The global zinc oxide market size is estimated to reach USD 8.1 billion by 2030, registering a CAGR of 6.9% during the forecast period, according to a new report by Grand View Research, Inc. 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.
Zinc Oxide Market Report Highlights
- In 2021, indirect process emerged as the dominant process segment owing to the high productivity of the method
- Wet chemical is projected to grow at the fastest CAGR, in terms of revenue, from 2022 to 2030 due to the good dispersion offered by the ZnO produced using a wet chemical process
- Rubber was the dominant application segment in 2021 owing to the high demand for zinc oxide from the tire manufacturing industries
- Asia Pacific led the market in 2021 due to the growth of various end-use industries in the region
- North America is predicted to grow at a significant CAGR, in terms of revenue, from 2022 to 2030 owing to the presence of a large number of multinational companies in the region
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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.
Zinc Oxide Market Insights By Geographical Region
Asia Pacific region accounted for the largest revenue share of more than 30.0% 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. 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. North America plays a significant role in the zinc oxide market with a revenue share of 16.2%. The U.S. has a major influence on the North America market owing to the presence of major manufacturers in the industry.
Industry Share Analysis By Major Companies
The market has the presence of large-scale multinational players having a well-established and strong distribution network across the globe. Players are investing more in research & development activities to produce high-performance products. Some prominent players in the global zinc oxide market include:
- S. Zinc
- Zinc Oxide LLC
- EverZinc
- Rubamin
- Grupo Promax
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Zinc Oxide Market Segmentation
Grand View Research has segmented the global zinc oxide market on the process, application, and region:
- Zinc Oxide Process Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)
- Zinc Oxide Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)
- Zinc Oxide Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)
- List of Key Players of Zinc Oxide Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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