New Delhi, June 03, 2024 (GLOBE NEWSWIRE) -- The global zinc chemicals market is expected to surpass the market size of US$ 21.1 billion by 2032 from US$ 11.8 billion in 2023 at a CAGR of 6.7% during the forecast period of 2024 to 2032.
The zinc chemicals market is poised for significant growth, driven by robust production and consumption trends, diverse applications, and strategic geographic dynamics. In 2022, global zinc production stood at approximately 13.52 million metric tons, mirroring the global consumption figures for the same year. This balance underscores the critical role zinc plays across various industries, from agriculture to pharmaceuticals. China's dominance in zinc production continues to be a pivotal factor in the market, with the country's output increasing between 2020 and 2023 This surge is complemented by Japan's significant consumption, particularly in its extensive rubber industry, and the United States' dual role as both a major producer and consumer of zinc. The U.S. leverages its zinc resources across diverse sectors, including agriculture and pharmaceuticals, highlighting the metal's versatility.
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On the trade front, the U.S. is a substantial importer of zinc in the global zinc chemicals market, necessitated by its vast industrial needs. Conversely, countries like China and Australia serve as major exporters, facilitating the global supply chain of zinc and its compounds. This trade dynamic is essential for maintaining the equilibrium between supply and demand in the global market. Wherein, zinc oxide, one of the most widely produced zinc compounds, is integral to industries such as rubber processing, ceramics, and pharmaceuticals. Its applications extend to semiconductor production and medical uses, such as topical astringents and protectants. Similarly, zinc sulfate is crucial in agriculture as a fertilizer component and in animal feed, while also finding utility in the textile and rayon industries.
Zinc carbonate and zinc chloride further diversify the market's portfolio. Zinc carbonate's anti-inflammatory properties make it valuable in medical applications like calamine lotion, while its role in producing zinc oxide nanoparticles underscores its industrial relevance. Zinc chloride, with its uses in fire retardants, wood preservatives, and smoke bombs, demonstrates the wide-ranging applications of zinc compounds.
Key Research Findings
Zinc chemicals market segmentation reveals the extensive reach of zinc chemicals across various end-user industries. These include agriculture, chemicals and petrochemicals, ceramics, pharmaceuticals, paints and coatings, and rubber processing. Geographically, the market spans Asia-Pacific, North America, Europe, South America, and the Middle East and Africa, indicating a truly global demand.
The environmental and health effects of zinc compounds also play a role in shaping the market. Zinc oxide and zinc carbonate are noted for their protective and anti-infective properties, making them valuable in medical applications. However, the environmental impact of zinc compounds, particularly their solubility in water, remains a consideration for regulatory frameworks.
Economically, zinc's significance is evident as it ranks fourth among all metals in world production, trailing only iron, aluminum, and copper. The market size is further bolstered by the use of zinc sulfate in fertilizers, highlighting its agricultural importance. Technological applications in photocopying, catalysis, and hydrogen production through the zinc-zinc oxide cycle add to the metal's economic value.
Key Findings in Zinc Chemicals Market
| Market Forecast (2032) | US$ 21.1 Billion |
| CAGR | 6.7% |
| Largest Region (2023) | Asia Pacific (48.5%) |
| By Type | Zinc Oxide (53.0%) |
| By Application | Rubber Compounding (39.2%) |
| By Sales Channel | Distribution (67.8%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Zinc Oxide to Stay at the Forefront of the Zinc Chemicals Market with More than 53% Market Share Thanks to Strong Demand from Cosmetic Industry
The global zinc oxide market is projected to grow from US$ 6.25 billion in 2023 to USD 5.7 billion by 2024 at a CAGR of 5.4%, and reach US$ 10.95 billion by 2032 with a CAGR of 6.5%. Key players include US Zinc, Zochem, EverZinc Upper, ZM Silesia, Akrochem, Rubamin, Pan-Continental Chemical, J.G. Chemicals, India, and Suraj Udyog. Today, zinc oxide is widely used in sunscreens, with 40% of global production used in cosmetics. The rubber industry consumes 30% of zinc oxide as a vulcanization activator. Pharmaceuticals account for a 15% market share, employing zinc oxide in ointments and creams in the zinc chemicals market.
Non-nano particle zinc oxide sunscreens provide broad-spectrum protection and are water-resistant for up to 80 minutes. About 25% of consumers choose zinc oxide sunscreens for environmental benefits, as they are reef-friendly. Additionally, 70% of users with sensitive skin prefer zinc oxide-based products. 20% of these sunscreens incorporate antioxidants like raspberry seed oil. The French Process accounts for 50% of global zinc oxide production, though it can produce by-products like sodium oxide and carbon monoxide. Despite these challenges, technological advancements are driving market growth.
Clinical studies show 85% efficacy of zinc oxide in treating diaper dermatitis and oral herpes, giving a boost to the overall zinc chemicals market. There is a rising demand for tinted sunscreens, which reduce the white cast, with 60% of new product launches featuring tinted formulations. 55% of surveyed consumers prefer zinc oxide sunscreens with simple ingredients, and the market for fragranced zinc oxide sunscreens is growing at 4% annually.
Global Rubber Production and the Dominance of Zinc Chemicals Market in Rubber Compounding Contribute More than 39% Market Revenue
As of 2024, global rubber production is led by Thailand, Indonesia, Vietnam, and Malaysia. Thailand produces 4.707 million tons of rubber in 2023, down from nearly 4.786 million tons in 2022, while Indonesia produces approximately 2.65 million metric tons annually. Vietnam and Malaysia contribute around 2.14 million metric tons and 3.6 million metric tons annually, respectively. The global rubber market is valued at $48 billion in 2023. Despite this production prowess, the real backbone of the industry is zinc chemicals, particularly zinc oxide, which accounts for 50% of industrially produced zinc oxide and is crucial in rubber compounding.
Zinc oxide plays a pivotal role in the vulcanization process, turning natural rubber into a more durable material with superior strength, heat resistance, and abrasion resistance. Additionally, zinc oxide improves the thermal properties of rubber compounds, ensuring that products like automotive tires resist heat and ultraviolet degradation. High loading of zinc oxide is essential for the durability and heat conductivity of tires. The combination of zinc oxide and stearic acid forms zinc soap, enhancing the hardness and elasticity of rubber, making it suitable for various industrial applications in the zinc chemicals market. This compounding process typically involves three stages, with zinc oxide being a key element in each.
Rubber consumption in China is significantly increasing, driving up natural rubber demand. Synthetic rubber production in the U.S. is a major contributor to the $48 billion industry, with approximately 15,000 rubber industry establishments reliant on zinc chemicals. The upward trend in natural rubber consumption in Southeast Asia, driven by government incentives, further emphasizes the need for effective zinc-based compounding. Innovations in synthetic rubber, such as Neoprene and Buna-N, heavily rely on zinc chemicals. As the industry faces environmental challenges, zinc oxide's specific surface area influences rubber processing and vulcanization efficiency. The growth of the rubber industry and focus on recycling highlight the indispensable role of zinc chemicals in modern rubber production.
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Dominance of Zinc Chemicals Market Production and Consumption in the Asia-Pacific Region, Contribute Over 48.5% Revenue Share
The Asia-Pacific region stands out as a dominant force in the global zinc market, with both production and consumption statistics underscoring its paramount role. As of 2024, China is the world's largest producer of zinc, contributing over 33% of the global output. India follows as the second-largest producer within the region, with substantial annual production volumes that significantly impact the global supply chain. Australia also plays a crucial role, with its zinc mines contributing a significant share to global production. South Korea, with its advanced refining capabilities, and Japan, known for its high-efficiency production processes, are key players despite their relatively smaller production volumes compared to China and India. Additionally, Kazakhstan adds to the region's zinc production with its substantial mining operations. Collectively, the Asia-Pacific region accounts for over 50% of the world's zinc production, with China's zinc ore extraction expected to peak in 2024 at just over 14 million metric tons.
On the consumption front of the zinc chemicals market, China emerges as the largest consumer of zinc globally, driven by its expansive construction and manufacturing sectors. India follows closely, with high zinc consumption fueled by its growing infrastructure and automotive industries. Japan consumes significant amounts of zinc, particularly in its automotive and electronics sectors, while South Korea's robust steel and electronics manufacturing sectors also contribute to high zinc consumption rates. Overall, the Asia-Pacific region consumes more than 60% of the world's zinc production, with China's zinc consumption projected to grow by 3% annually due to ongoing urbanization and industrialization. India's zinc consumption is expected to increase by 4% annually, driven by infrastructure projects and automotive production.
The market dynamics of the Asia-Pacific zinc chemicals market are equally compelling. The region is expected to grow at a CAGR of 8% from 2024 to 2032. Within this, China's zinc market alone is projected to grow at a CAGR of 8.4%, while India's zinc market is forecasted to grow at a CAGR of 8.5%, driven by increasing demand in construction and manufacturing. Japan's zinc market is expected to maintain steady growth, focusing on high-tech applications and efficiency improvements. Collectively, these factors position the Asia-Pacific region to maintain its leadership in the global zinc market due to its large-scale production capabilities and growing consumption needs.
Top Players in the Global Zinc Chemicals Market
- Mago BP
- Framecad
- Yunion
- Beijing Hocreboard Building Materials
- Onekin Green Building Materials
- Gemtree Board
- Magnum Building Products.
- Changzhou Yongjia Decorative Materials Co., Ltd
- SINH Building Solutions B.V. (Magoxx Board)
- North American MgO™ LLC.
- Other Prominent Players
Market Segmentation Overview:
By Type
- Zinc Oxide
- Zinc Sulfate
- Zinc Carbonate
- Zinc Chloride
- Others
By Application
- Rubber Compounding
- Agriculture
- Glass & Ceramics
- Paints & Coatings
- Food and Pharmaceuticals
- Textiles
- Chemicals
- Others
By Sales Channel
- Direct
- Distribution
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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