Zirconium Nitride market to Register 8.3% CAGR and Hit USD 183.4 MN till 2027
The global Zirconium Nitride market generated revenue of around USD 103.1 million in 2020 and anticipated to grow at a CAGR of over 8.3% during the forecast period from 2021 to 2027 to reach around USD 183.4 million in 2027.
Zirconium Nitride is a highly volatile and highly water-soluble transition metal nitrate in crystalline form. It is ideal for uses that are compatible with low acidic substances and nitrates. It has a use as a preservative and as a solid Lewis Acid catalyst in the synthesis process of derivatives of benzimidazole. It exhibits strong anti-corrosive properties.
Key Trends in Global Zirconium Nitride Market
Increasing demand for zirconium from the automobile industry
The coatings with zirconia-doping show better corrosion resistance when compared to the undoped zirconia. Likewise, a zirconyl nitrate, a compound of zirconium nitrate offers better corrosion prevention as the zirconia ion remains inhibitive. Coatings doped with approximately .5% zirconyl nitrate provide better corrosion prevention in automobile bodies. There are more than 90 million automobiles manufactured annually worldwide. Automobiles are susceptible to corrosion and wear and tear. Hence, the automobile industry generates huge demand for zirconium nitrate for corrosion prevention coating. Likewise, it is very useful in the aerospace sector for anti-corrosion coating.
Impact of COVID 19 on Global Zirconium Nitride Market
COVID 19 had a significant impact on revenue generation in the global Zirconium Nitride market. In the wake of COVID 19, many countries-imposed lockdowns and restrictions in the movement of goods and people. It affected the functioning of the manufacturing plants of zirconium nitride. It led to a reduction in the production of zirconium nitride. On the other hand, the end-use industries also faced a reduction in production. It resulted in a 20% decrease in overall revenue generated by the global zirconium nitride market when compared to 2019.
To Understand How Covid-19 Impact Is Covered in This Report - https://www.credenceresearch.com/report/zirconium-nitride-market
Global Zirconium Nitride Market by Grade Insights
Agricultural grade, food grade, industrial grade, optical grade, and pharmaceutical grade are the major grades of zirconium nitride. The industrial-grade segment accounted for a significant share of total revenue generated by the zirconium nitride market in 2020. Industrial grade zirconium nitride is mainly used for applying anti-corrosive and anti-wear and tear coating on industrial cutting tools, aerospace, and automotive parts.
Industrial Grade Segment to Dominate the global Zirconium Nitride market
Global Zirconium Nitride Market by Application Insights
Major applications areas of zirconium nitride are agriculture, automotive, aerospace, coating, food, equipment, industrial cutting tools, pharmaceutical, and others. Zirconium nitride provides a coating that reduces the wear and tear of industrial cutting tools. Hence, industrial cutting tools accounted for a significant share of revenue generated in the Zirconium Nitride market, with more than 18.4% share in 2020.
Global Zirconium Nitride Market by Regional Insights
Asia-Pacific was the largest market for zirconium nitride in 2020 and accounted for more than 36.2% overall share in revenue generation globally. Asia-Pacific has more companies manufacturing zirconium nitride and they export it to other regions. With the huge number of automobile production in China, India, Indonesia, South Korea, and Japan, Zirconium nitride find so much demand in the Asia-Pacific region. The demand from medical devices and aerospace is anticipated to grow further during the forecast period. The demand from the industrial cutting tools, aerospace, and automobile sectors drives the growth of the North American Zirconium Nitride Market. In Europe, the demand for zirconium nitride from the coating sector, automobile sector, pharmaceutical sector, and industrial sector drives the growth of the market.
Global Zirconium Nitride Market Competitive Landscape
Most prominent players in the global Horizontal Directional Drilling market include American Elements, Japan New Metals Co Ltd, Jinzhou Haixin Metal Materials Co Ltd, Nippon Light Metal Company Ltd, Otto Chemie Pvt Ltd, Oxkem Limited, Shandong Honrel Co Limited, Shanghai St-Nano Science and Technology Co Ltd, Zircomet Ltd, and Zirconium Chemicals Pvt Ltd among others. The report covers very detailed profiles of these key players.
Market Segmentation
Global Zirconium Nitride Market by Grade, 2015 - 2027
Agricultural Grade
Food Grade
Industrial Grade
Optical Grade
Pharmaceutical Grade
Others
Global Zirconium Nitride Market by Application, 2015 - 2027
Agriculture
Automotive
Aerospace
Coating
Food
Equipment
Industrial cutting tools
Pharmaceutical
Others
Global Zirconium Nitride Market by Region, 2015 - 2027
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Global Zirconium Nitride Market: Key Players
American Elements
Japan New Metals Co Ltd
Jinzhou Haixin Metal Materials Co Ltd
Nippon Light Metal Company Ltd
Otto Chemie Pvt Ltd
Oxkem Limited
Shandong Honrel Co Limited
Shanghai St-Nano Science and Technology Co Ltd
Zircomet Ltd
Zirconium Chemicals Pvt Ltd
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