By 2032, sales are projected to increase at a positive and recovered CAGR of 6.4%, valuing the global zinc oxide market at US$ 7.3 billion. The market’s value increased from US$ 3.7 billion in 2021 to US$ 3.9 billion in 2022. From 2017 to 2021, the market saw a slow CAGR of 3.3% historically. Rubber will be used more frequently across various business sectors, and more zinc oxide will be used to make ceramics, paint, cosmetics, and rubber, which will help the zinc oxide market grow.
A primary growth inducer for the zinc oxide market is using the product in rubber manufacturing. The rising production volume of rubber will boost the consumption of zinc oxide as it is used as an activator for the vulcanization of rubber. This demand is further amplified due to the rising use of rubber in industries including automotive and transportation. Rubber finds expansive application in the automotive industry for producing items like tires, hoses, gaskets, roll coverings, crap tubes, and adhesives. Moreover, rubber is in high demand in several other industries, such as packaging, engineering, manufacturing, and construction. Thus, the increased demand for rubber spurs the demand for zinc oxide in the next few years.
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Zinc oxide witnesses greater demand as a melting point reducer in ceramics manufacturing. Zinc oxide nanoparticles have also emerged as a promising biomedicine candidate, especially for anticancer and antibacterial applications. These aspects will positively impact the sales of zinc oxide in the forthcoming years. Again, zinc oxide gains application as a catalyst in various chemical processes, such as a sunscreen active ingredient in cosmetics and personal care products and as an anti-corrosion element in paints and coatings. All of these considerations, along with others, underpin the growth of the zinc oxide market during the projection period.
“Zinc oxide is a multifunctional compound with wide-ranging applications. From sunscreens and cosmetics to rubber production and electronics, zinc oxide’s diverse properties make it an essential component in various industries, contributing to product effectiveness and innovation.” – Lead Analyst, Future Market Insights, Inc.
Key Takeaways:
- An advancing automotive sector, along with heightened demand for zinc oxide powder, will aid the growth of the market in China.
- The zinc oxide market in the U.S. will reach US$ 1.2 billion by the end of 2032, fueled by rising ceramic production.
- By grade, the industrial category will expand at a CAGR of 6.1% due to its superior physical and chemical properties.
- Based on process, the indirect or French process segment will develop at a CAGR of 6.6%, owing to its increasing commercial use.
Competitive Landscape
Key players in the zinc oxide market
- S. Zinc
- Rubamin
- Zinc Oxide LLC
- Grupo Promax
- Weifang Longda Zinc Industry Co. Ltd.
- Yongchang Zinc Industry Co. Ltd.
- Pan Continental Chemical
- G. Chemicals
- Akrochem
- ZM Silesia
Leading market players focus on expanding their production capacities to strengthen their market presence. A few participants also employ partnerships, collaborations, mergers, and acquisitions tactics to gain a competitive edge.
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More Insights into the Zinc Oxide Market
FMI offers an unbiased analysis of the global zinc oxide market in its latest report, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. The market is segmented based on product type, application, and region for a comprehensive understanding of the global market potential, growth, and scope.
According to the same reports, based on segmentation, the indirect process of producing zinc oxide will retain popularity due to its use in the commercial production of zinc. This segment will grow at a CAGR of 6.6%. In terms of grade, the industrial grade will lead the market with a CAGR of 6.1%.
Based on region, the zinc oxide market in China will present impressive growth during 2022 and 2032. This country’s consumption of zinc oxide will reach US$ 1.8 billion by 2032. Factors such as an advancing automotive sector, high demand for zinc oxide powder, and improving economic conditions will shape the zinc oxide market in China. Besides China, the U.S. zinc oxide market will exhibit notable growth. The target market in this country will reach a value of 1.2 billion by 2032. This can be attributed to increasing construction and housing projects, rising industrial and infrastructure constructions, and the growing need for zinc oxide in ceramic production. Thus, China and the U.S. will make considerable contributions to the global growth of the zinc oxide market.
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Zinc Oxide Market Segmentation
By Grade:
- Industrial
- Pharma
- Food
By Application:
- Rubber
- Ceramics
- Chemicals
- Cosmetics and personal care
- Paints & Coatings
- Pharmaceutical
- Agricultural
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and I.T. and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and E.E. Times.
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The post Zinc Oxide Market Poised for Robust Growth. Analysts anticipate CAGR of 6.4% to Reach US$ 7.3 Billion by 2032 appeared first on Future Market Insights.
