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

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.