Global Zinc Oxide Market Report and Forecast 2024-2032

Global Zinc Oxide Market Outlook

The global zinc oxide market reached a value of nearly USD 4.69 billion in 2023. The market is expected to witness a further growth in the forecast period of 2024-2032 at a CAGR of 6.1%. It is expected to reach a value of nearly USD 7.97 billion by 2032.

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The significant factors driving the growth of the market are the rising end-use demand from advanced electronics and cosmetics sectors, particularly from emerging economies such as India, Brazil, and China.  Rubber, ceramic, and chemical together account for the largest application market share of zinc oxide, representing nearly 80% of its total global applications. The electronics segment is expected to overshadow the rubber and chemical segments in the coming years due to the rising innovations taking place within the sector.

The Asia Pacific is the leading regional market for zinc oxide, accounting for 58% of the total supply of the product. The growth of the zinc oxide market in the Asia Pacific region owes to the rapidly increasing automotive demand in China and India. Most manufacturing plants are situated in Asia, with China being the centre of manufacture of the product due to the high access to raw materials. China is currently exporting zinc oxide, primarily to Thailand, Indonesia, and Vietnam. Taiwan, India, and China are the largest exporters of the product within the region. North America continues to be the largest net exporter due to its convenient access to raw material, while Europe is a significant importer due to feedstock and regulatory constraints. The United States primarily imports from Canada and Mexico. Although the Netherlands and Germany are majorly the exporting nations, there are many intra-regional imports in these countries for the transport of raw materials and finished goods.

Market Segmentation

Zinc oxide refers to an inorganic compound. Its formula is ZnO. It is a white powder that is not soluble in water. It finds its application as an additive in a wide range of products, like rubber, ceramics, plastics, glass, concrete, lubricants, ointments, paints, adhesives, pigments, sealants, meat, batteries, fire retardants, ferrites, and first aid films. Even if it naturally occurs as mineral zincite, the majority of zinc oxides are synthetically produced.

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It finds wide applications in the following segments:

• Rubber
• Ceramic
• Chemical
• Electronic
• Others

The EMR report also covers the regional markets like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Market Analysis

The global zinc oxide market is majorly driven by the growing electronics industry, which is one of the largest industries in the world. The electronics industry is rapidly growing due to the increased demand for smartphones, artificial intelligence, as well as voice recognition technologies.

The zinc oxide market is majorly supported by the rubber industry, which is rapidly growing due to its extensive use in tyre production. The use of rubber in automotive is thus driving the growth of the market because automotive is one of the largest markets globally. The sales of automobiles is growing at a faster pace and is expected to continue to grow at a fast rate in the coming years. This growth is expected to be even more robust in emerging economies like India and China. The markets for automotive in these regions are further propelling the market growth. The automotive segment, specifically in South Korea as well as India, is driving the demand for a high volume of zinc oxide. South Korea is the powerhouse of passenger cars and is expected to show the highest growth.

Zinc oxide is widely used in the production of cosmetic products, especially sunscreens, baby lotions, makeup, and bath soaps. It helps protect cells from damage, stops the effects of ageing, and reduces skin dryness by blocking out harmful UV rays. The growing personal care industry is thus boosting the demand for the product. Another major driver propelling the market growth is the increasing disposable income of the consumers., which is increasing the purchasing power of people to spend on personal care and automotive products.

Competitive Landscape

September 2017- Zinc Oxide L.L.C. acquired Zochem Inc, a subsidiary of American Zinc Recycling Corp. L.L.C., in a bid become the largest supplier of zinc oxide in North America.

The report gives a detailed analysis of the following key players in the global zinc oxide market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

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

The comprehensive EMR report provides an in-depth assessment of the industry based on Porter’s five forces model, along with giving a SWOT analysis.

Key Highlights of the Report