Zinc Oxide Market - Insights for Business Growth Report 2024-2032

Zinc Oxide Market Synopsis:

Zinc Oxide Market Size Was Valued at USD 5.5 Billion in 2023, and is Projected to Reach USD 9.1 Billion by 2032, Growing at a CAGR of 5.7% From 2024-2032.

Zinc oxide is an organic compound – ZnO, that is used in a wide variety of industries because of its diverse characteristics. This is a white substance in the form of powder, with poor solubility in water but well soluble when bases and acids are added to it. Several processes exist to synthesize zinc oxide they include the direct and indirect synthetic methods and the wet chemical methods in which the purity of the compound varies. Synonymous with high performance physically and chemically, ZnO undergoes extensive use in the rubber industry, ceramics, pharma, cosmetics, paints, coatings and electronics. Some of these uses are UV protective, antibacterial, and thermal conductors; this makes silicon helpful in sunscreen products, tire, catalysts and electronics parts. Moreover, the increasing demand for sustainable and green products in the various industries is other factor that is motivating the demand for zinc oxide since the material is used in energy saving and environmentally friendly purposes.

The market for zinc oxide around the world is growing rapidly especially due to rising demand from the rubber and tire sector. The element that is of utmost importance is zinc oxide which enhances the vularity of rubber by giving it strength, and also the resistance to wear and tear. It has therefore spread widely across the automotive industry, especially in the making of the tires and related parts, which disclose a growing trend. Also, there is an increasing application of zinc oxide in ceramics used in the construction industry and as a functional coating also increased the market demand.

Other segments that has an impact on the market growth line includes the electronics and energy markets. Zinc oxide nanoparticles are used widely in the manufacturing of solar panels, sensors, other electronics products because of their outstanding semiconductor features. However, the developments of green products have strained manufacturers to invent more efficient ways of synthesizing zinc oxide, improving its degree of purity and at the same time reducing on the negative effects on the environment. More so, as the market carries out more research and development, the market is expected to grow even more and open intermediaries through the development of more products in the Asia-Pacific, North America and Europe.

Zinc Oxide Market Trend Analysis:

Rising Adoption of Zinc Oxide Nanoparticles

• The use of zinc oxide nanoparticles is a rising trend in the zinc oxide market because of applications across electronics industry, Health care sector and energy sector. Zinc oxide nanoparticles are characterized by enhanced optical, electrical and antibacterial activity and are used widely for modern technologies. In electronics, ZnO nanoparticles are widely used in thin film transistors, sensors and light emitting diodes (LEDs) to improve the functionality of involved devices. Likewise, in healthcare and personal care industries, the nano form zinc oxide is used for antimicrobial coating, UV protection of creams and lotions for sun protection and wound healing because of biocompatibility and UV protection offered by the nano form zinc oxide. Another area that has also seen higher usage is in zinc oxide’s use in solar panels, where renewed emphasis on renewable sources of energy has raised demand for its use in coatings that enhance energy conversion rates.

Growing Demand for Eco-Friendly and Sustainable Products

• The trends towards the increasing usage of environment friendly materials and products is one of the most promising factors for the market of zinc oxide. Economies have gradually shifted to organic production processes that reduce the effects of pollution; this has boosted the usage of zinc oxide as a green material. Organically sourced zinc oxide’s uses in energy-saving coatings, photovoltaic films, and environmentally friendly cosmetics are sustainable. Furthermore, zinc oxide also finds application in the formation of EV tyres and other parts which physically characterise the importance of the green economy. Opportunity: Growing demand for electrification owing to the need for sustainable industrialization in Asian-Pacific, Latin-American, and African nations.

Zinc Oxide Market Segment Analysis:

Zinc Oxide Market is Segmented on the basis of Form, Process, Application, and Region

By Form, Powder segment is expected to dominate the market during the forecast period

• It is expected that the use of zinc oxide powder type shall remain in dominance throughout the period of the forecast due for the use in numerous applications with benefits for easy application. Zinc oxide, in its powder form, is best dispersive, high surface, and highly reactive for use in rubber, ceramics, cosmetics, and coatings markets. In rubber industry, the main utilization of the product is as activator in the vulcanization process which enhances tire durability and strength. It hence provides a fine particle size which enhances its ability to mix and disperse evenly within rubber applications eliciting its demand within automotive-industrial goods.
• In addition, in the manufacturing of the personal care and pharmaceutical product, zinc oxide powder is an essential raw material for the formation of sunscreen preparations, ointments, and cosmetics. This is because it has the advantages of giving broad-spectrum UV protection hence is appropriate for use in skincare products as it also has antibacterial properties. With the increasing trend towards the use of green and superior performing materials, it is projected that the powder type zinc oxide will continue to dominate the global market.

By Process, Indirect segment expected to held the largest share

• It is expected that the use of zinc oxide powder type shall remain in dominance throughout the period of the forecast due for the use in numerous applications with benefits for easy application. Zinc oxide, in its powder form, is best dispersive, high surface, and highly reactive for use in rubber, ceramics, cosmetics, and coatings markets. In rubber industry, the main utilization of the product is as activator in the vulcanization process which enhances tire durability and strength. It hence provides a fine particle size which enhances its ability to mix and disperse evenly within rubber applications eliciting its demand within automotive-industrial goods.
• In addition, in the manufacturing of the personal care and pharmaceutical product, zinc oxide powder is an essential raw material for the formation of sunscreen preparations, ointments, and cosmetics. This is because it has the advantages of giving broad-spectrum UV protection hence is appropriate for use in skincare products as it also has antibacterial properties. With the increasing trend towards the use of green and superior performing materials, it is projected that the powder type zinc oxide will continue to dominate the global market.

Zinc Oxide Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• The analysis revealed that Asia-Pacific was the largest consuming region in the zinc oxide market in 2023 due to an increased industrial growth especially in People’s republic of China, India and Japan. This segment had a share of about 45-50% of the world demand, mainly due to increased usage in rubber and automobiles and construction products segment. China is the largest producer and consumer of zinc oxide because of its sizeable manufacturing industry and growing investment in construction projects. Also, the rising automotive manufacturing both in India and in the South East Asia region has given the demand of zinc oxide used in the tires and its coatings. The growing population of the Asia-Pacific region and increasing disposable income has also increased the use of cosmetics and personal care products more or less increasing the demand for zinc oxide.

Active Key Players in the Zinc Oxide Market:

• American Chemet Corporation (USA)
• Bruggemann (Germany)
• EverZinc (Belgium)
• GHC (USA)
• Grillo-Werke AG (Germany)
• Hakusui Tech Co., Ltd. (Japan)
• Hindustan Zinc Limited (India)
• JG Chemicals (India)
• L. Brüggemann GmbH & Co. KG (Germany)
• Numinor Chemical Industries Ltd. (Israel)
• Rubamin Ltd. (India)
• U.S. Zinc (USA)
• Umicore N.V. (Belgium)
• Zochem Inc. (Canada)
• Other Active Players