Global Zinc Oxide Market Report and Forecast 2023-2028

Global Zinc Oxide Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global zinc oxide market reached a value of USD 4.42 billion in 2022. Aided by the rising demand in the cosmetics industry and the expanding applications of zinc oxide across various sectors, the market is projected to further grow at a CAGR of 6.10% between 2023 and 2028 to reach a value of USD 6.29 billion by 2028.

Zinc oxide, an inorganic compound, is known for its diverse range of applications. It is primarily used as an additive in various products including rubbers, foods, plastics, ceramics, glass, cement, lubricants, paints, ointments, adhesives, sealants, pigments, batteries, ferrites, and fire retardants. Additionally, due to its UV-protecting, anti-inflammatory, and skin-soothing properties, zinc oxide holds a prominent place in the cosmetics industry, especially in sunscreens.

One of the central drivers for the global zinc oxide market growth is its rising application in the cosmetics industry. With the escalating demand for sunscreens to combat the harmful effects of UV rays, zinc oxide’s role as a safe physical blocker has gained immense popularity. Given the rising awareness about skin health and the harmful effects of chemical UV blockers, consumers are leaning towards products that utilise zinc oxide for sun protection.

Additionally, the rapid growth of the automotive industry has played a role in pushing the zinc oxide market demand. As a crucial component in the manufacturing of rubber, which is extensively used in tire production, the continuous expansion of the automotive sector ensures a steady demand for zinc oxide.

The electronic industry, continually on an upward trajectory, also makes use of zinc oxide, particularly in varistors. Its semiconductor properties make it suitable for voltage regulation in electronics, further diversifying its application.

Zinc oxide’s versatility shines through its varied industrial applications, which is further boosting the zinc oxide market expansion. In the pharmaceutical realm, it's commonly found in creams, ointments, and lotions for its soothing properties, often prescribed for skin conditions like diaper rash or minor burns.

In the realm of agriculture, zinc oxide is an essential micro-nutrient for plants, ensuring healthy crop growth. Its deficiency can result in stunted growth and reduced yield, making its role in fertilisers pivotal.

Moreover, as the world moves towards more sustainable and environmentally friendly solutions, zinc oxide plays a role in the creation of eco-friendly paints that reduce volatile organic compounds (VOC) emissions.

Market Segmentation

The market can be divided based on application and region.

Market Breakup by Application

• Rubber
• Ceramic
• Chemical
• Electronic
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global zinc oxide market. Some of the major players explored in the report by Expert Market Research are as follows:

• Umicore N.V.
• Zinc Oxide LLC
• US Zinc Corp.
• Hebei Botai Environmental Protection Technology Co., Ltd
• Rubamin Ltd.
• Co.Ge.Fin. S.p.A.
• Zinc Nacional, S.A.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.