Hafnium Market predicted to grow exponentially by 2025
Category: #reports  By Ronak Bora  Date: 2019-02-11
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Hafnium Market predicted to grow exponentially by 2025

Based on the form, hafnium market can be classified as: bars, rods, foils, cubes and others such as: powder, wires, disc, strip, pellets, sponge, etc. The significant areas of hafnium applications include: high-temperature turbines, aerospace applications, plasma cutting inserts, nuclear power generation, microelectronics and communication and others including plastics manufacturing, automotive, etc. Many future industries will rely on the product in a wide range of applications. For instance, it can serve as a thermoelectric material for transforming heat into electricity in vehicles; as a radiative cooling material for substituting air conditioning, etc.  

Hafnium oxide nanoparticles will also hold potential in radiation oncology for cancer cells destruction in future. Aerospace will be a leading sector for the product as Hafnium-niobium alloys, are heat resistant and are used in space rocket engines. Hafnium exhibits various unique properties such as: resistance to degradation in oxygen-rich environments, high melting point, etc. which will make it highly desirable for use in welding torches and plasma cutting tips by 2025. Hafnium oxide will have strong demand in microelectronics and communication, serving as surface coating in the dielectric mirrors and optical fibres. Nickel-based superalloys containing hafnium have been used in land-based industrial gas turbines and jet engines for power generation. High-temperature turbines will be a prominent area for the product demand by 2025 for its high strength and stability while being operated at very high temperatures.

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Hafnium Market size is anticipated to grow with a moderate CAGR by 2025. The overall demand for hafnium is projected to follow an upward trend in the near future.  The unique characteristics of hafnium will be essential for a vast range of applications in future commerce. The product has been highly desired for various industrial and aerospace alloys in the recent years. As per the Boeing estimations, the global demand for new airplanes is likely to be 39,620 by 2035, with North America holding the highest share above 15,000 airplanes. The global hafnium market will witness a growing demand in aerospace applications. It has been classed as a ‘dual use’ metal under the ‘Non-Proliferation of Nuclear Weapons Treaty’. Nuclear industry will have significant demand for the product in the forecast timespan for the product ability to absorb multiple neutrons. Hafnium oxide will emerge as a material of choice in data storage devices and semiconductors by 2025. 

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Hafnium is resistant to oxidation, concentrated alkalis and possesses exceptional chemical properties. It alloys with several other metals, including: niobium, iron, tantalum, and titanium. Product addition enhances the adherence of shielding scales in nickel alloys. Remarkable mechanical properties and corrosion resistance of the product will make it applicable in the severe circumstances in case of the pressurized water reactors.  The heat resistance and the affinity to nitrogen and oxygen, the product will serve as a scavenger for nitrogen and oxygen in gas-filled and incandescent lamps in future. Hafnium will also witness higher demand in plasma cutting on account of its capability to shed electrons into air. Usage of hafnium in high temperature nickel based alloys for industrial gas turbines blades was prominent in 2017.  The product has also proved its prominence in the Intel’s Pentium processors, for its temperature resistance features. Nevertheless, the scarcity of hafnium, expensive and complex separation techniques will make it a rare product in the future years.

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Considering the regional segmentation, North America will witness substantial demand for the product by 2025. The escalating demand from nuclear reactors, aerospace and industrial turbines will propel the regional demand. With the high demand for electricity, more nuclear reactors will be under construction in the region in the coming years, thereby strengthening the product scope. 

The prominent industry participants include: American Elements, Thermo Fisher Scientific, Lenntech B.V., Luciteria Science, Chemsavers, Inc., Alkane Resources, Fine Metals Corporation and Leading Edge Materials Corp. Some other manufacturers include: Shenzhen Xinxing Metal Technology Co., Ltd., Nanjing Youtian Metal Technology Co. Ltd., China Nulear Jinghuan Zirconium Industry Co., Ltd., etc. Industry participants have been engaged in the sustainable supply of technology and energy critical materials to strengthen their market positions.

 

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About Author

Ronak Bora

Email: [email protected]   

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for News.Marketsizeforecasters and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, ...

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