Hafnium Market: By Type (Hafnium Metal, Hafnium Oxide, Hafnium Carbide, and Others), By Application (Super Alloy, Nuclear, Optical Coating, Plasma Cutting/Welding, Catalysts and Other Applications), By End-User Industry (Aerospace, Nuclear Energy, Electronics) and Geography

Purchase Option

$ 3000
$ 4400
$ 6600
$ 8900

Hafnium Market was valued at USD 80.3 million in 2022 and is poised to grow at a CAGR of 7.4% over 2023-2029. Hafnium is a bright, silver-grey coloured, lustrous metal comparable to Zirconium. Hafnium is very ductile and has a very high melting and boiling temperature making them suitable to use in construction materials. The physical property of its ability to absorb neutrons is used in nuclear power plants to control the nuclear fission reactions to generate electricity. Thus, it is used in control rods that control how fast a fission reaction takes place. They do not readily react with acids and alkalis. It does not combine easily with oxygen in the air or water, thus used in many inflation systems because it can remove unwanted gases such as oxygen and nitrogen from the systems and has strong anti-volatility, making it suitable for use in hydraulic oil for prevention oil volatilization of hydraulic oil during high-risk operations. According to an article 2023, robust demand for hafnium from the aerospace and electronics industries accelerated after the COVID restriction removal. Hafnium does not exist as a free element; it is always found in combination with zirconium in rocks at concentrations of up to 5%. Hafnium usage in nuclear submarines, microchips, jet and rocket engines, welding, and photographic and semi-conductor applications has created lucrative opportunities for the hafnium market during the forecast period. However, Hafnium is always found in combination with Zirconium, the separation of those two is very difficult because of their chemical similarity and also very costly, the current price being $4,933.70 per kg, thus decreasing the market value slightly. However, owing to the rising importance of control rods, superalloys and catalysts in many industries, the demand for the hafnium market is expected to grow during the forecast period.

Hafnium Market Key Developments:
In July 2021, a group of South Korean investors agreed to buy a 20% stake in the Alkane Resources Dubbo rare earth project for USD 250 million from Australian Strategic Materials.
In November 2020, the first unit of the Belarus, in Ostrovert was connected to the grid.

Hafnium Market Summary

Study Period

2023 – 2029

Base Year




Largest Market

North America

Fastest Growing Market

Hafnium Market Dynamics

The market is expected to rise due to demand from the aerospace industry have been increased. Hafnium is used in gas turbines for its high temperature stability and resistance to corrosion. It is also used in rocket nozzles, heat shields and other critical component in space industry. The primary use of super alloys in aerospace for the turbines, blades and vanes. More than half of hafnium’s yearly production goes in this sector and it is predicted to double over in the upcoming years. Hafnium is also used in polymerization, and plasma welding. The increasing demand for air travel by increased population, increased research in space organizations and space missions, development in nuclear weapons and missiles and advancement in aircrafts, spacecraft, launch vehicles and satellites are leading to growth of the market over the forecasted period.

Key Features of the Reports

  • The report provides granular level information about the market size, regional market share, historic market (2018-2022) and forecast (2023-2029)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario

Hafnium Market Segmentation

By Type
  • Hafnium metal
  • Hafnium oxide
  • Hafnium carbide
  • Others
By Application
  • Superalloy
  • Nuclear
  • Optical coating
  • Plasma cutting/welding
  • Catalyst
  • Others
By End-User Industry
  • Electronics
  • Nuclear
  • Aerospace
By Geography
  • North America
  • Europe
  • The Asia Pacific
  • Latin America
  • MEA

Frequently Asked Questions

The hafnium market was valued at USD 80.3 million in 2022 and is expected to grow at 7.4% CAGR over the forecast period 2023 – 2029.

The rising importance of superalloys in various industries, the development and launch of various aerospace industries is a key opportunity for companies to enhance their revenue over the forecasted years

North America is currently leading the hafnium market.

ACI Alloys, Alkane Resources Ltd, Allegheny Technologies Incorporated, American Elements, Nanjing Youtian Metal Technology Co. Ltd and China Nuclear JingHuan Zirconium Industry Co. Ltd are a few companies operating in hafnium market.

  • ACI Alloys
  • Alkane Resources Ltd
  • Allegheny Technologies Incorporated
  • American Elements
  • Nanjing Youtian Metal Technology Co. Ltd
  • China Nuclear JingHuan Zirconium Industry Co. Ltd
  • Framatome
  • Phelly Materials Inc
  • Thermo Fisher Scientific Inc.
  • Baoji ChuangXin Metal Materials Co. Ltd
  • Chemsavers Inc
  • Lenntech B.V