Advanced Materials Market for Nuclear Fusion Technology

Wilmington, Delaware, United States, February 02, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – According to a study published by Transparency Market Research, the global advanced materials market for nuclear fusion technology is estimated to grow at a CAGR of 6.0% from 2022 to 2031.

Nuclear fusion technology produces large amounts of energy using low amounts of a mixture of tritium and deuterium. Besides deuterium and tritium, some of the other metals and alloys used include tungsten, beryllium, vanadium-based alloys, and SiC compounds.

Launch of new materials is likely to help well-established market players generate revenue and gain an edge over their competitors. Prominent market players collaborate with other players to expand market presence and increase revenue.

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Key Findings from Market Study

• Increase in Demand for Titanium in End-Use Industries: Titanium is very resistant to corrosion. Therefore, it emerged as a key metal in different end-use industries, such as aerospace, where it was used to replace joints, and the oil and gas industry, which is prone to corrosion. It is also used in power plants. Titanium is emerging as a key material for nuclear fusion technology. These factors drive market development.
• Increase in Demand for Magnetic Closure: On the basis of technology, the global market has been bifurcated into magnetic confinement and inertial confinement. The magnetic enclosure segment accounted for the dominant market share in 2021. Magnetic field prevents collision of particles with walls of the nuclear reactor, which could lead to the evaporation of the heat inside the reactor and slow down the process inside the reactor. This has led to an increase in demand for magnetic enclosure technology.

Advanced Materials Market for Nuclear Fusion Technology – Keys

• Increasing need to reduce dependence on non-renewable energy sources to generate electricity is driving the global advanced materials for nuclear fusion technology market.
• Growing support for the development of clean and climate-resilient infrastructure from governments worldwide is likely to fuel industry growth in the next few years.

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Advanced Materials Market for Nuclear Fusion Technology – Regional Landscape

• North America accounted for a dominant market share in 2021. The trend is likely to continue during the forecast period. Increase in demand for advanced materials in countries such as the US and Canada is anticipated to increase market size in the region.
• The market in Asia Pacific is expected to witness significant growth in the near future due to increase in need for unpolluted fuels in countries such as India and China. Leading manufacturers focus on establishing production units and R&D centers for advanced materials in countries in Asia Pacific due to ease of availability of resources such as land and labor.
• The Middle East and Africa is likely to witness strong growth in the future due to increasing investments in nuclear fusion technology in the UAE and Saudi Arabia.

Advanced Materials Market for Nuclear Fusion Technology – Key Companies

The global market is consolidated, with the presence of a small number of players. Entry of new companies in the market is likely to intensify the competition in the near future.

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

Few players in the market are Almonty, ATI Inc., Buffalo Tungsten Inc., and Materion Corp.

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The global market has been segmented as follows:

material

• Tungsten
• Beryllium
• Vanadium-based Alloys
• SiC Composites
• Others

Technology

• Magnetic Closure
• Inertial Confinement
• Others

Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

About Transparency Market Research

Transparency Market Research, a global market research firm registered in Wilmington, Delaware, USA, provides customized research and consulting services. The company examines factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel and end use are analyzed, which will determine growth in the markets over the next decade.

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