Zinc Oxide Market Growth & Forecast Analysis | 2023-2028

Market Insights

The zinc oxide market was estimated at USD 5.21 billion in 2022 and is likely to grow at a CAGR of 6.82% during 2023-2028 to reach USD 7.75 billion in 2028.

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What is zinc oxide?

ZnO stands for Zinc oxide. It is an insoluble and inorganic compound used as an additive in various products such as cosmetic creams, rubber, paints, ceramics, foods, lubricants, batteries, plastics, medical, and others. This also plays a pivotal role in obstructing harmful rays.

Market Dynamics

There are a number of factors that drive the global zinc oxide market. A few of them are mentioned below-

• Wide usage of zinc oxide in various applications – Zinc oxide is an inactive white compound that is used very widely as a bulking agent or filler and as a white pigment. This is used in different industries and in various applications such as – cosmetics, food supplements, ceramics, and more. The growing usage of all these products hence, increases the demand for zinc oxide.
• Usage of Zinc oxide in rubber used for Tires - Zinc oxide (ZnO) possesses excellent properties that act as activators for the vulcanization of rubber. This makes it the best material for manufacturing tires for the automotive industry. Around 75% of the rubber produced across the globe is used in tire production and the automotive industry is expected to grow leaps and bounds in the coming years. This creates a high demand for zinc oxide materials.
• Growing construction industry – The global construction industry is predicted to reach USD 13.3 trillion by 2025, according to Oxford Economics. With the rising construction industry, demand for materials used in the industry also grows. Zinc oxides are used in architectural applications for rainwater systems, cladding, and roofing, and are alloyed with copper and titanium.
• Emerging applications in the electronics industry – Zinc oxide is used in electronic components due to its unique electric and semiconducting properties. The expanding electronics industry and the development of innovative electronic devices create a great opportunity for zinc oxide applications.

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Segment Analysis

By Application Type

The market is segmented as agriculture, ceramics, rubber, chemicals, pharmaceuticals, cosmetics & personal care, and others. The rubber segment accounted for the largest market share of more than 40% in 2022 and is projected to register significant growth during the review period. The growth of the segment is owing to the durability of ZnO, which is used for the vulcanization of rubber, used to manufacture tires.

By Process Type

The market is segmented into wet-chemical, American, and French processes. The french process segment accounted for the largest market share of more than 80% in 2022 and is projected to register significant growth during the forecast period as Zinc produced by using this process is very fine in size and possesses good dispersion and slow settling rates.

Regional Insights

Asia-Pacific accounted for the largest market share of 30% in 2022, as well as the fastest-growing market for ZnO during the forecast period, with China and India, being the major countries with lucrative growth opportunities. One of the major driving factors is the rapid growth of the personal care products and cosmetics market in the region, with China being the largest exporter of ZnO.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories.

By Application Type

• Rubber
• Ceramics
• Chemicals
• Agriculture
• Pharmaceuticals
• Cosmetics and Personal Care
• Others

By Process Type

• Wet-Chemical Process
• French Process
• American Process

By Grade Type

• Standard Grade
• Treated Grade
• United States Pharmacopeia (USP) Grade
• Food and Chemical Codex (FCC) Grade
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Italy, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, Taiwan, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the major zinc oxide manufacturers are-

• Zochem Inc.
• EverZinc Belgium SA
• ZM Silesia SA.
• Akrochem Corporation
• J. G. Chemicals Pvt. Ltd.
• Pan-Continental Chemical Co Ltd.
• Umicore SA
• Rubamin Limited
• Showa Denko KK
• Advanced Nano Technologies Ltd.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the grade types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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