Zinc Oxide Market to Surge at a CAGR of 5.6% over 2024 to 2032; Growing Product Utilization in Different Applications to Boost Market Growth

The global zinc oxide market size was valued at USD 5.51 billion in 2023. The market is anticipated to expand from USD 5.50 billion in 2024 to USD 8.51 billion in 2032 at a CAGR of 5.6% during the forecast period.

Fortune Business Insights™ presents this information in its report titled “Zinc Oxide Market Size, Share & Industry Analysis, By Process (French/Indirect Process, American/Direct Process, Wet Process, and Others), By Grade (Standard/Technical/Feed, Chemical/Treated, Pharma/USP/BP, Food/FCC, and Others), By Application (Rubber, Ceramic, Chemical, Agriculture, Paints & Coatings, Cosmetics & Pharmaceuticals, and Others), and Regional Forecast, 2024-2032”.

Occurring naturally as zincite, Zinc oxide is synthetically produced for diverse industrial applications such as electronics and cosmetics. The rubber sector's increasing dedication to eco-friendly and sustainable practices drives market growth, with zinc oxide serving as a dual-function vulcanization accelerator and reinforcing agent. This aligns with the industry's shifting focus toward environmental responsibility.

Amidst COVID-19, manufacturers faced shortages in terms of workforce, raw materials, and demand in industries such as cosmetics and ceramics, impacting the product demand. Post-COVID-19, the market rebounded as end-use industries started experiencing increased activities which drove up the demand for product despite earlier challenges.

Brugge¬mann Opened a New Chemical Manufacturing Plant at the Heil¬bronn site to Boost its Foothold

In 2023, Brügge¬mann successfully launched a new chemical manufacturing plant at the Heil¬bronn site. Operating with 15,000 metric tons of biomass yearly for equipment heating, this strategic move is poised to enhance Brügge¬mann's footprint in the growing carbon-neutral manufacturing landscape, leading to improved annual performance.

Increasing Product Utilization in Different Applications to Stimulate Product Demand

The development of nanostructured zinc oxide materials for solar cell applications, offering high conductivity and stability, presents a significant growth factor for the market. Moreover, the recent discovery of black zinc oxide in material science, unlocking potential in energy storage, optoelectronics, and chemical catalysis, providing manufacturers with opportunities for market expansion.

However, imposed workplace exposure limits, ranging from 5mg/m3 to 15 mg/m3, and associated safety concerns impedes the zinc oxide market growth in industries such as ceramics, agriculture, paints & coatings, and rubber.

Key Industry Participants Focus on Pricing Strategy to Gain competitive Edge

The global market, marked by high fragmentation, sees intense competition among numerous global and regional players, emphasizing price, product quality, and technological advancements. Differentiation is crucial for companies seeking a competitive edge, leading them to offer products with specific characteristics such as high purity, controlled particle size, and applicability across diverse uses.

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List of Key Players Profiled:

• HAKUSUI TECH. (Japan)
• Cosmo Zincox Industries (India)
• UCA LANKA PVT. LTD. (Sri Lanka)
• RUBAMIN (India)
• Pan-Continental Chemical Co., Ltd. (Taiwan)
• Hemadri Chemicals (India)
• Zochem (U.S.)
• LANXESS (Germany)
• EverZinc (Belgium)
• Parchem (U.S.)
• Brügge­mann (Germany)
• SURAJ UDYOG (India)
• JG Chemicals Limited (India)
• KVB Processors Private Limited. (India)
• Global Chemical Co., Ltd. (Thailand)
• Upper India (India)
• Huta Oława (Poland)
• Weifang Longda Zinc Industry Co. Ltd. (China)
• Akrochem Corporation (U.S.)
• Uttam Industries (India)

Key Industry Development

• June 2022- Aterian's partnership with U.S. Zinc and EverZinc establishes the world's largest zinc specialty company, aiming to produce zinc chemical products for the global zinc chemistry sector, serving diverse applications.

Further Report Findings

• The Asia Pacific region held the leading zinc oxide market share in 2023. In the region, these products play a pivotal role across diverse industries, from rubber manufacturing to ceramics and paints. The region's rapid industrialization further amplifies demand and contributes to the growth of key sectors, highlighting product’s versatile applications.
• Europe's market expansion is propelled by the region's commitment to natural and organic trends, where zinc oxide's natural origin aligns seamlessly. This aligns with the growing consumer preference for eco-friendly options in cosmetics, bolstering market growth.
• The rubber segment is poised to grow at the fastest CAGR during the forecast period. The demand for the product in the rubber industry experiences a surge due to the growth of the automotive sector, industrial applications, and overall global economic development.

Table of Segmentation