Advanced material market for nuclear fusion technology

WILMINGTON, Delaware, USA, February 2, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Co., Ltd. – According to a study published by Transparency Market Research, the global Advanced material market for nuclear fusion technology It is estimated to grow at a CAGR of 6.0% from 2022 to 2031.

Fusion technology uses a mixture of small amounts of tritium and deuterium to produce large amounts of energy. Besides deuterium and tritium, other metals and alloys used include tungsten, beryllium, vanadium-based alloys, and SiC composites.

New material launches can help well-established market players generate revenue and gain an edge over their competitors. Prominent market players are working with other players to expand their market presence and increase their revenue share.

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Market research key findings

• Surge in demand for titanium in end-use industries: Titanium has excellent corrosion resistance. As such, it has emerged as an important metal in a variety of end-use industries, including aerospace, where it has been used in place of joints, and the corrosive oil and gas industry. Also used in power plants. Titanium has emerged as an important material for fusion technology. These factors are driving the development of the market.
• Increasing demand for magnetic confinement: Based on technology, the global market is divided into magnetic confinement and inertial confinement. The magnetic confinement segment accounted for the dominant market share in 2021. Magnetic fields prevent particles from colliding with the walls of the reactor. This can cause heat in the reactor to evaporate, slowing down processes in the reactor. This has increased the demand for magnetic confinement technology.

Advanced Fusion Materials Market – Key Drivers

• Growing need to reduce reliance on non-renewable energy sources for power generation drives global advanced materials for fusion technology market
• Growing support from governments around the world for developing clean and climate-resilient infrastructure could boost industry growth in the coming years

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Advanced Materials Market for Fusion Technology – Regional Perspectives

• North America accounted for dominant market share in 2021. This trend is likely to continue during the forecast period. Increasing demand for advanced materials in countries such as United States and Canada is projected to increase the market size in this region.
• The Asia-Pacific market is projected to witness significant growth in the near future owing to the growing need for clean fuels in countries such as India and China. Due to the ready availability of resources such as land and labor, leading manufacturers are focusing on establishing advanced materials production units and R&D centers in countries in the Asia-Pacific region.
• The Middle East and Africa are likely to see strong growth in the future, with increased investment in fusion technology in the United Arab Emirates and Saudi Arabia

Advanced Materials Market for Fusion Technology – Major Companies

The global market is consolidated and has a small number of players. The entry of new companies into the market may increase competition in the near future.

Prominent players may invest in research and development activities to produce improved materials that meet customer requirements. Increasing demand for improved materials is likely to boost market development.

Market players are Almonty, ATI Inc., Buffalo Tungsten Inc., and Materion Corp.

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The global market is segmented as follows:

material

• tungsten
• beryllium
• vanadium-based alloy
• SiC composite
• others

technology

• magnetic confinement
• inertial confinement
• others

region

• North America
• latin america
• Europe
• Asia Pacific
• Middle East and Africa

About Transparency Market Research

Transparency Market Research is a global market research firm registered in Wilmington, Delaware, USA, providing custom research and consulting services. The company scrutinizes the factors that shape demand dynamics in various markets. Market insights and outlook assess opportunities in various segments. Opportunities for segments based on sources, applications, demographics, sales channels, and end-uses are analyzed to determine market growth over the next decade.

A unique combination of quantitative forecasting and trend analysis provides forward-looking insights for thousands of decision makers, made possible by an experienced team of analysts, researchers and consultants. The proprietary data sources and various tools and techniques we use always reflect the latest trends and information. With extensive research and analytical capabilities, Transparency Market Research employs rigorous primary and secondary research methodologies in all of its business reports.

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