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The global zinc oxide market size was valued at USD 4.10 billion in 2018 is projected to reach USD 6.36 billion by 2026, exhibiting a CAGR of 5.7% during the forecast period.
The growth in the global market is driven by the increasing use of zinc oxide in various applications including, cosmetics, rubber, and ceramics. Further, research & developments of ZnO nanoparticles and their adoption in several applications are the factors playing a key role in the market.
Zinc oxide is a white color, water-insoluble, inorganic compound with the formula ZnO. Zinc oxide is available naturally in the mineral zincite form but contains manganese and other impurities that are difficult to process. Hence, ZnO is mainly ZnO oxide has catalytic, antifungal, anti-corrosive, UV filtering, and anti-bacterial properties. These properties make it an ideal additive in various applications such as rubber, ceramic, chemical, agriculture, paint, and cosmetics & pharmaceuticals.
Rising Need to Remove Micronutrient Deficiency from Soil to Increase the Consumption of Zinc Oxide in the Agriculture Industry
The ZnO is identified as a crucial micronutrient to grains and plants and acts as the best alternative for zinc sulfate in most of the fertilizers as a source of zinc element. The use of these supplements in soil reduces zinc deficiency, seed coating, and root dipping before crop transplants and increases crop yields. It acts as an enzyme system that regulates plant growth. ZnO is majorly utilized in fruit trees and grapevines. For instance, the company Everzinc produces Afox 72–75, for the compensation of zinc deficiency. Hence, the need to produce more food grains on limited arable land and to minimize the micronutrient deficiency in soils are the factors driving the market.
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Increasing Use of Zinc Oxide in Cosmetics & Pharmaceuticals Application to Drive the Market
Zinc oxide is used as a key ingredient in a wide range of cosmetic & pharmaceutical products such as foot powders, makeup, bath soaps, and baby lotions. It is used in products such as sunscreens, antiseptic ointments, and calamine creams to prevent sunburn, premature aging of the skin, and protect the skin from UV lights. Additionally, it is used as a skin protectant ingredient in products, including diaper rash ointments.
The development of ZnO nanoparticles has increased the potential in biomedicine, mainly in anticancer and anti-bacterial fields. Thesse nanoparticles can generate excess reactive oxygen species, release zinc ions, and encourage cell apoptosis. Furthermore, zinc has the ability to maintain the structural integrity of insulin, and hence, zinc oxide nanoparticles can be developed for antidiabetic treatment. Hence, increasing consciousness regarding the effects of UV rays on skin, coupled with rising awareness regarding the benefits of ZnO will fuel the demand in the cosmetics & pharmaceuticals industry.
Increasing Adoption of Zinc Oxide in the Rubber Production to be a Key Market Trend
Zinc oxide is used as an effective activator that increases the rate of rubber vulcanization. Every year, over 65% of rubber is utilized for the production of tires and automobile interiors such as ventilation flaps, radiator seals, and airbags. It offers effective gelation to foam, high heat resistance, and UV rays’ absorption properties. These properties have increased the demand for ZnO powder from the rubber industry. Increasing demand for rubber from the automotive industry for the manufacturing of tires and other rubber products has led to the demand.
Increasing demand of Zinc Oxide in Paints & Coatings Industries to Drive Market
Zinc oxide is a white pigment, also known as Chinese white. In the paints, it offers UV absorption, stain-blocking support, corrosion inhibition, mildew resistance, water resistance, and color retention. Besides, it neutralizes harmful acids, toughens film, and improves biocidal and durability properties. The increasing demand for paints & coatings around the globe will surge the market during the forecast period.
Regulations Limiting the Use of Zinc Oxide in the Feed Application to Restrict Market Growth
Use of ZnO as a feed additive to overcome the zinc deficiency in animals resulted in reduced feed intake and growth, impaired wound healing, alopecia, thymus atrophy, parakeratosis, and impaired immune function. Due to these hazardous health effects, the countries in Europe limited the use of ZnO up to 1500 mg, except in diarrhea or similar digestive illness.
According to the European Food Safety Authority (EFSA) Panel on Additives and Products or Substances used in Animal Feed (FEEDAP), the newly proposed total maximum contents of zinc in the complete feed will be 150 mg per kg for piglets, rabbits, sows, salmonids, cats, and dogs, 120 mg per kg for turkeys, 100 mg per kg for all other species and categories. This newly proposed total maximum content would result in an overall reduction of its consumption as feed additive in Europe.
French / Indirect Process Likely to Lead During the Forecast Period
The market is segmented into French/indirect process, American / direct process, wet process, and others. Amongst these, the French/indirect process is the leading segment. In this process, the metallic zinc is collected and melted in a furnace and vaporized at a temperature between 900°C to 1000°C in the air. The zinc vapor reacts with the oxygen to form ZnO. According to the Iraqi Journal of Chemical and Petroleum Engineering, the French process is purer and finer than the American process. Hence, in comparison with other processes, the French process is widely used for production. In the American process, zinc composites such as zinc ores or smelter by-products are heated with carbon to produce zinc vapors that are oxidized to form zinc oxide.
Standard Grade Is Expected to Generate the Highest Revenue
Based on the grades, the market is categorized into standard, chemical, pharma, food, and others. The standard grade accounted for the highest zinc oxide market share. It has purity between 99 to 99.5% and majorly used in rubber and ceramic applications. The growing application of zinc oxide for the manufacturing of tires and mechanical rubber goods in the automotive industry will boost market growth. Whereas, ceramics are majorly utilized in the consumer goods industry due to their superior properties such as lightweight, corrosion-resistance, high-temperature stability, and low thermal expansion. Hence, the growth in the rubber and ceramic industry will spur the demand for the standard grade.
The chemical grade has purity between 96 to 99% and is majorly utilized in paints & coatings and chemical applications. The growth in the construction industry has led to an increase in the demand for paint in decorating the residential and non-residential infrastructures & buildings. In the chemical industry, ZnO is used as a key ingredient to produce zinc sulfate. Further, zinc sulfate helps to prevent zinc deficiency in the human body. The rapidly growing paints & coatings and chemical industries will lead to the demand for a chemical grade.
Rubber Application is Anticipated to be a Leading Segment during the Forecast Period
Based on the application, the market is segmented into rubber, ceramic, chemical, agriculture, paints & coatings, cosmetics & pharmaceuticals, and others. The rubber application is the leading segment in the market. Zinc oxide witnesses huge demand from the rubber industry due to its optical, physical, and chemical properties. The rising use of ZnO in rubber applications is attributed to the rising demand for rubber from various end-use industries, especially the automotive industry. In this industry, rubber is mainly consumed for manufacturing tires.
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Additionally, the rapidly growing construction industry is also driving the rubber application. The rubber is used for sealing, electrical insulation, fire-proof insulation, and expansion joints in the construction industry. Hence, the growth in the automotive and construction industries will drive the demand for ZnO from rubber applications. The ceramics application is driven due to the increasing need for ceramics in the medical industry. The growth is attributed to excellent properties such as biocompatibility and wears resistance that makes ceramics a suitable material for the production of biodegradable implants, splints, dental implants & restorations, and artificial bones. Hence, the growth in the medical industry will help to boost the demand
The findings based on our research methodology indicate the Asia Pacific holds the highest revenue share of the zinc oxide market in which China, India, and Southeast Asian countries are the leading contributors. The growth in this region is attributed to the growing demand in rubber applications. The zinc oxide is used for vulcanizing the rubber that is mainly utilized in the automotive industry. The use of rubber in the automotive industry can be seen in the manufacturing of many automotive parts such as tires, automotive antivibration, transmission systems, molded parts, spare parts, body sealing systems, and adhesives. Hence, increasing demand for rubber from the automotive industry will drive the market in the Asia Pacific.
Asia Pacific Zinc Oxide Market, 2018 (USD Million)
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In Europe, Germany is the largest contributor to the zinc oxide market. The increasing demand for ZnO from the ceramic and rubber applications contributes to the growth in this region. Zinc oxide is used as an additive in ceramic and rubber applications. The growth in ceramics is due to the increasing demand from various end-use industries such as automotive, electronics, energy, and medical. The rising demand for ZnO from the rubber industry for producing a variety of products such as hoses, belts, matting, flooring, and medical gloves, are also increasing the demand for ZnO in Europe. North America is expected to witness comparatively slow growth in the market during the forecast period, owing to the decreasing rubber production in the region. However, an increase in demand for ZnO from the cosmetics & pharmaceutical industry, owing to its ability to prevent sunburn, premature aging of the skin, and protect the skin from UV lights, will serve as a driving factor for the ZnO market in North America.
EverZinc Adopted Acquisition Strategy to Strengthen its Market Presence
Key Players to Maintain their Strong Position in the Market Using Various Development Strategies
Major companies are investing considerable amounts in zinc oxide facility and product portfolio expansions. They have adopted development strategies such as expansion, acquisition, and new product development to increase their market presence and cater to customer demands. Currently, ZnO producers are dependent on the demands of end-users. Hence, the majority of companies in the zinc oxide market are focusing on developing different grades of zinc oxide for widespread applications in the rubber, ceramics, and cosmetics & pharmaceutical industries.
At present, the global market is fragmented. The regional control of key players is dependent on factors such as their production capabilities, the process of production adopted by the companies, grades of ZnO, and the variety of applications that they can serve. Major companies have shown excellence in these aspects.
An Infographic Representation of Zinc Oxide Market
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The zinc oxide market report offers qualitative and quantitative insights on zinc oxide products and services and the detailed analysis of market size & growth rate for all possible segments in the market.
Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are the adoption trends of ZnO by individual segments, recent industry developments such as expansions, acquisitions, product development, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.
Volume (KT), Value (USD million)
As per Fortune Business Insights, the market was valued at USD 4.10 billion in 2018 and is projected to reach USD 6.36 billion by 2026.
Growing at a CAGR of 5.7%, the market will exhibit steady growth in the forecast period (2019-2026).
Standard grade segment is expected to be leading market during the forecast period. Demand for standard grade is expected to grow from rubber industry, which is associated with the growing tire and other rubber products demand from automotive industry.
Rising demand for rubber in automotive industry will drive the growth of the market.
Asia Pacific is expected to hold the highest market share in the ZnO market.
The rising demand for ZnO nanoparticles from cosmetics & pharmaceutical industry is the market trend of ZnO.
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