Zinc Oxide Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Zinc Oxide Market Analysis
The zinc oxide market is expected to reach over 2,200 kilotons by the end of this year and is projected to register a CAGR of over 4% during the forecast period.
The market was negatively impacted due to the COVID-19 pandemic in 2020. Major tire manufacturers shut down plants due to the losses that occurred in 2020. However, the global tire industry witnessed a significant recovery in 2021 and maintained a similar trend in the first half of 2022.
- Over the medium term, the growing demand from the rubber industry is expected to drive market growth.
- However, the poisonous nature of zinc oxide fumes, the exposure to which can cause metal fume fever - a flu-like illness with symptoms of a metallic taste in the mouth, headache, fever, and chills - is likely to hinder the growth of the studied market.
- Increasing application of zinc oxide in the pharmaceutical and cosmetics industries will create new opportunities in the near future.
- The Asia-Pacific region dominates the market, owing to the growing application in the rubber and ceramic sectors. Asia-Pacific accounts for more than 90% of the world's natural rubber production and engages in rubber processing activities at a large scale. Moreover, India and China are the major consumers with favorable contribution from other Asian countries like Indonesia, Thailand and Malaysia.
Zinc Oxide Market Trends
This section covers the major market trends shaping the Zinc Oxide Market according to our research experts:
The Rubber and Tire Industry Dominate the Market
- Zinc oxide is used as a vulcanizing agent in the process of vulcanization of rubber to increase durability. As rubber is used to manufacture tires, which are extensively utilized in the transportation industry, the consumption of zinc oxide is expected to increase during the forecast period.
- Similarly, the higher loadings of zinc oxide can improve hot air/heat ageing properties, and if the concentration of zinc oxide is too low, it can lead to scorching problems. Furthermore, it reduces heat build-up and wears in tires. Thus, with the growth in the tire and rubber industry, the consumption of zinc oxide also increases concurrently.
- According to the International Rubber Study Group, up to the third quarter of 2022, global rubber production increased by 0.6% to 21.8 million tons, up from 21.6 million tons in the same period in 2021. The ratio of natural rubber (NR) to synthetic rubber (SR) produced in 2022 was 48:52.
- The global demand for natural rubber remains positive. Global output of natural rubber in 2022 was around 14.624 million tons, up 3.6% from the previous year. In 2022, global consumption was around 14.415 million tons, up 1.5% from the previous year.
- The United States Tire Manufacturers Association (USTMA) forecasted total tire shipments in the United States to be 334.8 million units in 2022, compared with 335.2 million units in 2021 and 332.7 million units in 2019.
- In January 2023, Nokian Tyres announced an investment of USD 174 million to double the Dayton factory output. A 600,000-tire warehouse is part of Nokian's Dayton factory expansion. The expansion and warehouse are in line with Nokian Tyres' initial investment, which called for the facility to be able to hold up to four million tires.
The Asia-Pacific Region is Expected to Dominate the Market
- The Asia-Pacific region stands to be the dominating market for zinc oxide. Factors such as the growing consumption of zinc oxide in the rubber, tires, and ceramic sectors will drive market growth.
- According to the National Bureau of Statistics of China, in 2021, approximately 900 million tires were produced in China. Also, investments in expanding tire manufacturing in the country may increase the demand for zinc oxide during the forecast period.
- According to the rating agency ICRA, domestic demand growth in volumes for the Indian tire industry is expected to be 13-15 percent for the fiscal year 2022 and 7-9 percent for the FY 22-25 period.
- ICRA's sample of tire manufacturers saw 25% year-on-year (Y-o-Y) growth, with all-time high revenues in Q2 FY2022 due to favorable replacement and export sales volumes. With the increasing acceptance of Indian tires in overseas markets, tire exports have increased sharply this year, owing to strong demand from destinations such as the United States and Europe.
- The Indian pharmaceutical industry is very important globally. India ranks third in terms of volume and 14th in terms of value. The country is the world's largest supplier of generic medicines, accounting for 20% of global supply by volume, and the world's leading vaccine manufacturer. India also has the most US-FDA-compliant pharma plants outside of the US and is home to over 3,000 pharma companies with a strong network of over 10,500 manufacturing facilities and a highly skilled resource pool.
- According to Invest India, India's pharmaceutical industry is expected to be worth USD 65 billion by 2024 and USD 120 billion by 2030. India's pharmaceutical industry is currently worth USD 50 billion. India is a major pharmaceutical exporter, with over 200 countries served by Indian pharmaceutical exports. India meets more than half of Africa's generics demand, 40% of generic demand in the United States, and 25% of total medicine in the United Kingdom.
- Furthermore, the Asia-Pacific region is the largest automotive manufacturing hub, registering almost 60% production share of the world. According to OICA, in 2021, the total production of vehicles stood at 46.73 million units, an increase of 6% compared to the same period last year, increasing the demand for tires in the region.
Zinc Oxide Industry Overview
The zinc oxide market is partially fragmented in nature with a large number of players operating in the market. Some of the major companies (not in any particular order) are Zochem, Inc., EverZinc, Weifang Longda Zinc Industry Co. Ltd, and Silox SA, among others.
Zinc Oxide Market Leaders
-
Zochem, Inc.
-
Weifang Longda Zinc Industry Co., Ltd.
-
EverZinc
-
Silox S.A
-
Akrochem Corporation
*Disclaimer: Major Players sorted in no particular order
Zinc Oxide Market News
- June 2022: Aterian Investment Partners merged U.S. Zinc and EverZinc, two of the world's largest producers of zinc chemical products, to form the world's leading zinc chemistry company.
- February 2022: Zochem announced that it would expand its zinc oxide production capacity at its Dickson, TN, facility. The new furnace will add another 15,000 metric tons of capacity to the Central Tennessee facility.
Zinc Oxide 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 Rubber and Tire Industry
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Fluctuation in Raw Material Prices
4.2.2 Other Restraints
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
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Process
5.1.1 Indirect Process (French Process)
5.1.2 Direct Process (American Process)
5.1.3 Wet Process
5.2 Application
5.2.1 Rubber and Tires
5.2.2 Ceramics and Glass
5.2.3 Pharmaceuticals and Cosmetics
5.2.4 Agriculture
5.2.5 Paints and Coatings
5.2.6 Other Applications (Chemicals and Food)
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 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 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and 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 Akrochem Corporation
6.4.2 EverZinc
6.4.3 HAKUSUI TECH
6.4.4 Hanil
6.4.5 Hindustan Zinc Limited
6.4.6 Pan-Continental Chemical
6.4.7 Rubamin
6.4.8 Silox SA
6.4.9 Suraj Udyog
6.4.10 Weifang Longda Zinc Industry Co. Ltd
6.4.11 Zinc Nacional SA
6.4.12 Zinc-Co-India
6.4.13 ZM SILESIA SA
6.4.14 Zochem Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Application of Zinc Oxide in the Pharmaceutical and Cosmetics Industry
Zinc Oxide Industry Segmentation
Zinc Oxide (ZnO) is an inorganic compound. It is a white powder that is insoluble in water and is widely used as an additive in various materials and products. It is also known as Calamine or Zinc White. It is found naturally as the mineral zincite. It is mostly made synthetically.
The Zinc Oxide Market is segmented by Process (Indirect Process, Direct Process, and Wet Process), Application (Rubber and Tires, Ceramics and Glass, Pharmaceuticals and Cosmetics, Agriculture, Paints and Coatings, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).
The report also covers the market sizes and forecasts in 15 countries across the major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilotons).
| Process | |
| Indirect Process (French Process) | |
| Direct Process (American Process) | |
| Wet Process |
| Application | |
| Rubber and Tires | |
| Ceramics and Glass | |
| Pharmaceuticals and Cosmetics | |
| Agriculture | |
| Paints and Coatings | |
| Other Applications (Chemicals and Food) |
| Geography | |||||||
| |||||||
| |||||||
| |||||||
| |||||||
|
Zinc Oxide Market Research FAQs
What is the current Zinc Oxide Market size?
The Zinc Oxide Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Zinc Oxide Market?
Zochem, Inc., Weifang Longda Zinc Industry Co., Ltd. , EverZinc, Silox S.A and Akrochem Corporation are the major companies operating in the Zinc Oxide Market.
Which is the fastest growing region in Zinc Oxide Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Zinc Oxide Market?
In 2024, the Asia Pacific accounts for the largest market share in Zinc Oxide Market.
What years does this Zinc Oxide Market cover?
The report covers the Zinc Oxide Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Zinc Oxide Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the emerging trends in the Zinc Oxide Market?
The emerging trends in the Zinc Oxide Market are a) Increasing use of zinc oxide nanoparticles in various applications due to their unique properties b) Rising demand for sustainable and eco-friendly materials c) Growing demand from the rubber industry, particularly for tire production as zinc oxide acts as a vulcanizing agent
How is the Zinc Oxide Market segmented?
Zinc Oxide Market is segmented by a) Process: Indirect Process, Direct Process, and Wet Process b) Application: Rubber and Tires, Ceramics and Glass, Pharmaceuticals and Cosmetics, Agriculture, Paints and Coatings c) Form: Powder and Pellets
Zinc Oxide Industry Report
The global zinc oxide market is witnessing significant growth, driven by its widespread use in industries such as rubber, ceramics, cosmetics, paints, and agriculture. This surge is mainly due to its role in the vulcanization process of rubber for tire manufacturing in the automotive sector and its ability to reduce the melting temperature in ceramics production, thereby enhancing construction materials' performance. Additionally, its potential in biomedicine, especially for anticancer and antibacterial applications, is increasing its demand. The market benefits from the substantial production of rubber and ceramics and the growth of the automotive and construction industries. Innovations like the indirect or French process are enhancing production efficiency, while key players and zinc oxide manufacturers are focusing on expanding production capacity and engaging in strategic mergers to meet the rising demand. The rubber and tire industry, being the largest consumer, relies on zinc oxide to improve durability and performance. Moreover, its growing application in pharmaceuticals and cosmetics, coupled with the continuous expansion of the construction and automotive sectors, indicates a promising future for the zinc oxide market. For detailed market insights, Mordor Intelligenceā¢ Industry Reports offer a comprehensive analysis, including forecasts and historical overviews, available as a free report PDF download.
Zinc Oxide Market Report Snapshots
