New York, United States, Feb. 16, 2024 (GLOBE NEWSWIRE) -- The market under investigation is expected to grow due to increased demand from the rubber tire industry and rising use in the automobile industry. On the other hand, it is projected that the adverse conditions brought on by the COVID-19 epidemic and the health hazards connected with compounds containing zinc will obstruct the market's growth under consideration. According to Straits Research, “The global zinc chemicals market size was valued at USD 10.32 billion in 2022. It is projected to reach USD 15.54 billion by 2031, growing at a CAGR of 4.65% during the forecast period (2023-2031).” R&D in the use of zinc nanoparticles in the medical sector and their rising service in the electronics and semiconductor industries are expected to lead to new opportunities for the market under consideration. Among the key players in the market are U.S. Zinc (Aterian Investment Partners), Zochem Inc., EverZinc, TIB Chemicals AG, and Weifang Longda Zinc Industry Co. Ltd.
Increased Use in the Automotive Industry Drives the Global Market
Zinc compounds have a wide range of applications, and the automobile industry is one of their fastest-growing markets. The use of glass-fiber sheet molding compound (GF-SMC) in automobiles is an increasing environmental concern. A zinc oxide (ZnO) blended natural fiber-reinforced bio-composite was developed and tested to replace the industrial automotive GF-SMC due to its superior characteristics and ecological friendliness. Additionally, zinc oxide is necessary for synthesizing zinc dithiophosphates and particular lubricant and grease formulations, such as high-temperature or high-pressure greases or automotive lubricants. Zinc oxide is primarily used in engine oils for automobiles to reduce engine oxidation, corrosion, and wear.
Due to their cost, cell voltage, and energy density advantages, zinc chloride batteries are one of the most promising technologies for medium- to large-scale energy storage applications. Due to its growing use in manufacturing batteries used in the automobile industry, the market for zinc chloride grade batteries is growing. Opportunities are being created for producers in the zinc chloride market due to the automobile industry's migration from zinc carbon to zinc chloride batteries. Since manufacturers make enormous quantities of zinc chloride batteries, they are the most affordable batteries on the market.
Download Free Sample Report PDF @ https://straitsresearch.com/report/zinc-chemicals-market/request-sample
Rising Industry Demand for Rubber Tires Creates Tremendous Opportunities
Zinc oxide (ZnO) is the activator of choice during the vulcanization or curing procedure used to make rubber tires. Additionally, it helps rubber adhere better to metal. Too little zinc oxide may result in burning problems, but too much zinc oxide may enhance hot air/heat aging properties, similar to more significant zinc oxide loadings. It is a vital area of the rubber tire business since it reduces heat buildup and tire wear. As a result, the use of zinc oxide is increasing along with the growth of the tire industry. The industry under consideration is expanding due to the absence of substitute materials that may be employed in crucial applications.
Report Scope
| Study Period | 2019-2031 | CAGR | 4.65% |
| Historical Period | 2019-2021 | Forecast Period | 2023-2031 |
| Base Year | 2022 | Base Year Market Size | USD 10.32 Billion |
| Forecast Year | 2031 | Forecast Year Market Size | USD 15.54 Billion |
| Largest Market | Asia Pacific | Fastest Growing Market | Europe |
Regional Analysis
Asia-Pacific is the highest revenue contributor and is anticipated to grow at a CAGR of 4.75% during the projection period. The first 10-year action plan for China's manufacturing-based strategy, "Made in China 2025," has been made available to the public. The manufacturing industry is the foundation of the economy, the skeleton of the country, the secret to prosperity, and the heart of a vital state. China currently accounts for more than one-fourth of the worldwide coatings market. According to the China National Coatings Industry Association, the industry recently saw 7% growth. At least ten significant coatings investment projects in China are expected to start construction in 2019 and be publicized. Nippon has benefited from this market situation by enhancing coating production in China's new factories.
Europe is anticipated to grow at a CAGR of 3.60% over the projection period. Germany is the principal manufacturer of tires and other rubber goods in Europe. Continental AG, Dunlop GmbH, Michelin Reifenwerke AG and Co KGaA, Pirelli Deutschland GmbH, Freudenberg Group, etc., are some of the biggest manufacturers of tires and non-tire products in the country. Meanwhile, there has been a long period of stagnation in the German tire market. The top players in the tire industry are growing and shrinking in Germany due to market changes in Europe that favor larger rim-diameter tires. Germany is a primary paint and coatings producer in Europe. There are numerous small and medium-sized businesses and about 300 paint and printing ink facilities.
Key Highlights
- The global zinc chemicals market is bifurcated based on type into zinc oxide, zinc sulfate, zinc carbonate, zinc chloride, and other classes. The zinc oxide segment is the highest contributor to the market and is estimated to boost at a CAGR of 4.10% during the forecast period.
- Based on the end-user industry, the global zinc chemicals market is bifurcated into agriculture, chemicals and petrochemicals, ceramic, pharmaceuticals, paints and coatings, rubber processing, and other end-user industries. The rubber processing segment is the highest contributor to the market and is estimated to boost at a CAGR of 3.90% during the forecast period.
- Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 4.75% during the forecast period.
Competitive Players
The Top 10 players in the global zinc chemicals market's are American Chemet Corporation, Changsha Lantian Chemical Co. Ltd, EverZinc, Flaurea Chemicals, Global Chemical Co. Ltd, Hakusui Tech, Intermediate Chemicals Company, L. Brüggemann GmbH and Co. KG, Nexa, Old Bridge Chemicals Inc., Pan-Continental Chemical Co. Ltd, Rech Chemical Co. Ltd, and Rubamin.
Market News
- In January 2023, Zinc oxide manufacturer JG Chemicals stated that it had filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
Global Zinc Chemicals Market: Segmentation
By Type
- Zinc Oxide
- Zinc Sulfate
- Zinc Carbonate
- Zinc Chloride
- Other Types
By End-User Industry
- Agriculture
- Chemicals and Petrochemicals
- Ceramic
- Pharmaceutical
- Paints and Coatings
- Rubber Processing
- Other End-User Industries
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
Get Detailed Market Segmentation @ https://straitsresearch.com/report/zinc-chemicals-market/segmentation
About Straits Research Pvt. Ltd.
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.
Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.
For more information on your target market, please contact us below:
Phone: +1 646 905 0080 (U.S.)
+91 8087085354 (India)
+44 203 695 0070 (U.K.)
Email: sales@straitsresearch.com
Follow Us: LinkedIn | Facebook | Instagram | Twitter
