Zinc Market Size
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 13.58 Million tons |
| Market Volume (2029) | 14.68 Million tons |
| CAGR (2024 - 2029) | > 1.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Zinc Market Analysis
The Zinc Market size is estimated at 13.58 Million tons in 2024, and is expected to reach 14.68 Million tons by 2029, growing at a CAGR of greater than 1.5% during the forecast period (2024-2029).
The COVID-19 pandemic disrupted the global zinc market, resulting in a reduction in supply due to mine closures and transportation restrictions, as well as a decline in demand from various sectors. This resulted in price fluctuations for zinc. Nonetheless, the market rebounded in 2021 due to an increase in demand from the construction and electronics industries.
Demand from the electronics and construction industries and increasing usage in the automotive industry drive the zinc market in the short term.
Environmental regulations and competition from other metals, however, might limit market expansion in the future.
Growing demand for zinc in Zinc-based batteries and rising urbanization and industrialization are expected to provide opportunities for future market growth.
Asia-Pacific dominated the market worldwide, with the most significant consumption coming from countries such as China, India, and Japan.
Zinc Market Trends
Construction Industry to Dominate the Market
- Zinc is commonly used in the construction industry due to its durability, corrosion resistance, and resilience. It has various applications, such as roofing, cladding facades, gutters and downspouts, structural elements, and coatings. Zinc is also popular due to its aesthetic appeal, low maintenance requirements, and resistance to severe weather.
- Additionally, zinc-coated steel can be used for structural elements because it provides strength and durability while preventing corrosion. Incorporating zinc into new building designs can result in structures that are aesthetically appealing, sustainable, and long-lasting.
- In North America, the construction industry is a crucial contributor to the regional economy. It includes residential, commercial, infrastructure, and industrial construction, among others. Due to several factors, the construction industry in North America has experienced increased demand in recent years.
- Population growth is a significant factor contributing to the increased demand. In recent years, North America has experienced consistent population growth, especially in urban areas, which has led to an increase in demand for housing, commercial structures, and infrastructure. Population growth has led to an increase in construction initiatives, including residential dwellings, commercial structures, hospitals, and schools.
- Construction spending in the United States has gone up significantly in recent years, especially in some areas. According to data from the U.S. Census Bureau, construction spending reached USD 1,429.2 billion at the end of 2022.
- In Canada, strong demand has been observed in the housing and construction sectors. Statistics Canada data showed that the total value of building permits rose from September to October 2023 by 2.3 %, with an overall increase of USD 11.2 billion.
- According to Oxford Economics, Global construction work is expected to grow by over USD 4.2 trillion over the next 15 years.
- As a result of the factors above, it is anticipated that the construction industry will dominate the market.
Asia-Pacific to Dominate the Market
- Asia-Pacific is anticipated to dominate the market owing to its massive growth in the construction and electronics sectors.
- Zinc is a versatile material widely used in the electronics industry due to its excellent electrical conductivity, corrosion resistance, and low cost. It is used in various forms, such as galvanizing to prevent corrosion, zinc alloys for electronic components, zinc oxide for various electronic applications, and zinc-carbon batteries for low-power applications. Overall, zinc is an essential material in the electronics industry.
- The Japanese electronics industry is one of the largest in the world. According to the Ministry of Economy, Trade and Industry (METI), in 2022, Production by the Japanese Electronics Industry was Yen 920,485 million (USD 6,222.7 million) with an increase of 95.8 %.
- South Korea's electronics industry is among the most advanced in the world. It is a global leader in the production of consumer electronics, semiconductors, and other electronic components. South Korea is home to some of the world's largest electronic corporations, including Samsung and LG. According to the Ministry of Science and ICT (South Korea), the market size of Information and Communication Technology (ICT) in South Korea was KRW 543.6 trillion (USD 0.41 trillion) in 2022.
- According to the Consumer Electronics and Appliances Manufacturers Association, in 2022, India's production value of consumer electronics increased from Rs 705.15 billion (USD 8.48 billion) in 2021 to Rs 745.03 billion (USD 8.96 billion) in 2023. This potentially impacts the zinc market due to its use in electronic components.
- The construction industry in the Asia-Pacific region is one of the most dynamic and rapidly growing sectors in the world. The region's construction industry accounts for over half of the global construction output and is projected to continue growing in the coming years.
- Considering the factors above, the Asia-Pacific market is anticipated to rise steadily over the forecast period.
Zinc Industry Overview
The zinc market is consolidated in nature, with a few major players dominating a significant portion of the market. Some of the major companies (not in any particular order) are Glencore, Nyrstar, Hindustan Zinc, Teck Resources Limited, and Boliden Group.
Zinc Market Leaders
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Glencore
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Nyrstar
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Hindustan Zinc
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Boliden Group
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Teck Resources Limited
*Disclaimer: Major Players sorted in no particular order
Zinc Market News
- April 2022: Nyrstar Australia announced intentions to invest USD 285 million in the construction of a new electrolysis facility at its Hobart Zinc Works operations in Tasmania.
- September 2022: Agnico Eagle Mines agreed to purchase a 50% stake in Minas de San Nicolás (MSN), a wholly-owned subsidiary of Teck Resources that owns the San Nicolás copper-zinc development project in Zacatecas, Mexico.
Zinc Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand From the Construction and Electronics Industry
4.1.2 Increasing Usage in the Automotive Industry
4.2 Restraints
4.2.1 Stringent Environmental Regulations
4.2.2 Presence of Substitute Metals
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Application
5.1.1 Galvanizing
5.1.2 Die casting
5.1.3 Brass
5.1.4 Oxide & chemicals
5.1.5 Other Applications
5.2 End-user Industry
5.2.1 Construction
5.2.2 Transportation
5.2.3 Consumer Goods
5.2.4 Electrical and Electronics
5.2.5 Other End-user Industries
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Indonesia
5.3.1.4 Japan
5.3.1.5 Malaysia
5.3.1.6 South Korea
5.3.1.7 Thailand
5.3.1.8 Vietnam
5.3.1.9 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 France
5.3.3.2 Germany
5.3.3.3 Italy
5.3.3.4 NORDIC
5.3.3.5 Russia
5.3.3.6 Spain
5.3.3.7 Turkey
5.3.3.8 United Kingdom
5.3.3.9 Rest of the Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Colombia
5.3.4.4 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Egypt
5.3.5.2 Nigeria
5.3.5.3 Qatar
5.3.5.4 Saudi Arabia
5.3.5.5 South Africa
5.3.5.6 UAE
5.3.5.7 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Boliden Group
6.4.2 Glencore
6.4.3 Grupo Mexico
6.4.4 Hindustan Zinc
6.4.5 KOREAZINC
6.4.6 MMG Australia Limited
6.4.7 Nyrstar
6.4.8 Teck Resources Limited
6.4.9 Vedanta Resources Limited
6.4.10 Volcan
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing demand for zinc based batteries
7.2 Rising Urbanization and Industrialization
Zinc Industry Segmentation
Zinc is a bluish-white metal that is brittle at room temperature but becomes malleable when heated. Zinc is found in nature as a mineral in the Earth's crust, and it is commonly used as a coating for iron and steel to protect against corrosion.
The zinc market is segmented by application, end-user industry, and geography (Asia-Pacific, North America, Europe, South America, the Middle East, and Africa). By application, the market is segmented into galvanizing, die casting, brass, oxide & chemicals, and other applications. By end-user industry, the market is segmented into construction, transportation, consumer goods, electrical and electronics, and other end-user industries. The report also covers the market size and forecasts for the zinc market in 28 countries across major regions.
For each segment, market sizing and forecasts have been done on the basis of volume (tons).
| Application | |
| Galvanizing | |
| Die casting | |
| Brass | |
| Oxide & chemicals | |
| Other Applications |
| End-user Industry | |
| Construction | |
| Transportation | |
| Consumer Goods | |
| Electrical and Electronics | |
| Other End-user Industries |
| Geography | |||||||||||
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Zinc Market Research FAQs
How big is the Zinc Market?
The Zinc Market size is expected to reach 13.58 million tons in 2024 and grow at a CAGR of greater than 1.5% to reach 14.68 million tons by 2029.
What is the current Zinc Market size?
In 2024, the Zinc Market size is expected to reach 13.58 million tons.
Who are the key players in Zinc Market?
Glencore, Nyrstar, Hindustan Zinc, Boliden Group and Teck Resources Limited are the major companies operating in the Zinc Market.
Which is the fastest growing region in Zinc Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Zinc Market?
In 2024, the Asia-Pacific accounts for the largest market share in Zinc Market.
What years does this Zinc Market cover, and what was the market size in 2023?
In 2023, the Zinc Market size was estimated at 13.38 million tons. The report covers the Zinc Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Zinc Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Zinc Industry Report
Statistics for the 2024 Zinc market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Zinc analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Zinc Market Report Snapshots
