Based on the form, hafnium market can be classified as: bars, rods, foils, cubes and others such as: powder, wires, disc, strip, pellets, sponge, etc. The significant areas of hafnium applications include: high-temperature turbines, aerospace applications, plasma cutting inserts, nuclear power generation, microelectronics and communication and others including plastics manufacturing, automotive, etc. Many future industries will rely on the product in a wide range of applications. For instance, it can serve as a thermoelectric material for transforming heat into electricity in vehicles; as a radiative cooling material for substituting air conditioning, etc. Hafnium oxide nanoparticles will also hold potential in radiation oncology for cancer cells destruction in future.
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Aerospace will be a leading sector for the product as Hafnium-niobium alloys, are heat resistant and are used in space rocket engines. Hafnium exhibits various unique properties such as: resistance to degradation in oxygen-rich environments, high melting point, etc. which will make it highly desirable for use in welding torches and plasma cutting tips by 2025.
Hafnium oxide will have strong demand in microelectronics and communication, serving as surface coating in the dielectric mirrors and optical fibres. Nickel-based superalloys containing hafnium have been used in land-based industrial gas turbines and jet engines for power generation. High-temperature turbines will be a prominent area for the product demand by 2025 for its high strength and stability while being operated at very high temperatures.
Considering the regional segmentation, North America will witness substantial demand for the product by 2025. The escalating demand from nuclear reactors, aerospace and industrial turbines will propel the regional demand. With the high demand for electricity, more nuclear reactors will be under construction in the region in the coming years, thereby strengthening the product scope.
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The prominent industry participants include: American Elements, Thermo Fisher Scientific, Lenntech B.V., Luciteria Science, Chemsavers, Inc., Alkane Resources, Fine Metals Corporation and Leading Edge Materials Corp. Some other manufacturers include: Shenzhen Xinxing Metal Technology Co., Ltd., Nanjing Youtian Metal Technology Co. Ltd., China Nulear Jinghuan Zirconium Industry Co., Ltd., etc. Industry participants have been engaged in the sustainable supply of technology and energy critical materials to strengthen their market positions.