The global zinc oxide market was valued at USD 4.5 billion in 2021 and it is predicted to surpass around USD 8.37 billion by 2030 with a CAGR of 7.14% from 2022 to 2030.
Growth can be attributed to the rising product demand for vulcanization of rubber in the tire industry. In addition, the growing consumption of premium skincare products in emerging economies due to the increasing disposable income is expected to drive market growth. The raw materials used to manufacture the product using direct processes include sulfuric acid and zinc chloride. The availability of raw material impacts zinc oxide (ZnO) prices and production.
Inconsistency in the prices of raw materials and regulations against the usage of the product in several end-use industries are likely to hamper the demand in the coming years. Asia Pacific is projected to be the largest and fastest-growing regional marketover the forecast period. Factors, such as the growing automotive industry and increasing consumer spending on personal care products, are likely to fuel the market growth in the coming years. Key players in the market are inclined towards mergers & acquisitions and joint ventures. For instance, In September 2017, Zinc Oxide LLC acquired Zochem Inc., a subsidiary of American Zinc Recycling Corp. LLC. This deal has increased the revenue and production capacity of the company.
Scope of The Report
|Market Size in 2021||USD 4.5 billion
|Revenue Forecast by 2030||USD 8.37 billion|
|Growth rate from 2022 to 2030||CAGR of 7.14%
|Forecast Period||2022 to 2030|
|Segmentation||Process, application, region
U.S. Zinc; Zinc Oxide LLC; EverZinc; Rubamin; Grupo Promax; Weifang Longda Zinc Industry Co., Ltd.; Yongchang Zinc IndustryCo. Ltd.
The indirect process (French process) segment accounted for the largest revenue share of more than 82.7% in 2021. The segment will expand further at a steady CAGR retaining its leading position over the forecast period. This growth is attributed to the fact that the French process is the fastest and most productive industrial method to produce zinc oxide. The wet chemical process is expected to grow with the fastest CAGR, in terms of revenue, over the forecast years. Zinc oxide obtained from this method is very fine in size, has a slow settling rate, and has good dispersion.
Properties of wet chemical grades of ZnO, such as porosity, specific surface area, morphology, and quality, are variable and depend upon process conditions, precursors, and other factors. Other processes include the soft gel method, controlled precipitation, and mechanochemical process. Properties of the soft gel method include simplicity, reliability, low cost, and comparatively mild conditions of synthesis. Controlled precipitation involves spontaneous & fast reduction of a solution of zinc salt using a reducing agent limiting the particles growth having specified dimensions, which is followed by precipitation of a precursor of ZnO from the solution.
On the basis of applications, the global market has been divided into rubber, ceramics, chemicals, cosmetics & personal care, paints & coatings, pharmaceuticals, agriculture, and others. The rubber segment accounted for the largest revenue share of more than 41.03% in 2021. This is attributed to the high consumption of zinc oxide in the rubber industry owing to the growing production of tires. ZnO is used as a vulcanizing activator, a substance applied in small doses to increase the effectiveness of the vulcanization accelerator. It is also used as a curing or cross-linking agent for halogen-containing elastomers, such as neoprene or polysulfides.
The ceramics segment is projected to hold the second-largest market share by 2030. Desirable properties of ZnO in the production of ceramics include relatively high heat capacity, high-temperature stability, thermal conductivity coupled with a comparatively low coefficient of expansion. Both direct and indirect process ZnO is suitable for the application of ceramic. A wide range of cosmetic products, such as foundation, lip products, mineral make-up bases, face powder, hand creams, moisturizers, lotions, and ointments use ZnO. It helps cosmetics to adhere to the skin. Also, it is a broad-spectrum UV absorber that attenuates UV radiation in both the UVA and UVB range effectively. ZnO promotes wound healing and keeps wounds moist and clean.
Asia Pacific region accounted for the largest revenue share of more than 30.11% in 2021. This is attributed to the large manufacturing base in the region that houses several end-use sectors, such as pharmaceuticals, rubber, and ceramics. In addition, the growing consumption of skincare products and the rise in the tire industries in India and China are likely to drive the market growth in the region. China is a major producer and consumer of ZnO globally.Increasing population, growing urbanization, and an increase in average disposable income in China, India, Indonesia, and Vietnam are expected to drive the demand for paints and coatings.
The increasing housing and construction sector coupled with support from the Chinese Government for commercial construction projects in the country is expected to increase the demand for paints & coatings in the near future. North America plays a significant role in the zinc oxide market with a revenue share of 16.31% in 2021. The U.S. has a major influence on the North America market owing to the presence of major manufacturers in the industry. The increasing demand for ZnO from the pharmaceutical and cosmetics industries due to the rising geriatric population is expected to boost the market growth in the coming years.
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