The global zinc oxide market size is anticipated to reach a valuation of USD 8,273.5 million by 2034, with sales growing at a positive and restored CAGR of 6.4% from 2024 to 2034. Valued at USD 3.7 billion in 2021, the market reached USD 4,449.6 million in 2024. Historically, the market observed a sluggish CAGR of 2.90% from 2019 to 2023. Increasing application of rubber across multiple industry verticals and the growing use of zinc oxide in rubber manufacturing and in the production of cosmetics, paints, and ceramics will facilitate the growth of the zinc oxide market.
A primary growth inducer for the zinc oxide market is the use of the product in the manufacturing of rubber. 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 different industries including automotive and transportation. Rubber finds expansive application in the automotive industry for the production of items like tires, hoses, gaskets, roll coverings, crap tubes, and adhesives. Moreover, rubber is in high demand in several other industries like packaging, engineering, manufacturing, and construction, among others. Thus, the high demand for rubber spurs the demand for zinc oxide in the next few years.
Zinc oxide witnesses greater demand as a melting point reducer in the manufacturing of ceramics. Zinc oxide nanoparticles have also emerged as a promising biomedicine candidate, especially for anticancer and antibacterial applications. These aspects have a positive impact on 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.
Key Takeaways in Zinc Oxide Market:
- 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 US projected a CAGR of 3.6% by the end of 2034, fueled by rising ceramic production.
- By grade, the industrial segment is estimated to account for a share of 74.9% by 2034.
- Based on process, the indirect or French process segment will develop at a CAGR of 6.6% owing to its increasing commercial use.
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Competitive Landscape in the Zinc Oxide Market
Some of the key players in the zinc oxide market profiled
- USA Zinc
- Rubamin
- Zinc Oxide LLC
- Grupo Promax
- Weifang Longda Zinc Industry Co. Ltd.
- Yongchang Zinc Industry Co. Ltd.
- Pan Continental Chemical
- J.G. Chemicals
- Akrochem
- ZM Silesia
Leading market players are focusing on expanding their production capacities so as to strengthen their market presence. A few of these participants also employ partnerships, collaborations, mergers, and acquisitions tactics to gain a competitive edge.
More Insights into the Zinc Oxide Market
In its latest report, FMI offers an unbiased analysis of the global zinc oxide market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of product type, application, and region.
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. The consumption of zinc oxide in this country will reach a value of 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 US 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 US will make considerable contributions to the global growth of the zinc oxide market.
Zinc Oxide Market Segmentation
By Grade:
- Industrial
- Pharma
- Food
By Application:
- Wet Chemical
- Indirect
- Direct
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
Read Complete Source: Worldwide Demand for Zinc Oxide Market Will Grow at a Positive CAGR of 6.4% and Reach a Value of USD 7.3 Billion by 2032 | Report by Future Market Insights, Inc.
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