The Global Zirconium Target Market is forecast to reach USD 6,286.5 Million by 2028, according to a new report by Reports and Data.
The amalgamation of various factors has resulted in boosting the market growth of zirconium targets. One of the essential elements that have played an integral role in market expansion of the industry is qualities like high capacity of absorbing thermal shock and resistant to corrosion being associated with zirconium targets. The specified conditions are essential for any targets. The ability of zirconium targets to cater to these traits have played a significant role in the market growth of this industry.
In addition to the specified trait, there are some other advantages associated with zirconium targets that have resulted in its increased preference over other targets, which in turn has resulted in contributing to its market growth. One of such mentionable features of zirconium targets is its diversity of application of diverse substrates of metal like aluminum, galvanized and steel. Such a variety of use is not observed in its other significant alternatives like iron phosphate formulations. As a result of such diversity of application, it is highly preferred over other options contributing to its market growth.
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Top Players in the Global Zirconium Target Market:
Lesker, Firmetal, SAM, ZNXC, Nexteck, CXMET, Boxin Metal Materials, Fine Metals, Haohai Sputtering Targets, Advanced Engineering Materials.
Further key findings from the report suggest
- The weight of zirconium targets are very low- 5-25 mg/ft2as compared to its alternatives that are usually very heavy. Such traits of zirconium targets makes it a practical option for use that results in its increased preference, and in turn, have a positive impact on market growth.
- The zirconium targets market held a market share of USD 5,370.3 Million in the year 2020 and is forecasted to grow at a rate of 1.9% during the forecast period.
- In regards to raw materials required for zirconium targets, zirconium occupies the largest market share. It generated the highest revenue of USD 4.8 Million in 2020 with a growth rate of 2.3% during the forecast period. Traits like corrosion resistant, adaptability to the immediate environment are associated with zirconium that is essential to be met by any metal targets. The association of the mentioned traits has resulted in its market dominance.
- In context to coating methods used for the production of zirconium targets, thermal evaporation occupies the largest market share. In the year 2020, it generated the highest revenue of USD 2.85 Million. Its long association with the sector have contributed to its market share.
- However, recent developments in sputtering methods have resulted in advancements in this method, like magnetron sputtering coating that is forecasted to have a positive impact on the market growth of this segment. The positive effect on its market growth is forecasted to yield it the highest growth rate of 2.5% during the forecast period.
- In regards to the application that the highest growth rate is expected to be observed by the solar energy segment that is forecasted to witness a growth rate of 2.8% during the forecast period. The rise in awareness about the need to conserve non-renewable source of energy and the realization of solar energy as a renewable source of energy will contribute to its growth rate.
- In context to region, Asia Pacific is the dominating segment that generated the highest revenue of USD 1.6 Million with a growth rate of 2.6% during the forecast period. Factors like development in the automobile industry, enhancements in nuclear power stations, and rise in use of solar power have contributed to the market dominance of this segment.
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Market segmentation based on Raw Material Outlook:
- Zirconium
- Hydrogen fluoride
- Iron
- Chromium
- Others
Coating method Type Outlook:
- Thermal Evaporation
- Sputtering
Application area Type Outlook:
- Solar Energy
- Electronics Semiconductors
- Display industry
- Automobile industry
- Others
- Nuclear industry
- Telecommunication industry
- Industrial installation
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Frequently Asked Questions Answered in the Report:
- What is the estimated revenue growth rate of the global Zirconium Target market over the forecast period?
- What are the major factors driving the global market revenue growth?
- Which are the leading manufacturers and suppliers in the global Zirconium Target market?
- Which regional market is expected to lead in terms of revenue share in the global Zirconium Target market over the forecast years?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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