Zircon Market - Size & Upcoming Industry Trends (2024-2032)

Zircon Market Synopsis:

Zircon Market Size Was Valued at USD 1.98 Billion in 2023, and is Projected to Reach USD 3.42 Billion by 2032, Growing at a CAGR of 6.26% from 2024-2032.

The Zircon Market covers the production, distribution and sale of zirconium silicate which is one of the minerals used in different industries. Zircon is purchased from heavy mineral sand deposits domestically and internationally in the form of zircon sand, zircon flour, and fused zirconia. Characterized by excellent high-temperature stability, high refractive index, and chemical inertness, zircon has wide use in ceramics and refractories, foundry casting, and chemical products. It is used in the preparation of tiles, sanitaryware, molds for investment casting also and color pigments. The market is progressively growing due to Construction industries, expanding ceramics industries, Enhancement of chemical processing industries and developing requirement in varying high-temperature resistant material in some sectors including Foundry industries and Aerospace industries.

The zircon market has been growing at a slow but upward trend in the last few years owing to high demand in various applications across ceramics, construction, and refractories industries. From the construction activities which in the last decade boosted in developing economies across Asia-Pacific the ceramic tiles and sanitaryware used in construction therefore promoted the consumption of zircon. Also, increasing uses of precision casting technologies and the development of aerospace application have increased uses of zircon sand and its products for creating high standard molds and cores.

Further the advancements in technology to refine zircon has contributed to improved efficiency and less pollution to the environment hence application of the zircon in industries have been preferred. Market players are heading towards capacity enhancement, form strategic alliances, and develop new sources of heavy minerals so as to meet the demands on a regular basis. Increased usage of zircon for ceramics and chemical applications and growth in construction and investment in structures are expected to increase the demand of zircon in the next years.

Zircon Market Trend Analysis:

Rising Adoption of Zircon in Advanced Ceramics Applications

• A key factor propelling the development of the zircon market is high demand for the substance in the production of advanced ceramics. The unique characteristics of zircon including thermal stability, wear resistance and high melting point allys it to high performance ceramics. Requirement of zircon to manufacture floor sites and wall tiles, sanitaryware etc. has increased owing to higher rate of urbanization and growing need of beautiful looking and long lasting construction materials. Moreover, various forms of ceramics such as zircon based ceramics are finding important application in electronics, aerospace and health sectors where product components need to be precisely fabricated and Thermally Stabilized. Such development is supported by advances in zircon processing technology as cost and performance continue to be enhanced.

Untapped Potential in Emerging Economies

• It is notable that the market of zircon offers particular prospects in new generating countries including Asia-Pacific, Middle East and Africa. Currently many countries like India, China and Indonesia are experiencing rapid construction activities which increase theerosion demand for ceramic tiles and refractories in which zircon is central to. The growth of this market is well supported by the fast growing infrastructure sector and the growing interest by investors on manufacturing industries. Also upcoming sources of heavy mineral sand have come up in Africa and South East Asia where other producers of zircon are likely to lock resources and acquire more supplies. They are focusing a lot of attention on mineral exploration, and this may well mean more zircon production and thus availability, which can only lead to greater momentum for the market.

Zircon Market Segment Analysis:

Zircon Market is Segmented on the basis of Type, Application, End User, and Region

By Type, Zircon Sand segment is expected to dominate the market during the forecast period

• The zircon sand segment is expected to remain the largest market during the forecast period due to the largest end-use applications. Zircon sand is in its natural state, widely available form of zirconium silicate, which is an ideal and inexpensive material. It has been widely used in manufacturing of tiles, foundries and refractories for the heat and thermal shock resistance properties. The sharply ascending construction industry has led to the increased consumption of ceramic tiles, with Asia-Pacific currently being the largest consumer; zircon sand is used to enhance the opacification of the final product.
• In addition, zircon sand as a raw material is widely used in the foundry industry for preparation of precision casting molds for production of automotive and aerospace parts. This boosted by factors like increase in consumption of zircon sand in lighter and stronger applications in the global market. Some important manufacturers are opting for better and improved zircon extraction methods, in addition to searching for new sand sources due to the continually increasing demand throughout various sectors.

By Application, Ceramics segment expected to held the largest share

• The ceramics segment is expected to consume the largest proportion of the market due to the increasing demand for zircon in the expanding construction and infrastructure markets across the world. It is an important raw material that improves the sterility, hardness, and brilliance of ceramics including tiles, wash-bowls, plates and vases. Consequently, there has been the need to use zircon-based ceramics which has been highly demanded in developing countries where growth is rapidly manifesting itself through urbanization and industrialization. Governments in countries like the Indian and the Chinese are investing a lot of money in infrastructure hence there is increased demand for quality ceramic tiles in many housing projects both to the new markets as well as the commercial markets.
• However, they now apply the construction industry as well as in the tableware and other decorative products as the consumer trend shifts to quality and beauty materials. Companies are now using improved zircon processing technologies in order to make ceramics that have better performance and lower costs of manufacture; this continues to strengthen the position of this segment in the zircon market.

Zircon Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• According to the research, Asia-Pacific held the greatest share of approximately 50% in the world in the year 2023. The reasons are high industrial growth, increased construction activities and high usage of ceramics and refractories by countries including China, India and Indonesia. China continues to be the largest buyer of the zircon due to a vibrant ceramics and foundries markets. The government’s central theme in infrastructure growth and urbanization has further magnified the employments of zircon ceramic products such as tiles, and Sanitaryware.
• In addition, the Southeast Asian nations become potential consumers of zircon, backed by increasing spending on manufacturing and mining projects. Apart from this, abundant heavy mineral sands resources in Australia establish Asia Pacific’s strategic location as a global producer and supplier of zircon. Market entities in the region is also continuing to increase production capabilities and optimizing supply chain networks to meet increasing domestic and export market demand.

Active Key Players in the Zircon Market:

• Alkane Resources Ltd (Australia)
• Base Resources Limited (Australia)
• Doral Mineral Sands Pty Ltd (Australia)
• Eramet (France)
• Iluka Resources Limited (Australia)
• Kenmare Resources plc (Ireland)
• Lanka Mineral Sands Ltd (Sri Lanka)
• Matilda Zircon Limited (Australia)
• MZI Resources Ltd (Australia)
• Rio Tinto Group (U.K.)
• Saint-Gobain ZirPro (France)
• Southern Ionics Minerals LLC (U.S.)
• Tronox Holdings plc (U.S.)
• V.V. Mineral (India)
• Zirconium Chemicals Ltd (U.K.)
• Other Active Players