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According to the SNS Insider report, the zinc oxide market was valued at USD 5.5 billion in 2023 and is projected to reach USD 8.55 billion by 2031, growing at a CAGR of 5.6% during the forecast period of 2024-2031.
Growing Demand and Expanding Applications
The demand for zinc oxide is experiencing a significant upswing, driven by ongoing research and development endeavors to create eco-friendly and efficient production technologies. Companies like Zochem are at the forefront of these efforts, implementing state-of-the-art processes that minimize carbon footprints. Furthermore, the versatility of zinc oxide is opening up new avenues for market expansion. Innovative applications, such as nanostructured zinc oxide materials for solar cells and the development of black zinc oxide for energy storage and optoelectronics, are generating substantial interest.
The agricultural sector also plays a vital role in driving market growth. Zinc oxide's use as an essential micronutrient in fertilizers is gaining traction due to its ability to address zinc deficiencies in crops and improve yields. The growing demand for food production on limited arable land further amplifies the significance of zinc oxide in agriculture.
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Some of the Key Players Included are:
LANXESS Zochem EverZinc S. Zinc Neo Zinc Oxide Tata Chemicals Ltd. Upper India Pan-Continental Chemical Co. Ltd. Zinc Oxide Australia Rubamin Ace Chemie Zynk Energy Limited Akrochem Corporation Weifang Longda Zinc Industry Co. Ltd. AG CHEMI GROUP Yongchang zinc industry Co., Ltd. and other
Market Analysis
The zinc oxide market presents lucrative opportunities for manufacturers, particularly in emerging applications. The development of black zinc oxide, with its potential in diverse fields like energy storage and catalysis, offers a promising avenue for market expansion. Additionally, the increasing focus on sustainable practices in the automotive and tire industries is expected to bolster the demand for zinc oxide, as it contributes to the production of more durable and environmentally friendly rubber products.
Recent Developments
In December 2023, Brüggemann unveiled a new chemical manufacturing plant utilizing biomass for heating, aligning with the growing trend towards carbon-neutral manufacturing. In June 2022, Aterian partnered with U.S. Zinc and EverZinc to establish a global zinc specialty company, poised to cater to a wide range of applications across various industries.
Segment Analysis
By Form, the powder form segment dominated the market in 2023 due to its extensive use in batteries, lubricants, friction materials, and other applications.
By Process, the indirect (French) process held the largest market share in 2023, driven by its efficiency and productivity.
By Application, the automotive segment is the largest consumer of zinc oxide, primarily due to its role in rubber vulcanization for tire manufacturing.
By Grade
Standard United States Pharmacopeia (USP) Treated Food and Chemical Codex (FCC) Others
By Process
Direct (American) Process Indirect (French) Process Wet Chemical Process Others
By Form
By Application
Rubber Chemical Paints & Coatings Ceramics Cosmetics and Personal Care Automotive Construction Agriculture Pharmaceuticals Electronics & Semiconductors Others
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Impact of the Russia-Ukraine War
The ongoing conflict between Russia and Ukraine has reverberated across global markets, including the zinc oxide sector. The disruption of supply chains and the escalating energy costs have exerted upward pressure on zinc oxide prices. Both Russia and Ukraine are significant players in the global metals and mining industry, and the conflict has led to production halts and logistical challenges, impacting the availability of raw materials for zinc oxide production. These disruptions have introduced uncertainties into the market and necessitated the exploration of alternative sourcing options for manufacturers.
The Asia Pacific region dominates the zinc oxide market
This is driven by the flourishing automotive, construction, pharmaceutical, and cosmetics industries in countries like India, China, Japan, and South Korea. The increasing demand for pharmaceuticals, fueled by a growing population and rising healthcare awareness, further propels the market in this region. China, with its robust industrial base and significant presence in the automotive and construction sectors, is a key contributor to the region's dominance.
The European market is also experiencing growth, propelled by regulatory compliance, consumer preferences for natural ingredients, and the compound's versatility in cosmetic and pharmaceutical applications. The demand for eco-friendly and organic products in Europe aligns well with zinc oxide's natural origin, making it a sought-after ingredient in various consumer goods.
Key Takeaways
The zinc oxide market is on a robust growth trajectory, fueled by increasing demand from the automotive industry and expanding applications in emerging sectors. Research and development efforts focused on sustainable production technologies and novel applications are pivotal for market expansion. The Asia Pacific region dominates the market, driven by industrial growth and increasing demand for pharmaceuticals and cosmetics. The conflict between Russia and Ukraine and economic slowdowns pose challenges to the market, necessitating adaptations and the exploration of alternative sourcing strategies.
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