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

The global zinc oxide market size was valued at USD 5.51 billion in 2023 and is projected to grow from USD 5.50 billion in 2024 to USD 8.51 billion in 2032 at a CAGR of 5.6% during the forecast period. Asia Pacific dominated the zinc oxide market with a market share of 55.72% in 2023. Moreover, the zinc oxide market in the U.S. is projected to grow significantly, reaching an estimated value of USD 866.41 million by 2032, driven by the rising usage in the country's robust pharmaceutical industry.

Zinc oxide is a white, powdery compound with the chemical formula ZnO. It is a versatile inorganic compound consisting of zinc and oxygen atoms. This compound occurs naturally as the mineral zincite but is more commonly produced synthetically for various industrial applications. These include industries such as rubber manufacturing, paints and coatings, ceramics, healthcare, electronics, cosmetics, and pharmaceuticals.

During COVID-19, key manufacturers faced shortages in workforce, raw materials, and demand from end-use applications such as cosmetics, rubber, and ceramics.  This situation impacted product demand in these industries. Despite uncertainties, the market recovered post-COVID-19, with increased demand for zinc oxide owing to heightened activities in end-use industries.

Zinc Oxide Market Trends

Increasing Product Utilization in Different Applications is Anticipated to Boost Market Growth

The increasing use of zinc oxide in different end-use industries has created novel opportunities for the market. For instance, a researcher developed a new kind of nanostructured zinc oxide material for solar cell application. The material offers the utmost advantages, such as high conductivity, electron mobility, and remarkable stability against photo corrosion. These properties can be achieved by formulating ZnO at the nano-scale, applied on the conduction substrate in solar cell production.

Furthermore, researchers have recently developed black zinc oxide, a groundbreaking discovery in material science. This black product type has opened up new potential application areas in energy storage, optoelectronics, and chemical catalysis. Thus, manufacturers have the opportunity to establish a market presence in emerging applications.

On the other side, it is identified as a key micronutrient to plants and grains and is the best substitute for zinc sulfate used in the production of fertilizers as a zinc source. The product use in soil reduces zinc deficiency, root dipping before crop transplants, seed coating, and increases crop yields. It functions as an enzyme system for regulating plant growth. ZnO is mainly used in grapevines and fruit trees. For instance, Afox 72–75 produced by Ever Zinc is used in the compensation of zinc deficiency. The growing need for large-volume food grain production on smaller arable land and the reduction of micronutrient deficiency in soil are factors boosting the market.

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Zinc Oxide Market Growth Factors

Increasing Product Adoption in the Rubber Production to Fuel the Product Demand

The rubber industry plays a pivotal role in driving the market due to the indispensable and versatile role of the product in rubber manufacturing. It is an important component in the rubber vulcanization process, which increases its durability, strength, and resilience. The vulcanization process involves cross-linking polymer chains in rubber and zinc oxide accelerates this chemical reaction.

Widely used in the rubber sector, particularly in tire production, zinc oxide meets the rising demand for high-performance tires with excellent characteristics such as heat resistance, wear resistance, and overall durability. It contributes significantly to meeting these requirement, making it essential in tire formulations.

Furthermore, the rubber industry’s growing emphasis on environmentally friendly and sustainable methods boost demand. This substance serves as both a vulcanization accelerator and a reinforcing agent, increasing the overall mechanical properties of rubber.

As the global automotive market expands and environmental concerns drive innovation in tire technology, demand in the rubber industry is projected to remain strong, fueling zinc oxide market growth. The compound’s ability to improve the performance and longevity of rubber products places it as a critical component in the changing landscape of the rubber industry.

RESTRAINING FACTORS

Regulations Limiting the Product Use in the Feed Application to Restrict Market Growth

It is a hazardous compound that has witnessed multiple limitations and regulations in its production process and utilization across various end-use applications, including rubber, ceramic, chemical, agriculture, and paints & coatings. Inhalation of the compound may adversely affect human health, causing metal fume fever with symptoms such as a chest tightness, cough, and aches. Additionally, long-term exposure can lead to reproductive harm and other chronic health effects. 

To address these risks, organizations such as the OSHA, NIOSH, and ACGIH have issued workplace exposure limits, ranging from 5mg/m3 to 15 mg/m3. These stringent limits and regulations pose challenges, hampering the adoption of product in end-use industries.

Zinc Oxide Market Segmentation Analysis

By Process Analysis

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French/indirect Process Segment Secured the Largest Share due to High Demand from Pharmaceuticals and Cosmetics Industries

Based on process, the market is segmented into French/indirect process, American/direct process, wet process, and others.

In terms of process, French/indirect process segment held the largest share in the global market, in 2023. This process ensures a high-purity product, making it suitable for applications such as pharmaceuticals and cosmetics. The process provides control over particle size, critical for specific industrial uses, and results in low impurity levels. However, the French / Indirect Process has drawbacks, such as being energy-intensive due to high furnace temperatures and potential environmental concerns related to this energy consumption. Despite these limitations, its wider adoption is prompted by the growing demand for high purity and controlled characteristics in the product for different industries.

The American / Direct Process involves thermally reducing zinc ores in the presence of air to form a product. The process is specific to certain zinc-containing ores, limiting its feedstock options. For example, if lower purity source material is processed, the final product obtained is of lower quality in this process. In addition to this, the combustion of fossil fuels in this process contributes to environmental concerns, limiting its use relative to the French/ Indirect Process.

The wet production process involves leaching zinc-containing materials with sulfuric acid, purifying the solution, precipitating zinc hydroxide, and finally calcination the precipitate. Alternatively, aqueous solutions of zinc salts such as zinc carbonate, are also precipitated and further calcined. The advantages of this process include the ability to produce high purity products with controlled reaction conditions and the option to use recycled zinc materials.

The others segment includes numerous specialized synthesis processes employed in scientific studies and niche applications.

By Grade Analysis

Standard/Technical/Feed Grade Led the Segment Due to Cost-Effectiveness and High-Purity

Based on grade, the market is segmented into standard/technical/feed, chemical/treated, pharma/USP/BP, food/FCC, and others.

In terms of grade, standard/technical/feed grade segment held the largest zinc oxide market share in 2023. This grade is a versatile form designed to meet standardized technical specifications, offering a balance between cost-effectiveness and quality. With high purity, controlled particle size, and typically white or off-white color, it finds applications in various industries. For instance, in the rubber industry, it serves as a reinforcing agent and accelerator activator, enhancing product durability.

The Pharma/USP/BP grade is highly refined and meets the rigorous standards of the pharmaceutical industry. The demand for pharmaceutical grade is driven by its pivotal role in skincare products, especially in formulations for treating skin conditions such as diaper rash. Its effectiveness in UV protection has led to widespread use in sunscreens and cosmetics, aligning with the growing emphasis on sun protection.

The Chemical/Treated grade is used for the chemical industry and undergoes rigorous production processes to ensure high purity. Serving as a catalyst, reactant, and pH regulator, it plays a crucial role in chemical manufacturing, contributing to the synthesis of diverse compounds. In paints and coatings, it serves as a pigment and anti-corrosive agent. The demand for this grade is driven by its vital role in various industries that need specific chemical properties.

The Food/FCC grade plays a multifaceted role in the food industry, primarily as a safe fortifying agent and supplement to address zinc deficiencies. In addition to this, the product serves as a processing aid, functioning as an anti-caking agent and pH regulator in certain food items, particularly in dairy products and baked goods. The demand in the food industry is majorly driven by the increasing focus on nutritional fortification and the need to address micronutrient deficiency.

By Application Analysis

Rubber to be Fastest Growing Segment Owing to High Product Demand from Automotive and Industrial Sectors

Based on application, the market is segmented into rubber, ceramic, chemical, agriculture, paints & coatings, cosmetics & pharmaceuticals, and others.

The rubber segment is the largest application of zinc oxide and is anticipated to grow at a fastest CAGR during the forecast period. In the rubber industry, the product is used as a crucial reinforcing agent and accelerator activator. It enhances the durability of rubber products, especially in the automotive, industrial, and construction sectors. The product demand in the rubber industry is driven by the growth of the automotive sector, industrial applications, and global economic development, highlighting its pivotal role in meeting the requirements of diverse manufacturing sectors.

Zinc oxide in the ceramics industry primarily serves as a pacifying agent for glazes. Manufacturers rely on it to achieve improved strength, durability, and aesthetic effects in ceramics, making it an integral raw material for the production of high-quality ceramics products, driving market growth.

It is integral to the chemical industry, serving as a vital raw material for producing a variety of zinc-based products. Its catalytic properties drives the demand, aiding chemical reactions in processes such as methanol production. The versatility and chemical properties make the product indispensable in various applications of the chemical sector, driving market growth.

It is crucial in agriculture, primarily employed to rectify zinc deficiencies in soil. Incorporated into fertilizers, it ensures the availability of this essential micronutrient, vital for plant growth. Used as a soil amendment, seed treatment, and leave sprays, the product optimizes plant growth, offering a direct nutrient supply during germination. Additionally, product role in animal feed supplements indirectly impacts agriculture by supporting livestock health.

Zinc oxide is also integral to the paints and coatings industry due to its properties as a white pigment, UV blocker, corrosion inhibitor, and antimicrobial agent. The demand is fueled by its ability to enhance color, provide UV protection, prevent corrosion on metal surfaces, resist fungus, and improve adhesion and durability.

In cosmetics, the product serves as a key ingredient in sunscreens, providing effective protection against UVA and UVB rays. The demand is fueled by growing awareness of UV radiations' harmful effects and consumer preferences for natural ingredients. In pharmaceuticals, the product’s antimicrobial properties contribute to its use in various formulations, aiding in wound healing and addressing skin issues. Overall, the rise in emphasis on skin health, the trend toward natural ingredients, and adherence to regulatory standards play a pivotal role in driving the demand in the cosmetic and pharmaceutical sectors.

REGIONAL INSIGHTS

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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The market size in Asia Pacific stood at USD 3.07 billion in 2023. The region held the dominant market share in 2023 and is projected to maintain its prominent position throughout the upcoming years. The demand in the Asia Pacific region is propelled by several factors. The rising disposable income drives demand for cosmetic and skincare, leading to increased popularity of products containing zinc oxide. Rapid industrialization in countries across region supports the demand in diverse industrial applications. From rubber manufacturing to ceramics and paints, it plays a crucial role in contributing to growth of these industries. Collectively, economic prosperity, rapid industrialization, and cultural influences drives the versatile applications across the diverse and rapidly growing markets across the region. China is the leading country in the region owing to the presence of leading companies from several industries.

Demand in Europe is propelled by a combination of factors such as regulatory scenarios, consumer behavior, and demographic factors. The region’s strong inclination toward natural and organic trends aligns with zinc oxide’s natural origin, making it a preferred choice for customers seeking eco-friendly options. Additionally, product’s compliance with pharmaceutical standards contributes to its utilization in pharmaceutical products for wound care and skin treatments. The compound’s versatility and alignment with European regulatory and consumer preferences position it as a key ingredient in the cosmetic and pharmaceutical industries, driving market growth.

The demand in the North America is fueled by diverse factors. Industrial applications, such as rubber manufacturing and paints, contributes significantly, given product’s UV resistance and anti-corrosive properties. Environmental sustainability initiatives and a shift towards eco-friendly products drive demand, as it is considered a safer alternative in various applications. The versatile properties of the product make it a key ingredient across multiple industries, prompting rising demand and market growth.

The growth in the South America region is expected to be driven by rising demand from industries such as automotive and agriculture. The automotive industry in the region plays a pivotal role in driving demand. The product is increasingly adopted by the coating and tire manufacturers, aligning with the region's expanding automotive sector. In addition to this, the agriculture sector also contributes prominently to the rising demand, utilizing it in fertilizer production.

The demand in the Middle East & Africa’s construction is fueled by its pivotal role in enhancing the durability and performance of construction materials. As both regions undergo rapid urbanization and infrastructure development, product’s corrosion-resistance properties become crucial in paints and coatings, offering a protective layer against environmental conditions. It plays a vital role in supporting regions' construction boom by addressing key challenges and enhancing the longevity of infrastructure projects.

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List of Key Companies in Zinc Oxide Market

Product Quality with Specific Characteristics and Technological Advancement are the Key Strategies Adopted by the Companies

The global market is highly fragmented. The intensity of competitive rivalry in the market is high due to the presence of numerous global and regional players. Companies engage in fierce competition, focusing on factors such as price, product quality, and technological advancements. In order to gain a competitive edge, differentiation is critical and thus, companies are offering product with specific characteristics such as high purity, controlled particle size, and suitability for diverse applications.

LIST OF KEY COMPANIES 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 DEVELOPMENTS

• December 2023 - Brügge¬mann announced the successful establishment of a new chemical manufacturing plant at the Heil¬bronn site. The plant operates on 15,000 metric tons of biomass per year for the heating purpose of the equipment. Brügge¬mann’s strategy is expected to strengthen its presence in the growing carbon natural manufacturing society, contributing to increased annual performance.


• June 2022 –Aterian announced that the company had done a partnership with the U.S. Zinc and EverZinc to establish the world’s largest zinc specialty company. The partnership aimed to produce zinc chemical products for the pre-eminent global zinc chemistry business. In addition, the product is expected to cater to applications in feed, paints and coatings, rubber, chemicals, textiles, and agriculture.

An Infographic Representation of Zinc Oxide Market

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REPORT COVERAGE

The research report provides a comprehensive market analysis and emphases crucial aspects such as leading companies, process, grade, and application. It provides quantitative data regarding volume and value, market analysis, and research methodology. The report also covers insights into market trends, porters five forces analysis, and highlights vital industry developments and competitive landscape. In addition to the abovementioned factors, the report encompasses various factors contributing to the market's growth in recent years.

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Report Scope & Segmentation