Zirconium Ore and Concentrate Market

The zirconium ore and concentrate market is projected to experience a slight increase in consumption, with a forecasted CAGR of +1.8% from 2022 to 2030, reaching 3.1M tons in volume and $3.9B in value by 2030. China leads in consumption, while South Africa, Australia, and Indonesia dominate in production. Import and export volumes are also analyzed, with insights into key market players and trends.

Market Forecast

Driven by rising demand for zirconium ore and concentrate worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.8% for the period from 2022 to 2030, which is projected to bring the market volume to 3.1M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.2% for the period from 2022 to 2030, which is projected to bring the market value to $3.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Zirconium Ores and Concentrates

In 2022, approx. 2.7M tons of zirconium ores and concentrates were consumed worldwide; reducing by -3.7% against the previous year. Overall, consumption recorded a relatively flat trend pattern. Global consumption peaked at 2.8M tons in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

The global zirconium ore and concentrate market size rose remarkably to $3.2B in 2022, surging by 13% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a slight reduction. Over the period under review, the global market reached the maximum level at $3.7B in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Consumption By Country

China (1.3M tons) constituted the country with the largest volume of zirconium ore and concentrate consumption, accounting for 50% of total volume. Moreover, zirconium ore and concentrate consumption in China exceeded the figures recorded by the second-largest consumer, Australia (431K tons), threefold. The United States (132K tons) ranked third in terms of total consumption with a 5% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +1.8%. The remaining consuming countries recorded the following average annual rates of consumption growth: Australia (-4.1% per year) and the United States (+2.0% per year).

In value terms, China ($1.4B) led the market, alone. The second position in the ranking was taken by Australia ($552M). It was followed by the United States.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +1.2%. In the other countries, the average annual rates were as follows: Australia (-6.8% per year) and the United States (+2.6% per year).

In 2022, the highest levels of zirconium ore and concentrate per capita consumption was registered in Australia (16 kg per person), followed by Spain (2.4 kg per person), Madagascar (1.7 kg per person) and South Africa (1.4 kg per person), while the world average per capita consumption of zirconium ore and concentrate was estimated at 0.3 kg per person.

In Australia, zirconium ore and concentrate per capita consumption shrank by an average annual rate of -5.5% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Spain (+8.9% per year) and Madagascar (+29.2% per year).

Production

World Production of Zirconium Ores and Concentrates

In 2022, production of zirconium ores and concentrates increased by 10% to 2M tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, production, however, recorded a relatively flat trend pattern. Over the period under review, global production attained the peak volume at 2.1M tons in 2012; however, from 2013 to 2022, production failed to regain momentum.

In value terms, zirconium ore and concentrate production shrank modestly to $1.9B in 2022 estimated in export price. Overall, production, however, saw a deep downturn. The pace of growth was the most pronounced in 2018 when the production volume increased by 72%. Global production peaked at $3.2B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were South Africa (487K tons), Australia (476K tons) and Indonesia (211K tons), with a combined 57% share of global production. China, Mozambique, the United States, Senegal, Madagascar, Sierra Leone, Pakistan, Kenya and Kazakhstan lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Mozambique (with a CAGR of +10.5%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Zirconium Ores and Concentrates

In 2022, the amount of zirconium ores and concentrates imported worldwide contracted to 1.8M tons, with a decrease of -5% against the year before. The total import volume increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 23% against the previous year. As a result, imports attained the peak of 1.9M tons, and then fell in the following year.

In value terms, zirconium ore and concentrate imports surged to $2.6B in 2022. In general, imports, however, saw a mild expansion. The pace of growth appeared the most rapid in 2018 with an increase of 37% against the previous year. Over the period under review, global imports attained the maximum in 2022 and are expected to retain growth in the near future.

Imports By Country

China prevails in imports structure, resulting at 1.2M tons, which was near 68% of total imports in 2022. Spain (124K tons) ranks second in terms of the total imports with a 6.9% share, followed by India (4.7%). The following importers - the United States (54K tons), Malaysia (49K tons) and Italy (42K tons) - together made up 8.1% of total imports.

From 2012 to 2022, average annual rates of growth with regard to zirconium ore and concentrate imports into China stood at +2.0%. At the same time, India (+10.5%), Spain (+6.9%), Malaysia (+3.9%) and the United States (+2.6%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in the world, with a CAGR of +10.5% from 2012-2022. Italy experienced a relatively flat trend pattern. From 2012 to 2022, the share of Spain and India increased by +2.6 and +2.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.4B) constitutes the largest market for imported zirconium ores and concentrates worldwide, comprising 53% of global imports. The second position in the ranking was taken by Spain ($265M), with a 10% share of global imports. It was followed by India, with a 7% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +1.2%. The remaining importing countries recorded the following average annual rates of imports growth: Spain (+5.9% per year) and India (+10.6% per year).

Import Prices By Country

In 2022, the average zirconium ore and concentrate import price amounted to $1,478 per ton, with an increase of 41% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. Global import price peaked at $1,560 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was India ($2,221 per ton), while China ($1,155 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.1%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Zirconium Ores and Concentrates

In 2022, overseas shipments of zirconium ores and concentrates increased by 20% to 1.2M tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +4.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, zirconium ore and concentrate exports surged to $1.8B in 2022. In general, exports posted buoyant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports By Country

In 2022, South Africa (403K tons) was the main exporter of zirconium ores and concentrates, comprising 34% of total exports. Indonesia (207K tons) held an 18% share (based on physical terms) of total exports, which put it in second place, followed by Mozambique (8.2%) and Senegal (7.5%). Australia (48K tons), Sierra Leone (35K tons), Kazakhstan (34K tons), Malaysia (32K tons), Kenya (29K tons), Madagascar (27K tons), China (25K tons), Belgium (23K tons) and the Netherlands (19K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +29.1%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, South Africa ($631M) remains the largest zirconium ore and concentrate supplier worldwide, comprising 35% of global exports. The second position in the ranking was held by Indonesia ($217M), with a 12% share of global exports. It was followed by Senegal, with a 7.8% share.

From 2012 to 2022, the average annual growth rate of value in South Africa totaled +6.0%. In the other countries, the average annual rates were as follows: Indonesia (+10.3% per year) and Senegal (+34.5% per year).

Export Prices By Country

The average zirconium ore and concentrate export price stood at $1,521 per ton in 2022, rising by 22% against the previous year. Over the period under review, export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, zirconium ore and concentrate export price increased by +25.3% against 2020 indices. The pace of growth was the most pronounced in 2018 an increase of 31%. The global export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($2,460 per ton), while Kazakhstan ($503 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kenya (+17.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform