The zirconium target market is set to attain a valuation of USD 6.1 Million by 2026. The applications of zirconium target are widespread in several industries solar energy, automobile industry, display industry, electronics & semiconductors, nuclear industry, telecommunication industry, and industrial installation.
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The major driving force for the development of the zirconium target market is its wide applicability ranging from electronics, automobile and industrial installation. Also, the ability to adapt and operate effectively to ambient temperature is necessary for any metal targets that are being fulfilled by zirconium targets, which has resulted in the expansion of the market. The product is free from phosphates, therefore free from hazardous substances which have driven the market. Association of the product with traits like the maximum capacity of absorbing thermal shock, corrosion resistance, ability to reduce machine downtime have resulted in the expansion of the zirconium target market.
Further key findings from the report suggest
The weight of zirconium targets are very low- 5-25 mg/ft2 as 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 5.1 Million in the year 2018 and is forecasted to grow at a rate of 2.2% 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 2018 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 2018, 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.
Key participants include Advanced Engineering Materials, SAM, Nexteck, CXMET, Haohai Sputtering Targets, Boxin Metal Materials, Fine Metals, ZNXC, Lesker, Firmetal.
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For the purpose of this report, Reports and Data have segmented the global Zirconium target Market based on Raw materials, Coating method, Application area, and region:
Raw materials Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
Coating method Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
Application area Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
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Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
According to the report, Asia Pacific is expected to dominate the zirconium target market during the forecast period. This is due to factors like growth in the industrialization and automobile industry, and the associated evolution of the electronics industry has contributed to zirconium target market dominance.
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