Segments - Zinc Oxide Market by Process (Direct, Indirect, and Wet Chemical Process), Grade (Standard, Treated, United States Pharmacopeia, and Food and Chemical Codex), Application (Rubber, Ceramics, Chemicals, Agriculture, Cosmetics & Personal Care, Pharmaceuticals, Foods, Paints & Coatings, Electronics & Semiconductors, and Others), and Region (Europe, North America, Asia Pacific, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023–2031
The global zinc oxide market size was around USD 3.7 Bn in 2022 and is expected to reach USD 7.41 Bn by 2031, expanding at a CAGR of 5.9% during 2023 – 2031. The growth of the market is attributed to the rising demand from rubber, ceramics, cosmetics & personal care industry.
Zinc oxide is an insoluble inorganic compound in a white powder form. The molecular formula of the compound is ZnO. It usually occurs as zincite minerals and is obtained by oxidizing the zinc ores.
It is an important compound, as it is used as an activator in various industries such as rubber, ceramics, chemicals, agriculture, pharmaceuticals, and cosmetics & personal care. Zinc oxide is antifungal, anti-bacterial, and anti-corrosive in nature. Through the process of vulcanization, zinc oxide is used to increase the durability of rubber.
The report finds that the COVID-19 pandemic hampered the overall revenue of the global zinc oxide market, owing to the sudden disruption in the supply chain. A sharp decline in demand from various industries, due to the prolonged shutdown of various industries plummeted the market growth.
Several restrictions and limitations imposed by the government on import-export activities caused a certain delay in the supply of raw materials, which forced zinc oxide manufacturers to either delay their production or reschedule their existing projects and supplies. The cosmetic industry recorded a low consumption of zinc oxide during the COVID-19 pandemic, as there was a slow economic growth rate observed.
Increasing area of application along with the growing demand from various industries is a major factor driving the market growth during the forecast period. Zinc oxide is widely used in the manufacturing of rubber, paint & coatings, glass, cosmetics, and medicines. It reduces the melting point in the production of ceramics and the vulcanization of rubber.
Increasing production of smart devices is expected to boost market growth in the coming years. Demand for zinc oxide increased in electronics and semiconductors, owing to its ability to sustain large electric fields, high power operation, and high temperature.
Exposure to zinc oxide is harmful to human beings and causes conditions such as skin allergies, irritations, and other illnesses. Thus, ensuring safety precautions and following safety guidelines for the well-being of the workers in the factory, is a responsible task for the companies. This is expected to restrain the zinc oxide market.
Increasing demand for zinc oxide nanoparticles creates lucrative growth opportunities in the market. Zinc oxide nanoparticles are easy to fabricate, do not harm the environment, and do not release toxic elements, which makes them ideal for biological applications. It acts as the best alternative for zinc sulfate as it is identified as an important micronutrient for plants and grains. It is known to be a better fertilizer in terms of a source of zinc elements.
The report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Zinc oxide Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2020 – 2021 |
Forecast Period |
2023–2031 |
Segmentation |
Process (Direct, Indirect, and Wet Chemical Process), Grade (Standard, Treated, United States Pharmacopeia, and Food and Chemical Codex), Application (Rubber, Ceramics, Chemicals, Agriculture, Cosmetics & Personal Care, Pharmaceuticals, Foods, Paints & Coatings, Electronics & Semiconductors, and Others) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Continental Chemicals Limited; Zochem, Inc.; EverZinc.; ZM SILESIA SA; Akrochem Corporation.; RUBAMIN; Pan-Continental Chemical Co., Ltd.; JG Chemicals Limited; Upper India; and Nokian Tyres plc. |
Based on process, the global zinc oxide market is segmented into direct, indirect, and wet chemical process. The indirect segment held more than 80% market share in 2021 and is projected to grow at a rapid pace during the forecast period.
The wet chemical process segment is expected to expand at a sustainable CAGR in the coming years. This method obtains zinc oxide with fine size, good dispersion properties, and slow settling properties. The growth is attributed to the rising demand for high-quality zinc oxide.
On the basis of grade, the market is divided into standard grade, treated grade, United States Pharmacopeia (USP) grade, and Food and Chemical Codex (FCC) grade. All three grades are different in composition, surface area, particle size, and heavy metal content. Food and Chemical Codex (FCC) grade segment is expected to grow at a significant growth rate during the projection period, owing to the increasing adoption in the food industry. Food and Chemical Codex (FCC) grade can be added to breakfast cereals as a source of nutrients.
In terms of application, the market is segmented into rubber, ceramics, chemicals, agriculture, cosmetics & personal care, pharmaceuticals, and others. The rubber segment is projected to register a considerable CAGR during the assessment period, due to the rising demand from the automotive and footwear industries. It is widely used in tires, hockey pucks, and shoe soles.
Zinc oxide helps in rubber vulcanization to increase durability. Zinc oxide offers several superior properties such as rubber-like heat resistivity and protection against UV rays, which makes it suitable for industrial use. It acts as an activator by increasing the rate of the rubber vulcanization process. The automotive industry has a high demand for zinc oxide for the manufacturing of rubber parts such as tires and automotive interiors like airbags systems, ventilation & window flaps, and reflective seals, among others.
Based on region, the global zinc oxide market is classified as Europe, North America, Asia Pacific, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period. Developing countries such as China and India emerge as manufacturers, consumers, and exporters of zinc oxide, which consequently increases the demand for zinc oxide in the Asia Pacific region.
The rising use of skin care products in the region is estimated to drive market growth. Moreover, the region has several manufacturing bases such as pharmaceutical, housing, and glass, which is estimated to increase the share of the market in the coming years
The global zinc oxide market has been segmented on the basis of
Key players competing in the global zinc oxide market are Continental Chemicals Limited; Zochem, Inc.; EverZinc.; ZM SILESIA SA; Akrochem Corporation.; RUBAMIN; Pan-Continental Chemical Co., Ltd.; JG Chemicals Limited; Upper India; and Nokian Tyres plc.
These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide. For instance,