New York, USA, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Zinc Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Zinc Market Information by Form, Application, End-Use Industry, and Region - Forecast till 2030”, the market in terms of volume to reach 1,012.23 thousand tons by 2030.
Market Synopsis
Zinc mining refers to the process of extracting zinc from the ground in its mineral forms. A zinc mine is a mine that predominantly produces zinc minerals in the ore. Lead and silver minerals are typically found as byproducts in zinc ores.
Zinc is used mostly in buildings, transportation, consumer goods, electrical appliances, and general engineering. The act or consequence of construing, interpreting, or explaining. Underground mining and surface mining are both types of mining.
The zinc market's future looks bright, with potential in construction and infrastructure, transportation, consumer items, and industrial machinery.
The primary drivers of this market include rising galvanized steel consumption and infrastructure development in emerging markets such as India, Brazil, and Indonesia. Furthermore, the worldwide zinc market will be driven by rising demand from specialized applications such as smartphones, electric vehicles, mild hybrid engines, and power grid storage.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | 1,012.23 thousand tons by 2030 |
| CAGR | Significant Value |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) / Volume. |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Form, Application, End-Use Industry, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The heavy zinc consumption on all of the industrial, official and domestic fronts. |
| The construction of buildings and infrastructure by the day has also triggered the growth of the market. |
Market Competitive Landscape:
The affluent vendors in the zinc market include
- Korea Zinc Group (Korea)
- Nyrstar (Switzerland)
- Glencore Xstrata (Switzerland)
- Nexa Resources S.A.(Brazil)
- Boliden (Sweden)
- Shaanxi Nonferrous Metals (China)
- Teck (Canada)
- China Minmetals Corp (China)
- Old Bridge Chemicals (US)
- Zochem Inc (US)
- Among others.
The market is dominated by large-scale multinational firms with a well-established and robust global distribution network. Players are increasing their investments in R&D to produce high-performance products.
Market USP Covered:
Market Drivers:
The primary market trend driving zinc market expansion is an increase in zinc ore production capacity. The ongoing exploration and production of zinc ore to meet the demand for zinc will benefit market growth. The upgrading of different zinc mines, including the Rampura Agucha mine in India, the Gamsberg mine in South Africa, and the Dugald River mine in Australia, would improve the supply of raw materials for zinc production. Hindustan Zinc produced 3.9 MMT of zinc ore at the Rampura Agucha mine in FY2020. During the forecast period, the continuous upgrading of underground mining projects, comprising production shafts, surface and paste fill, and ventilation shafts, is estimated to generate 5 MMT of zinc ore each year.
The zinc industry expansion in emerging economies such as China, India, Brazil, Indonesia, and Mexico is quite notable. Market vendors are relocating their manufacturing activities to these countries due to variables such as the availability of raw materials, inexpensive labor, low shipping costs, and less severe government mining laws. The rise of China and India as APAC manufacturing centers in the automobile, construction, and other general industries would boost the market growth. Zinc is widely utilized in the manufacture of building panels, steel framing, and automobile components. The increased demand for passenger automobiles in APAC is likely to drive zinc consumption.
Market Restraints:
Regulatory agencies such as the Environmental Protection Agency (EPA) establish regulatory norms for the production and use of chemicals, as well as the requirement to adhere to regulations such as Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) for the production and use of chemical substances, limit the market growth. In the United States, the EPA's 40 Code of Federal Regulations (CFR) Part 440 Part 103 establishes rules and regulations for direct and indirect dischargers of zinc processing and smelting facilities. The National Pollutant Discharge Elimination System incorporates rules and criteria for direct and indirect releases (NPDES).
The strict requirements on zinc mining for safe waste management are anticipated to harm industry growth.
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COVID 19 Analysis
The global spread of COVID-19 has hampered the expansion of the zinc market. COVID-19 is currently posing a significant challenge to the healthcare systems in various countries in the area. Several countries imposed a partial or total lockdown. As of November 2020, the total number of verified COVID-19 cases in India was roughly 9.22 million, with approximately 135,480 deaths. Because the mortality rate from COVID-19 is significant, all manufacturing industries have been affected by the enforcement of lockdowns, which has had a detrimental impact on the growth of the market in focus in 2020.
Market Segmentation
By Form
The worldwide zinc market has been classified into powder and sheet. Because of its widespread use in coatings, metals, and steel, the powder category is predicted to grow at a good CAGR.
By Application
The global market has been divided into three applications: galvanizing, die casting, and others. Galvanizing is the process of dipping steel and metal in molten zinc to create a corrosion-resistant layered zinc-iron alloy and zinc metal coating. During the zinc immersion process, a metallurgical reaction occurs between the iron in the steel and the molten zinc, resulting in a homogeneous thickness surrounding the item. Corrosion depreciates buildings, train tracks, and bridges, making repairs expensive. As a result, zinc coatings play an important role in maintaining the strength of steel and metal structures, providing sustainability and lifespan, and lowering maintenance costs. As a result, rising steel output is predicted to boost zinc demand during the projection period.
By End-Use Industry
The end-use industries covered in the study are transportation, consumer goods as well as construction.
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Regional Insights
The Asia-Pacific market’s stupendous expansion rate is backed by the surge in vehicle manufacturing in countries such as China, India, and Japan, which is increasing the use of zinc in metal and steel parts. The region's economic expansion has raised the demand for steel, which has expanded the use of zinc-coated metal alloys to enhance modern infrastructure. During the study period, the increasing use of zinc in the automotive and construction industries is expected to drive regional market expansion. Metal coatings' increasing use in electronic gadgets is likely to drive market expansion.
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