Zinc Global Market Report 2024

The zinc market size has grown strongly in recent years. It will grow from $27 billion in 2023 to $29.15 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The expansion observed in the historical period can be attributed to factors such as the increasing use of galvanization in construction, the growing automotive industry, demand in batteries and alloys, applications in healthcare and pharmaceuticals, as well as the utilization of zinc in metal coatings and protection.

The zinc market size is expected to see strong growth in the next few years. It will grow to $38.87 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be attributed to the increasing focus on infrastructure and construction, demand for zinc in renewable energy storage, the rise of electric vehicles (EVs) and transportation, health and wellness trends, and the expected global economic recovery. Noteworthy trends expected in the forecast period include a growing focus on zinc as a dietary supplement, market expansion in developing regions, the utilization of zinc alloys in manufacturing, initiatives for zinc recycling, and the incorporation of zinc in health and wellness products.

The Zinc market is experiencing growth, driven by the expansion of various heavy industries in developing nations such as China and Peru, attributed to population growth and infrastructure development. The primary application of zinc lies in the galvanizing process, providing protection against rust for iron and steel. For example, as of June 2022, China's population has reached 1,450,341,718, and this demographic surge is a key factor fueling the growth of the Zinc market.

The zinc market is further expected to receive a boost from the escalating construction activities worldwide. Zinc plays a crucial role in construction as a sacrificial metal, corroding preferentially to steel, thereby shielding it from rust and significantly extending its lifespan. The global construction output, reported by Oxford Economics in October 2021, was $10.7 trillion in 2020. It is anticipated to witness a substantial increase of 42%, reaching $15.2 trillion between 2020 and 2030. This surge in construction activities is a significant driver for the zinc market.

Major companies are directing their efforts toward innovative solutions, notably zinc-based battery technology. This technology involves the incorporation of zinc as a key component in batteries' construction and electrochemical processes. Imprint Energy Inc., a US-based zinc-battery manufacturing company, introduced 'ZinCore' zinc-based battery technology in January 2022. ZinCore batteries offer enhanced portable power capabilities, catering to advanced IoT product design and mobile connectivity with 10 times more power in the same volume compared to Imprint's previous ZincPoly battery.

Strategic partnerships are a prevalent strategy among major players in the zinc market to foster innovation and strengthen market positions. In August 2023, Nevada Zinc Corporation, a Canada-based development stage company, formed a partnership with BelZInc., a Belgium-based high-grade zinc oxide manufacturer. This collaboration enables Nevada Zinc to utilize BelZinc's zinc processing technology to produce high-grade zinc oxide from its Lone Mountain mine, a non-sulfide zinc project situated in the USA.

In November 2023, NSI Industries, a US-based provider of electrical building technology, completed the acquisition of Cast Products Inc. for an undisclosed amount. This acquisition enhances Cast Products Inc.'s standing in the electrical market, being a leading US-based manufacturer of zinc die-casting products.

Major companies operating in the zinc market report are Glencore PLC, BASF SE, Jiangxi Copper Corporation, Aluminum Corporation of China, Hechi Jinchuan Group Co. Ltd., Zijin Mining Group Co. Ltd., Tongling Nonferrous Metals Group Holding Co. Ltd., Vedanta Resources PLC, Teck Resources Limited, DuPont de Nemours Inc., Boliden AB, Korea Zinc Company Ltd., Poland Copper Group, Hindustan Zinc Limited, Umicore SA, Kaz Minerals PLC, Tronox Limited, Chihong Zinc & Cadmium Co. Ltd., Hudbay Minerals Inc., Ferro Corporation GmbH, Jinchuan Group, Fuzhou Xianglu Enterprise Group Co. Ltd., Shuangma Group, Dundee Precious Metals Inc., Yunnan Yunxi Zinc Industry Group Co. Ltd., MMG Limited, Tevali Mining, China Nonferrous Metal Corporation, Nyrstar NV, Hunan Nonferrous Metals Corporation, Newmont Corporation, Ivanhoe Mines Limited.

Asia-Pacific was the largest region in the zinc market in 2023. The regions covered in the zinc market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the zinc market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The primary types of zinc applications are categorized as construction, transportation, consumer goods, electrical appliances, and general engineering. In the context of mining, construction refers to the act or result of construing, interpreting, or explaining. The mining methods employed for zinc extraction encompass both underground mining and surface mining.

The zinc market research report is one of a series of new reports that provides zinc market statistics, including zinc industry global market size, regional shares, competitors with a zinc market share, detailed zinc market segments, market trends and opportunities, and any further data you may need to thrive in the zinc industry. This zinc market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The Zinc market includes revenues earned by entities by protecting iron and steel from rusting. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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