Zinc Oxide Global Market Report 2024

The zinc oxide market has grown strongly in recent years. It will grow from $4.63 billion in 2023 to $4.96 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The expansion observed in the historical period can be ascribed to the demand from emerging economies, utilization in medical and pharmaceutical sectors, emphasis on sustainable agriculture, adherence to regulatory standards, and prevailing global economic trends.

The zinc oxide market is expected to see strong growth in the next few years. It will grow to $6.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period can be linked to an increased demand in the electronics industry, the expansion of the cosmetics sector, a heightened emphasis on sustainable practices, adherence to stringent environmental regulations, and the ongoing global economic recovery. Key trends expected in the forecast period encompass a growing demand in end-use industries, advancements in nanotechnology, a focus on sustainable and eco-friendly practices, emerging applications in sunscreen and cosmetics, and challenges in the global supply chain.

The anticipated growth in the zinc oxide market is expected to be propelled by the increasing rubber manufacturing sector. Rubber, derived from the coagulated milky juice of tropical plants, is processed into sheets and dried. Zinc oxide serves as an activator in rubber vulcanization, aiding in the processing of uncured or untouched rubbers. For instance, data from the Department of Statistics Malaysia Official Portal indicates a 17.7% increase in Malaysia's natural rubber production in January 2022 compared to December 2021, illustrating the impact of increasing rubber manufacturing on the zinc oxide market.

The growth of the zinc oxide market is expected to be driven by the expanding chemical production sector. Chemical production involves the manufacturing of chemicals for diverse applications, including agriculture, pharmaceuticals, construction, and manufacturing. Zinc oxide (ZnO) plays a crucial role in chemical production across various industries due to its unique physical and chemical properties. It is utilized in the production of chemicals such as zinc stearate, zinc diacrylate, and zinc borate, applied in plastics, rubbers, flame-retardant materials, and pharmaceuticals. For example, BASF SE reported in February 2023 that global chemical production (excluding pharmaceuticals) is projected to grow by 2.0%, with China's chemical production, the largest global market, expected to grow by 5.9%. This highlights how the expanding chemical production is contributing to the growth of the zinc oxide market.

Prominent companies in the zinc oxide market are actively pursuing innovation by introducing novel solutions, including skin protection ointments based on zinc oxide, to secure a competitive advantage. These ointments are topical creams designed for treating and preventing diaper rash while safeguarding the skin from irritation and moisture associated with diaper use. For example, in November 2021, Bimeda Ireland, a manufacturer of veterinary pharmaceuticals and animal health products based in Ireland, launched Zinc Oxide Spray. This skin protection ointment, applicable to various animals such as dogs, horses, sheep, goats, pigs, and cattle, incorporates zinc oxide, lanolin, and allantoin. Bimeda's Zinc Oxide Spray forms an air-permeable barrier upon drying, providing protection against irritants such as sweat, urine, moisture, grime, and wound secretions. The product is versatile, serving purposes such as shielding the skin around fistulas and covering affected areas before applying plaster casts.

Leading companies in the zinc oxide market are strategically pursuing collaborations to enhance their competitive position. Such collaborations are instrumental in fostering growth, innovation, and sustainability while helping companies stay competitive, expand their market presence, and introduce new products that align with evolving customer needs. For instance, in August 2023, Nevada ZInc., a Canada-based exploration and development stage company focused on zinc production, joined forces with BelZInc., a Belgian-based zinc producer, to produce zinc oxide. This collaboration involves extracting high-grade zinc oxide from Nevada Zinc's Lone Mountain mine in Nevada, US, utilizing BelZinc's zinc processing technology. BelZinc employs a patented zinc processing technique to convert non-sulfide zinc ore into high-grade zinc oxide. According to Nevada ZInc., this approach in smelting plants can reduce emissions by producing high-grade zinc delivered to zinc smelters.

In June 2022, US ZInc., a global provider and manufacturer of various zinc products based in the US, acquired EverZinc for an undisclosed amount. Through this acquisition, US Zinc expands its portfolio of zinc products, aiming to drive innovation in product development. EverZInc., a US-based manufacturer of zinc chemicals, including zinc oxide, is part of this strategic move to strengthen the company's position in the market.

Major companies operating in the zinc oxide market report are Zinc Oxide LLC, EverZInc., Rubamin Pvt. Limited, Grupo Promax, Weifang Longda Zinc Industry Co. Ltd., Yongchang zinc industry Co. Ltd., Zochem, Suraj Udyog, J G Chemicals Private Chemicals, Akrochem Corporation, Pan Continental Chemical, Lanxess AG, Upper India, Zinc Nacional S.A, L. Brüggemann KG, Silox SA, U.S. ZInc., H. Chemicals, GH Chemicals, Chemet, Mario Pilato Blat SA, Hindustan Zinc Limited, Altana AG, American Elements, Anhui Linghu Paint Co. Ltd., BASF SE, Croda, Grillo SpA, Hakusui Tech Co. Ltd., Hanil Chemical Industry Co. Ltd., Nanophase Technologies Corporation, Sakai Chemical Industry Co. Ltd., Sukgyung AT Co. Ltd., Sunjin Chemical, Taekyung SBC. Co. Ltd., Tata Chemicals Ltd., Tayca Corporation, ZM SILESIA SA.

Asia-Pacific was the largest region in the zinc oxide market in 2023. The regions covered in the zinc oxide market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the zinc oxide market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary production processes for zinc oxide include indirect, direct, wet chemical, and others. The indirect process, known as the French process, is conducted in a vertical furnace featuring a vertical refining column, original vertical charge, rotary combustion chamber, and vaporizer with an electric arc. This method involves melting metallic zinc in a furnace and allowing it to vaporize at approximately 910 °C. Zinc oxide comes in various grades, such as standard, chemical, pharma, food, and others, catering to diverse applications such as rubber, ceramics, chemicals, cosmetics and personal care, paints, coatings, pharmaceuticals, agriculture, and more.

The zinc oxide market research report provides zinc oxide market statistics, including zinc oxide industry global market size, regional shares, competitors with a zinc oxide market share, detailed zinc oxide market segments, market trends and opportunities, and any further data you may need to thrive in the zinc oxide industry. This zinc oxide 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 oxide market consists of sales of crude zinc oxide, wurtzite zinc oxide, and zincblende zinc oxide. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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