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The tellurium market is estimated to grow at a CAGR of 3.41% between 2022 and 2027. The size of the market is forecast to increase by 83.72 MT. The growth of the market depends on several factors, including increased demand from the consumer electronics industry, a rise in demand for tellurium in APAC, and growth of the solar installation market.
This report extensively covers market segmentation by application (solar panels, thermoelectric production, metallurgy, and others), type (pure tellurium and telluride), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global tellurium market as a part of the global diversified metals and mining market within the global materials market. The parent global diversified metals and mining market covers companies engaged in the production or extraction of metals and minerals such as non-ferrous metals (except bauxite), salt and borate, phosphate rock, and diversified metal mining operations. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The increased demand from the consumer electronics industry is notably driving the market growth, although factors such as alternatives to tellurium may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Tellurium Market Driver
The increased demand from the consumer electronics industry is notably driving market growth. Tellurium alloys are commercially used in various consumer electronics products. They offer potential solutions to a wide range of applications such as mobile phones, LED displays and projectors, wearable electronic devices, gaskets and lighting, and rollers. Additionally, factors such as the increasing urban population, rise in disposable income, strong supply chain, and high internet penetration also drive the growth of the global market.
APAC is the key contributor to the global market in terms of the production and consumption of consumer electronic goods. Among the emerging countries of APAC, the demand for electronic products and systems in India is estimated to reach $405.25 billion by 2020. Furthermore, the governments of many developing countries are providing exemptions on certain duties to boost the manufacturing capacity of consumer electronics manufacturers. Therefore, the high demand for this product will drive market growth during the forecast period.
Significant Tellurium Market Trend
An increase in demand for nanostructured tellurium semiconductors is an emerging trend in the market. The advances in semiconductors and the shift toward ICs are urging manufacturers to produce smaller electro-mechanical components. Moreover, the need for the miniaturization of electronic components was triggered by industries such as aerospace that require smaller and lighter components. This is being done to provide increased functionality with low material costs. Due to the increasing need for the miniaturization of electronic components, the use of advanced materials in manufacturing nanostructured semiconductors has increased.
Furthermore, in nanostructured semiconductor technology, manufacturers produce a wide range of semiconductors, from nanoparticles to nanorods. These are used in applications such as PV cells, LEDs, sensors, and solar energy converters with tunable optical and electronic properties. Therefore, the above-mentioned factors are expected to have a positive impact on the global market during the forecast period.
Major Tellurium Market Challenge
Alternatives to tellurium are major challenges impeding market growth. The presence of alternatives to tellurium poses a challenge to the market growth and to the manufacturers as well. Manufacturers of the end-users of tellurium tend to use other materials and metals due to their availability, performance, and cost-effectiveness. For instance, Bismuth, calcium, lead, phosphorus, selenium, and sulfur are used as substitutes in free-machining steel.
Furthermore, in chemical process reactions, tellurium can be replaced with other catalysts or noncatalyzed processes. In rubber compounding, sulfur or selenium can also be used as vulcanization agents instead of tellurium. In addition to this, in electrical conducting applications, the selenides and sulfides of niobium and tantalum can replace tellurides. Therefore, the reduced use of the product owing to the increased use of its alternatives is expected to hamper the market growth during the forecast period.
Key Tellurium Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Tellurium Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Kisan Kinzoku Chemicals Co. Ltd - The company operates under one segment. The company under this segment is engaged in the development, manufacture, and sale of rare metal compounds, thin film materials, and custom-made inorganic chemicals. The key offerings of the company include tellurium products.
The report also includes detailed analyses of the competitive landscape of the market and information about 11 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the solar panels' segment will be significant during the forecast period. Tellurium is used to produce solar photovoltaic (PV) cells. This is alloyed with cadmium to form a compound that exhibits enhanced electrical conductivity. Moreover, it is used to produce cadmium-tellurium (CdTe) thin films that help enhance the electrical conduction properties.
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The solar panels segment was valued at 138.89 MT in 2017 and continued to grow until 2021. Solar PV is gaining significance among renewable energies due to its advantages, such as the consumption of cost-effective electricity and the reduction of CO2 emissions. Despite recent changes in energy policies and geopolitical uncertainties in China, India, and the US, solar PV competitiveness has improved in the past few years. Additionally, government initiatives, such as incentives, promotional campaigns for using solar energy, and increasing uncertainties in fossil fuel prices globally, have driven the demand for solar power. These factors, in turn, are expected to drive the demand for tellurium in solar panel applications during the forecast period.
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APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
With the rise in investments in renewable energy integration programs, APAC is contributing to the rapid growth of the solar PV market in the region. Among various countries in APAC, China was the key and leading contributor to the solar PV market in APAC and accounted for more than 60% share in 2018. Japan and India follow with increasing renewable energy projects.
Moreover, most of the production of electronics is concentrated in APAC. The rise in demand for smartphones, tablets, televisions, wireless communications infrastructure, network hardware, computers, and electro-medical devices will stimulate the global demand for semiconductors. The region comprises countries such as India, Singapore, Malaysia, the Philippines, and other Southeast Asian countries that are significantly contributing to the growth of the electronic fabrication materials market in the region. Therefore, the increased demand for tellurium from various end-user industries in APAC is expected to fuel the growth of the market in the region during the forecast period.
In 2020, the outbreak of COVID-19 negatively impacted the market in APAC. However, in 2021, the introduction of COVID-19 vaccines led to a decline in the number of COVID-19 cases, which resulted in the lifting of most COVID-19-related restrictions in APAC. This will help the market recover. Thus, these factors are expected to drive the growth of the regional market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Application (Solar panels, Thermoelectric production, Metallurgy, and Others), Type (Pure tellurium and Telluride), and Geography (APAC, North America, Europe, South America, and Middle East and Africa).
Tellurium Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.41% |
Market growth 2023-2027 |
83.72 MT |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
2.79 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 35% |
Key countries |
US, Canada, China, Japan, and Sweden |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
5N Plus Inc., Aurubis AG, Boliden Group, Kisan Kinzoku Chemicals Co. Ltd, Pan Pacific Copper Co. Ltd., PJSC MMC Norilsk Nickel, Rio Tinto Ltd., Santech, Shinko Chemical Co. Ltd., Umicore NV, UMMC Holding Corp., and II-VI Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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