Global Zinc Oxide Market 2024-2031

Global Zinc Oxide Market 2024-2031

Zinc Oxide Market Size, Share & Trends Analysis Report by Grade (Industrial, Pharma, and Food), by Product (Wet Chemical, Indirect, and Direct), and by End-User Industry (Automotive, Construction, Food and Beverage, Personal Care & Cosmetics, Paints & Coatings, Pharmaceutical, and Agriculture) Forecast Period (2024-2031)

Zinc oxide market is anticipated to grow at a CAGR of 6.9% during the forecast period (2024-2031). Zinc oxide is a largely inert, white compound that is used very widely as a bulking agent or filler, and as a white pigment. It is found in some rubber, glass, and ceramic products, and finds use in the chemical industry as a catalyst. It is also used in paints as a corrosion inhibitor and for mildew control.

Market Dynamics

Growing rubber production

Zinc oxide is necessary to produce rubber. Rubber is becoming more and more in demand across several industries these days. The constituents of the Indian Rubber industry manufacture more than 35,000 rubber products for different uses and applications. Involving different kinds of natural rubber, synthetic rubber, and reclaimed rubber, the value-added rubber product includes tires and tubes, automobile rubber parts, belts and beltings, cables, cots and aprons, rubber and canvas footwear, fenders, gaskets, hygienic & pharmaceutical rubber goods, mattings, sports goods, and rollers among others. 100.0% Foreign Direct Investment (FDI) is allowed in the rubber goods industry of India by the Indian government. With the saturation in rubber consumption in Western countries and the shift in consumption of rubber to the Asia Pacific region, the focal point for this decade of development will be India. Indian rubber products are exported to around 190 countries in the world.

Market Segmentation

Based on grade, the market is segmented into industrial, pharma, and food.

Based on process, the market is segmented into wet chemical, indirect and direct.

Based on the end-user industry, the market is segmented into automotive, construction, food and beverage, personal care & cosmetics, paints & coatings, pharmaceutical, and agriculture.

Automotive is projected to Emerge as the Largest Segment

The automotive application of ZnO is attributed to the growing tire industry as most of the rubber produced is used in automobiles for tire manufacturing. ZnO is used in the vulcanization of rubber. It is also used as a cross-linking or curing agent for halogen-containing elastomers like polysulfides and neoprene.

Indirect Sub-segment to Hold a Considerable Market Share

The process segment with the largest revenue share is dominated by indirect, or French, processes. This can be attributed to its characteristics as the fastest and most efficient production process. The quality of ZnO manufactured depends upon the type of zinc used during the process. For instance, special high-grade with 99.99% zinc concentration is used to produce gold seals or pharmaceutical grade, whereas ordinary with 99.95% concentration is adequate to produce zinc for the rubber industry.

Regional Outlook

The global zinc oxide market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

North America to Exhibit Highest CAGR during the Forecast Period

The North American region is growing as a result of the rising need for ZnO in rubber and ceramic applications. The rising demand for ceramics from several end-use industries including the automotive, electronics, energy, and medical sectors across the region is a key contributor to the regional market growth. Additionally, the growing demand for ZnO from the regional cosmetics and pharmaceutical industries due to its capacity to shield the skin from UV rays, prevent sunburn, and delay the aging process of the skin is further aiding the regional market growth.

The major companies serving the global zinc oxide market include Zochem, Inc., Weifang Longda Zinc Industry Co., Ltd., EverZinc, Silox S.A., and Akrochem Corp. among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions among others to stay competitive in the market. For instance, in February 2022, Zochem Ltd. announced to increase in the amount of zinc oxide it could produce at its facility in Dickson, Tennessee. The Central Tennessee facility will have an additional 15,000 metric tons of capacity to meet the growing demand for zinc oxide.