lenntech B.V, China Nuclear JingHuan Zirconium Industry Co. Ltd.

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