Market Insights
Zirconium Nitride is white volatile water absorbing crystal. It is the zirconium’s metal nitrate salt. It provides good protection against wear and tear and corrosion. It is used for coating medical devices and parts of automotive, aerospace, industrial equipment. It is used in laboratory crucibles, cermets, and refractories. The global market size of Zirconium Nitride has crossed valuation of USD 100 million. Driven by the strong application base, the Zirconium Nitride industry is targeted to surpass USD 183.4 million in 2027. The global Zirconium Nitride market is expected to exhibit CAGR of around 8.3% during the analysis period.
Increasing Demand from Automobile and Industrial Applications
Zirconium Nitride is a very hard materials and hence it is mainly applied as a hard coating for different machine tools. Major applications of machine tools coated with Zirconium Nitride include machining of various alloys such as copper, aluminium, titanium and brass. With rising demand for machining tools, the demand for Zirconium Nitride is expected to be increased consistently. Secondly, Zirconium Nitride is also growing in popularity among automobile & aerospace manufacturers on the account of its excellent ability to withstand corrosive environment. Medical devices are another important outlet for the growth Zirconium Nitride. Zirconium Nitride offers an excellent alternative to titanium nitride. Zirconium Nitride not only exhibit better corrosion resistance but also provide superior surface properties required in medical device field.
Impact of COVID 19
COVID 19 has inflicted a severe impact on the global Zirconium Nitride industry. It affected the sales of Zirconium Nitride, and the global Zirconium Nitride market reported around 20.1% decline in its revenue as compared to 2019. However, with the lifting of the restrictions, the production of zirconium nitrate has increased and the demand is also recovering steadily from different industries. The global Zirconium Nitride market is anticipated to attain pre-COVID 19 levels soon.
Asia-Pacific to Dominate the global Zirconium Nitride market
Asia-Pacific is expected to command the global Zirconium Nitride market throughout the forecast period. The region kept its dominance amid COVID 19 pandemic situation by holding almost above one third share in total revenue generated by this industry in 2020. Asia Pacific is dominating the global automobile industry with highest ever production as well as demand. China, South Korea, India and Japan are collectively holding over 35% share in total production as well as demand for automobile worldwide. With increasing applications of Zirconium Nitride in automobile industry the demand is likely to be high over the foreseen period.
Increasing Demand for Industrial-grade Zirconium Nitride
Zirconium Nitride has wide application base and it is available in various grades suitable for various applications. Agricultural Grade, food-grade, industrial grade, optical grade, and pharmaceutical grade are the major grades of zirconium nitride. Among all, industrial grade zirconium nitride is growing at rapid pace among all grades. The huge demand for industrial-grade zirconium nitride is attributed to the demand for non-corrosive coating in automobiles, aerospace, and industrial cutting tools industries. The need for coating for crucibles and other medical devices drives the demand for pharmaceutical-grade zirconium nitrate.
Demand from Automobile Industry is Growing at Steady Pace
Agriculture, automotive, aerospace, coating, food, equipment, industrial cutting tools and pharmaceutical are some of the important applications for Zirconium Nitride. Zirconium Nitride is mainly used into different application owing to its better wear & tear properties and outstanding corrosion resistance. Hence its is mainly employed into applications where such properties are necessary. Likewise, to prevent corrosion in automobile parts, zirconium nitride coating is provided. The automobile sector accounted for nearly 15.6% of the overall revenue generated by the global Zirconium Nitride Industry in 2020.
American Elements and Japan New Metals Co Ltd are some of the leading manufacturers of Zirconium Nitride. Most of the manufacturers are trying to increase their market presence with strengthening their distribution channels. There are many China based players manufacturing Zirconium Nitride include Jinzhou Haixin Metal Materials Co Ltd, Shandong Honrel Co Limited, Shanghai St-Nano Science & Technology Co Ltd, etc. Capacity expansion is major strategy adopted by the key players to enhance their foothold in global market.
Frequently asked questions about global Zirconium Nitride industry
- What are the consequences of COVID 19 on global Zirconium Nitride industry?
Ans: Automotive, aerospace, and industrial sector received major hit from COVID 19, which are the important and significant application markets for Zirconium Nitride. As a result, COVID 19 has left very server impact on global Zirconium Nitride market and the industry registered negative growth of 20% in 2020 and likely recover slowly over the years to come.
- Who are the top five players in the global Zirconium Nitride industry?
Ans: American Elements, Japan New Metals Co Ltd, Jinzhou Haixin Metal Materials Co Ltd, Nippon Light Metal Company Ltd and Zircomet Ltd are among some of the leading players in the global Zirconium Nitride market.
- Which is the fastest growing application market for global Zirconium Nitride industry?
Ans: Medical and Automobile industry are some of the fastest growing application markets for the global Zirconium Nitride market
- Which is the leading regional market for global Zirconium Nitride industry?
Ans: Backed by the strong demand for automobile, aerospace and industrial applications, the demand for Zirconium Nitride is mainly dominated by the Asia Pacific
- What will be the CAGR (2021 - 2027) of in global Zirconium Nitride industry?
Ans: The global Zirconium Nitride market report provide CAGR of 8.3% from 2021 to 2027
