Zinc Oxide Market | Revenue, Key Players, Supply-Demand, Investment Feasibility and Forecast 2023
Zinc Oxide (ZnO) is a white compound that is typically found in nature. However, commercial Zinc Oxide is made within a laboratory wherein the natural process is mimicked by experts. Commercially, it is used in foods, cosmetic and personal care products, and first aid tapes. It is a highly important trace element and is commonly seen being added to animal feed, fertilizers, and vitamin supplements. Its antibacterial and deodorant-like properties make it the perfect choice for medical products and toiletries. It acts as a catalyst in the chemical industry and also has its application in paints for mildew control and as a corrosion inhibitor. It has a common use in various skin creams as it helps prevent and curb down redness and inflammation, as well as helps soothe and heal the skin.
The report published by Market Research Future (MRFR) states that the Global Zinc Oxide Market is slated to reach USD 4,946.26 million by 2023. The market is expected to grow with a CAGR 5.85% during the assessment period of 2018 to 2023. This inorganic chemical compound is available in the market in white powder form. The demand for the market can be attributed to its surging usage in semiconductors and electronic items. Factors such as penetration of the product in the rubber industry, growing demand in cosmetics, pharmaceuticals, and personal care industries are some of the other major drivers of the Zinc Oxide Market.
Sep 2017, it was reported that a Chinese company is planning to invest a striking 80 Million Euro for building a zinc oxide factory in Northern Serbia. This will be a major boost to the Serbian economy and a total of 280 jobs would be open at the factory.
Jan 2019, a new study conducted by researchers at the University of Queensland and the University of South Australia revealed that it has found notable evidence that zinc oxide nanoparticles integrated into sunscreen creams do not cause any kind of cellular toxicity, even after continuous application of the product.
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The Zinc Oxide Market segmentation is done on the basis of End-User, Application, Process and Region.
By End-Users, the market includes personal care, building & construction, automotive, metallurgy, food & beverages, healthcare, and others. In 2017, the automotive segment was the largest market holder covering 36.04% of the share. During the assessment period, the personal care segmentation is slated to be the highest growing market.
By Application, the market divides into lubricants, animal feed & nutrition, metal processing, food additives, paints & coatings, light emitting diodes, cosmetic ingredients, pharmaceuticals products, fertilizers, ceramics, rubber, and others.
By Process, the market segments into indirect, direct, waelz, laboratory, wet, and ZnO nanostructures. The Indirect segment was the highest market share holder as of 2017, covering more than 36% of the market. However, Waelz segment is anticipated to expand at the highest growth rate of 7.05%.
The Geographical Market Segmentation of Zinc Oxide covers the following regions: North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa.
North America is the biggest market player among all the mentioned regions with a stunning 70.23% of the market to its name. The market is estimated to grow at a CAGR of 5.40% during the forecast period. Both the USA and Canada are the major contributors behind the dominance of this region.
Europe stands second in the Global Zinc Oxide Market with a pool of strong economies backing its progress. Technological advancement is aiding the market growth of this region as well as the various market players residing herein. The market is expected to exhibit a 5.01% CAGR during the forecast period.
Asia-Pacific is most likely to hold the tag of being the fastest-growing market with an expected CAGR of 6.73%. The Middle East & Africa market is significantly small, however, it will witness a steady CAGR of 5.61%. The Latin America market is anticipated to grow at a CAGR of 7.81% during the review period.
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American Zinc Recycling LLC, Grillo-Werke AG, Weifang Longda Zinc Industry Co. Ltd., Befesa, EverZinc, Advanced Nano Products Co. Ltd., US Zinc, Symrise, PontenossaSPA, Recylex, Miike Smelting Co. Ltd., Marzinc, Zochem LLC., GHC Ltd., and Nyrstar are few of the prominent and noteworthy players in the Global Zinc Oxide Market.
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