Market Overview

The market for hafnium is expected to register a CAGR of over 7% during the forecast period. Major factors driving the market are the rising demand for hafnium in the aerospace industry, and increasing usage in semiconductors and submarines. However, the increasing shutdown of nuclear reactors across the world is likely to hinder the growth of the market studied.

  • By type, other types segment (including hafnium metal) dominated the market, and it is projected to register the highest CAGR during the forecast period.
  • Increasing application base for various hafnium products is anticipated to provide numerous opportunities, over the forecast period.
  • The Unites States dominated the market with the largest consumption, followed by the European Union and China. However, China is likely to register the highest CAGR throughout the forecast period.



Key Market Trends

Super Alloys Application to Dominate the Market

  • Increasing usage of hafnium as a superalloy in the aerospace industry, primarily due to its high thermal stability in both compound and metallic forms, is driving the market, globally.
  • Hafnium superalloys are primarily used in jet/rocket engines. Hafnium constitutes about 10% of the composition in niobium-based alloy used for rocket engine nozzles. It is considered irreplaceable in the MAR M 247 superalloy, used in the hot part of jet engines (turbine blades and vanes).
  • Hafnium’s stability and strength at high temperatures, in both metallic and compound forms, make it ideal for several aerospace applications. It is generally used in the alloy form in combination with other metals, such as iron, niobium, tantalum, and titanium.
  • Additionally, due to its affinity for carbon, oxygen, and nitrogen, hafnium helps in strengthening during the second phase particle dispersion.
  • Generally, niobium-based alloys that contain hafnium are used as coatings for cutting tools and fabrication of rocket engine thruster nozzles (C-103 and hafnium-tantalum-carbide).
  • Tantalum and molybdenum and other hafnium alloys find excellent use as refractory materials. Hafnium carbide and hafnium nitride have melting points of 3,890?C and 3,310?C, respectively.
  • The increasing demand from turbines is impacting the application of hafnium alloys. Hafnium-bearing alloys increase the engine efficiency and reduce emissions.



China Country to Dominate the Asia-Pacific Region

  • In China, hafnium is consumed in the form of sponge, alloys, etc., in the nuclear reactors, aerospace, industrial turbines, and other industries.
  • China is one of the main consumers of hafnium in nuclear reactors, as it has 36 working nuclear power plants. The country has 21 under construction plants, which may increase the consumption of hafnium, over forecast period.
  • Additionally, China is planning to double the nuclear capacity to around 58 Gwe, by 2020-21, and gradually reach 150 GWe, between 2030 and 2050. This , in turn, is expected to increase the consumption of hafnium in the country.
  • With the increase in demand, companies are also increasing their supply. For instance, Westinghouse Electric UK Holdings Limited is producing high-quality nuclear-grade hafnium oxides, sponge, etc., which are suitable for nuclear reactor applications.
  • The China’s aircraft and spacecraft industry has depicted significant growth over the years. According to the Boeing’s market outlook report, released in China this year, shows that China is likely to need 6,810 new aircraft in the next 20 years, with a total value of 1.025 trillion US dollars, owing to the rising passenger throughput.
  • China’s current major military aircraft production bases include Xi’an, Shaanxi, Chengdu, Shenyang, and Guizhou Aircraft Manufacturing Plant. Among the five major aircraft manufacturers, Xifei and Shaanxi have the largest number of aircraft models and the largest number, accounting for 40% of military aircraft.
  • At present, the annual output of Chinese military aircraft is around 300. As the China’s military industry continues to grow, the demand and supply of Chinese military aircraft are likely to increase substantially, which is expected to drive the rapid development of the China’s military aircraft manufacturing industry.
  • All the aforementioned factors, in turn, are expected to augment the consumption of hafnium in the country.



Competitive Landscape

The hafnium market is highly consolidated, with the top two players accounting for approximately 80% of the production and supply of hafnium metal. The global market is characterized by the presence of international players, resulting in a moderately lower competitive market environment.

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