NEWARK, Del, July 12, 2023 (GLOBE NEWSWIRE) -- According to a recent study by Future Market Insights, the Global Market For Zinc Chloride is expected to be worth US$ 309.6 million by 2023. The study further projects that the market will surge at a Compound Annual Growth Rate (CAGR) of 5.0% during the anticipated period. By the end of 2023 to 2033, a market value of US$ 505.6 million is predicted.
Demand for zinc chloride is expected to rise due to expansion in several sectors, including chemicals, medicines, and agriculture. These sectors rely substantially on zinc chloride due to the variety of manufacturing techniques and product compositions it is used in.
Growing populations and rising disposable income levels fuel demand for consumer goods and infrastructure development in emerging nations. Batteries, textiles, rubber, and plastics- all vital components of numerous consumer goods and building materials, are produced with the help of zinc chloride.
Demand for renewable energy technology is rising as environmental laws, and a focus on sustainable energy sources become more prevalent. Zinc chloride is a crucial component in the renewable energy sector since it produces solar cells and other energy storage devices.
The agriculture sector is transitioning to more efficient and sustainable farming methods to fulfill the rising need for food. Widely used in fertilizers as a micronutrient, zinc chloride promotes healthy plant growth and increases agricultural yields. Demand for zinc chloride is anticipated to increase as agricultural activities expand to meet the world's food needs.
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The growing demand for zinc chloride is probably due in part to ongoing research and development efforts to find new uses. Zinc chloride is used in various disciplines, including medicine, electronics, and water treatment.
Scientists and engineers are continuously looking for new and creative applications for it. These developments are projected to expand market prospects and increase demand for zinc chloride globally.
Demand will also be pushed by growing awareness of and adoption of zinc-based products in the healthcare and personal care sectors. Many medicines, ointments, lotions, and cosmetic goods are made with zinc chloride.
Due to its antibacterial qualities, it is a useful component in antiseptics, wound care treatments, and oral hygiene products. Sales of zinc chloride, a crucial ingredient in these formulations, are anticipated to increase along with high demand for healthcare and personal care products, which will likely continue to climb globally.
Key Takeaways from Zinc Chloride Market Research Report:
- The global zinc chloride industry witnessed a CAGR of 2.1% during the historical period from 2018 to 2022.
- India's zinc chloride industry will create an absolute dollar opportunity of more than US$ 25 million in the next ten years.
- Chinese zinc chloride industry is anticipated to create an absolute dollar opportunity of more than US$ 40 million by the end of the forecast period.
- The high-purity segment is expected to expand at 4.9% CAGR from 2023 to 2033 based on grade.
- The chemical end-use sector segment is estimated to generate over US$ 50 million revenues throughout the evaluation period.
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"Color cosmetic products such as eyeliners, eyeshadow, and mascara use zinc chloride. Owing to its binding properties, pigments on the skin adhere better and last longer. To provide a smooth application and improved wear, zinc chloride can also help the general stability and texture of cosmetic compositions. It is set to create new opportunities in the global market." - Future Market Insights (FMI) Analyst.
Top 15 Key Players in Zinc Chloride Industry and Their Marketing Strategy
A few manufacturers represent about half of the market share in the modestly consolidated global zinc chloride market. These players outperform their rivals in terms of production capacity. As a result, they are a leading producer and exporter of zinc chloride worldwide.
Important market players are also using various techniques to increase their profits. A well-known method is focusing on lowering carbon emissions to support sustainability objectives. With this strategy, important firms might improve their market standing while preserving the environment.
Smaller market participants, in contrast, place a higher priority on raising their production capacity to fulfill the expanding regional demand. They are currently focusing on export-driven markets to increase their sales outside of local markets. Small firms can expand their market share and sales potential by entering new markets and forging supply chain agreements with end users.
The key market players involved are:
- Zaclon LLC
- Costal Zinc Group
- Jinzhou Jitian Zinc Industry Co., Ltd.
- Weifang Dongfangsheng Chemical Co., Ltd.
- Lipmes SA
- HaloPolymer OJSC
- Tianjin Nanping Chemical Co., Ltd.
- TIB Chemicals
- Flaurea Chemicals
- Vap Industries
- Haihang Industries
- Haryana Chemical Industries
- Pinkto Chemicals
- Sigma Chemical Industries
- Yanggu Zhongtian Zinc Industry Co., Ltd.
For instance,
- Toothpaste infused with zinc salt was developed by Unilever, a prominent brand in the personal care goods sector, in March 2021. It guarantees to lower blood pressure and improves nitrate reductase activity.
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Get More Valuable Insights into the Zinc Chloride Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global zinc chloride industry, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented based on grade (high purity grade, battery grade, technical grade, and commercial grade), form (powder and liquid), end-use sector (electronics, chemical, agriculture, pharmaceuticals, and others), and regions.
Zinc Chloride Market Outlook by Category
By Grade:
- High Purity Grade
- Battery Grade
- Technical Grade
- Commercial Grade
By Form:
- Powder
- Liquid
By End Use Sector:
- Electronics
- Chemical
- Agriculture
- Pharmaceuticals
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Russia and Belarus
- Balkan and Baltic Countries
- Central Asia
- East Asia
- South Asia and the Pacific
- Middle East and Africa
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