Global Hafnium Market By Type Overview
Hafnium Market was valued at USD 88.7 Million Tons in 2024 and is projected to grow at a CAGR of 8.20% to reach USD 182.4 Million Tons by 2034.
Hafnium is a chemical element with the symbol Hf and atomic number 72. It’s a lustrous, silvery grey, a tetravalent transition metal. Hafnium chemically resembles zirconium and is found in many zirconium minerals.
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Global Hafnium Market By Type Drivers & Restraints
Growing demand for hafnium in the aerospace industry as superalloy and in submarines as nuclear control rods is a major factor driving the growth of the hafnium market. Additionally, demand for new aircraft is increasing globally, and the aerospace industry endeavours to implement innovative types to increase production cost and time. Thus, in terms of growing fuel efficiency, hafnium superalloys are gaining popularity. Moreover, the growing usage of hafnium oxide in optical coatings is expected to boost the growth of the target market over the forecast period.
Hafnium oxide is an effective optical coating material with a high refractive index of low absorption from the near-UV (about 250 nm) to the mid-IR (beyond 12 μm). However, nuclear is one of the major application of hafnium and shutting down of nuclear plants may restrain the overall growth of the global market. In 2019, a total number of Operable Reactors stood at around 445 which is declined from 450 in 2018 worldwide. Most nations are phasing out their nuclear power, such as Germany, Belgium, Spain, and Switzerland. In recent years, more nuclear reactors have been shut than opened globally.
Global Hafnium Market By Type Segmentations & Regional Insights
Hafnium market is segmented based on type, application, and region.
Based on type, the hafnium market is segmented into hafnium oxide, hafnium carbide, and others (including hafnium metal). Based on the application, the target market is classified into the superalloy, optical coating, nuclear, plasma cutting, and others.
On the region, the hafnium market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the hafnium market with a share of around 30%, followed by Europe and APAC. Due to the growing demand from the aerospace industry, nuclear application, electronics, hafnium demand has grown rapidly over the past few years and is anticipated to grow with the same pace over the forecast period. The U.S is one of the world's major nuclear power manufacturers. The U.S has 60 commercial nuclear power plants, with 98 nuclear reactors operating with a net capacity of 100,350 megawatts in 30 states. Moreover, the U.S is the largest producer of hafnium with more than 30 tons every year in 2019.
Hafnium Market, By Type:
- Hafnium Oxide
- Hafnium Carbide
- Others (including Hafnium Metal)
Hafnium Market, By Application:
- Super Alloy
- Optical Coating
- Nuclear
- Plasma Cutting
- Others
Hafnium Market, By Region:
- North America
- Middle East & Africa
- Middle East & Africa Hafnium Market, By Type
- Middle East & Africa Hafnium Market, By Application
- Middle East & Africa Hafnium Market, By Country
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Latin America Hafnium Market, By Type
- Latin America Hafnium Market, By Application
- Latin America Hafnium Market, By Country
- Brazil
- Mexico
- Rest of Latin America
- Asia Pacific
- Asia Pacific Hafnium Market, By Type
- Asia Pacific Hafnium Market, By Application
- Asia Pacific Hafnium Market, By Country
- China
- India
- Japan
- South Korea
- Rest of Asia
- Europe
- Europe Hafnium Market, By Type
- Europe Hafnium Market, By Application
- Europe Hafnium Market, By Country
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- North America Hafnium Market, By Type
- North America Hafnium Market, By Application
- North America Hafnium Market, By Country
- U.S.
- Canada
- Middle East & Africa
Global Hafnium Market By Type Competitive Landscape & Key Players
The key players operating the hafnium market
- ATI
- ACI Alloy
- Alkane Resources Ltd.
- American Elements
- Baoji ChuangXin Metal Materials Co. Ltd (CXMET)
- China Nulear JingHuan Zirconium Industry Co. Ltd.
- Framatome (EDF)
- Nanjing Youtian Metal Technology Co. Ltd.
- Phelly Materials Inc.
Prominent players operating in the target market are focusing on strategic partnerships as well as the launching of the Types to gain a competitive edge in the target market. For instance, in January 2018, Areva announced the completion of the acquisition by EDF of a 75.5% stake in New NP capital.
Global Hafnium Market By Type Company Profile
- ATI
- ACI Alloy
- Alkane Resources Ltd.
- American Elements
- Baoji ChuangXin Metal Materials Co. Ltd (CXMET)
- China Nulear JingHuan Zirconium Industry Co. Ltd.
- Framatome (EDF)
- Nanjing Youtian Metal Technology Co. Ltd.
- Phelly Materials Inc.
Global Hafnium Market By Type Highlights
FAQs
Hafnium market is segmented based on type, application, and region.
Growing demand for hafnium in the aerospace industry as superalloy and in submarines as nuclear control rods
North America dominated the hafnium market with a share of around 30%, followed by Europe and APAC. Due to the growing demand from the aerospace industry, nuclear application, electronics, hafnium demand has grown rapidly over the past few years and is anticipated to grow with the same pace over the forecast period.
Prominent players operating in the target market are focusing on strategic partnerships as well as the launching of the products to gain a competitive edge in the target market. For instance, in January 2018, Areva announced the completion of the acquisition by EDF of a 75.5% stake in New NP capital.