Zirconium Nitride market Size 2021 | Is Projected to Reach USD 183.4 Mn With 8.3% CAGR by 2027

SAN JOSE, Calif. - April 11, 2021 - PRLog -- The global Zirconium Nitride market generated revenue of around USD 103.1 million in 2020 and anticipated to grow at a CAGR of over 8.3% during the forecast period from 2021 to 2027 to reach around USD 183.4 million in 2027.

Zirconium Nitride is a highly volatile and highly water-soluble transition metal nitrate in crystalline form. It is ideal for uses that are compatible with low acidic substances and nitrates. It has a use as a preservative and as a solid Lewis Acid catalyst in the synthesis process of derivatives of benzimidazole. It exhibits strong anti-corrosive properties.

Key Trends in Global Zirconium Nitride Market

Increasing demand for zirconium from the automobile industry

The coatings with zirconia-doping show better corrosion resistance when compared to the undoped zirconia. Likewise, a zirconyl nitrate, a compound of zirconium nitrate offers better corrosion prevention as the zirconia ion remains inhibitive. Coatings doped with approximately .5% zirconyl nitrate provide better corrosion prevention in automobile bodies. There are more than 90 million automobiles manufactured annually worldwide. Automobiles are susceptible to corrosion and wear and tear. Hence, the automobile industry generates huge demand for zirconium nitrate for corrosion prevention coating. Likewise, it is very useful in the aerospace sector for anti-corrosion coating.

Impact of COVID 19 on Global Zirconium Nitride Market

COVID 19 had a significant impact on revenue generation in the global Zirconium Nitride market (https://www.credenceresearch.com/report/zirconium-nitride...) .  In the wake of COVID 19, many countries-imposed lockdowns and restrictions in the movement of goods and people. It affected the functioning of the manufacturing plants of zirconium nitride. It led to a reduction in the production of zirconium nitride. On the other hand, the end-use industries also faced a reduction in production. It resulted in a 20% decrease in overall revenue generated by the global zirconium nitride market when compared to 2019.

Global Zirconium Nitride Market by Grade Insights

Agricultural grade, food grade, industrial grade, optical grade, and pharmaceutical grade are the major grades of zirconium nitride. The industrial-grade segment accounted for a significant share of total revenue generated by the zirconium nitride market in 2020. Industrial grade zirconium nitride is mainly used for applying anti-corrosive and anti-wear and tear coating on industrial cutting tools, aerospace, and automotive parts.

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