by Zinc oxide is a white powder that is used as an active ingredient in numerous products. It is used as a functional ingredient in pharmaceuticals, personal care products like sunscreens and moisturizers, paints, rubber/tires, ceramics, and batteries. Zinc oxide exhibits antibacterial, anticorrosive, and UV blocking properties. It forms a physical barrier on the skin to protect it from sunburn.
The Zinc Oxide Market is estimated to be valued at US$ 5.50 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing use of zinc oxide in personal care such as sun protection products is expected to boost market growth over the forecast period. Zinc oxide protects skin from UV rays and provides broadband protection from UVA and UVB rays. It is considered as a non-chemical sunscreen alternative. Personal care market for organic and natural products is growing at a rapid pace which is further expected to drive the demand for zinc oxide. Additionally, wide application of zinc oxide in rubber/tires industry owing to its anticorrosive property is also projected support the market growth during the forecast period. However, availability of alternatives such as titanium dioxide and growing environmental concerns regarding zinc oxide may hamper the market growth.
Segment Analysis:
The global zinc oxide market is dominated by chemical grade segment owing to extensive usage of zinc oxide in rubber production, chemicals, pharmaceuticals, agriculture, and paints & coatings industries. Chemical grade zinc oxide accounts for over 60% of the total market share as it provides properties like stability, opacity and durability to the end products.
PEST Analysis:
Political: Any changes in environmental policies regarding mining and usage of zinc metal can impact the market.
Economic: A stable global economy favors the growth of end-use industries like rubber, chemicals, which spurs the demand for zinc oxide.
Social: Rising health awareness increases the demand for zinc oxide from the pharmaceutical industry for supplement preparations.
Technological: Advanced production techniques help reduce the manufacturing costs and environmental footprint of zinc oxide.
Key Takeaways:
The Global Zinc Oxide Market is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing demand from rubber production globally. The Asia Pacific dominates the global zinc oxide market owing to robust demand from rubber, chemical industries in China and India. Key players operating in the zinc oxide market are US Zinc, GHC, and Hindustan Zinc Ltd.
The global zinc oxide market size was valued at US$ $5.50 Bn in 2023. The chemical grade segment accounts for over 60% of the total zinc oxide market share due to extensive usage in rubber production, chemicals, pharmaceuticals, agriculture, and paints & coatings industries.
The Asia Pacific region is the fastest growing as well as the dominating region in the global zinc oxide market. Countries like China and India have witnessed rapid industrialization which has propelled the demand for zinc oxide from various end-use industries like rubber, chemicals, pharmaceuticals.
Key players operating in the zinc oxide market are US Zinc, GHC, and Hindustan Zinc Ltd. US Zinc is a leading producer of zinc and zinc oxide products in North America. GHC specializes in manufacturing zinc oxide products with controlled particle size and properties. Hindustan Zinc Ltd is one of the largest integrated zinc-lead companies in India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
