Zinc Oxide Market Overview
The zinc oxide market is estimated to reach USD 8.2 billion by 2030, growing at a CAGR of 5.8% from 2022-2030. It was valued at USD 5.6 billion in 2022.
There is growing demand from the end-use industries such as rubber, pharmaceuticals, ceramics, chemicals, and others and high demand for rubber in the automotive industry. This, in turn, is anticipated to contribute to the zinc oxide market growth in the forecast period.
Moreover, the growing use of zinc oxide in applications such as electronics, cosmetics and semiconductors propel the global zinc oxide market in the upcoming years.
Additionally, the use of zinc oxide in biomedicine in anti-bacterial and anti-cancer fields and the high demand for zinc oxide in the glass and manufacturing industry are anticipated to drive the global growth of the zinc oxide market.
What is Zinc Oxide?
Zinc oxide is a white inorganic compound with the formulae ZnO. It is also known as Zinc White. Zinc oxide is made up of zinc and oxygen. It is a powder that is insoluble in water and is soluble in acid and base. It is used in numerous materials and products such as food supplements, cosmetics, rubbers, cement, ointments, etc. Zinc Oxide is acquired by three processes: a natural process, indirect process, and wet chemical process.
Growth Driver
Increase application in cosmetics, semiconductors and electronics
The zinc oxide market is appraised to grow in the forecast period due to the high demand for zinc oxide in cosmetics, electronics and semiconductors. It acts as a vital nutrient in cosmetic products such as skincare, talcum, hair care and many other products. Zinc oxide also acts as a filter against ultraviolet rays in sunscreen lotions.
Additionally, due to an increase in the production of smart devices, there is a growing use of zinc oxide in the application of electronics and semiconductors.
However, the major factors restraining the growth of the global zinc oxide market are the stringent regulations of the European Commission, environmental hazards of zinc oxide, and inhalation of zinc oxide fumes that can cause metal fever which is hazardous.
Pre Covid-19 impact
Factors such as the growing usage of zinc oxide in tires, rubbers, and the ceramic industry drive the market growth. Additionally, rising investments into research and development to establish enhanced products using zinc oxide had created several opportunities for the zinc oxide market in the Pre-covid era.
Covid-19 impact
Coronavirus disease (COVID-19) is a global public health disease that has brought serious social, medical and economic challenges in every industry. It affects all the segments of the population. The spread of COVID-19 is generating an enormous disruption in the everyday activities of people. As coronavirus crises took over the world and led to curfews and lockdown, which impacted many businesses worldwide, countries across the globe are trying to prevent further contagion by adopting various measures such as social distancing, testing, quarantine, and others.
Post Covid-19 impact
Since the COVID-19 virus outbreak in December 2019 resulted in a decrease in the demand for the zinc oxide market across several sectors. Due to the lack of human resources in the COVID-19 pandemic, supply and demand have shut down plants due to the losses in 2020, particularly for tire and rubber manufacturers. Therefore, with the outbreak of the COVID-19, the market will grow at a low rate for zinc oxide across the globe, which has negatively impacted the zinc oxide market value in 2020 and subsequent years.
Application Segmental Analysis
The zinc oxide market is segregated into rubber, chemicals, agriculture, pharmaceuticals, ceramics, cosmetics & personal care, and other applications based on the application.
The rubber segment is estimated to have the highest market share in the application segment for the zinc oxide market, as the rubber sector consumes more than half of the zinc oxide produced across the globe. However, the cosmetics & personal care segment is projected to grow with higher CAGR throughout the forecast period.
Process Segmental Analysis
The zinc oxide market is categorized into direct, indirect, wet chemical, and other processes.
The wet chemical process segment held a significant market share in 2021; the zinc oxide produced by the wet chemical process is very refined in size with good dispersion and high quality.
Region Segmental Analysis
The zinc oxide market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The Asia Pacific is estimated to project considerable growth over 2022-2030. It is due to the high production of zinc oxide, the presence of a large manufacturing base and the growing application of zinc oxide in the ceramic & rubber industry in the region.
North America and Europe will have a prominent share in the zinc oxide market by 2030, owing to the usage in the beauty segment in the regions.
Competitor Analysis
Companies include US Zinc, EverZinc, Rubamin, Pan-Continental Chemical, Weifang Longda Zinc Industry Co., Ltd, Zochem, Inc., American Chemet Corporation, Mario Pilato Blat, Grillo Zinkoxid, GmbH, H. Chemicals are the key players in the global zinc oxide market.
Key Stakeholders
- Market research and consulting firms
- Zinc oxide manufacturers
- Investors
- Research organizations and consulting companies
- Technology providers
- Regulatory bodies
Scope of the Report
| Report Attribute |
Details |
| Market Size Value in 2020 |
USD 4.4 Billion |
| The revenue forecast in 2027 |
USD 5.72 Billion |
| Growth Rate |
CAGR of 4.47% from 2020 to 2027 |
| Historical data |
2017-2019 |
| Forecast period |
2021-2027 |
| Region covered |
America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Key companies Profiled |
US Zinc, EverZinc, Rubamin, Pan-Continental Chemical,
Weifang Longda Zinc Industry Co., Ltd, Zochem, Inc.,
American Chemet Corporation, Mario Pilato Blat, Grillo Zinkoxid,
GmbH, H. Chemicals |
Recent Development
- In 2012, Nanophase Technology Corporation established the advanced new large-size zinc oxide product to use in beauty care products that are expected to propel the zinc oxide market growth across the globe.
- In 2020, the United States represented one of the biggest and most developed tire markets globally. The US provides a home to probably the best tire producers globally, such as Goodyear Tire & Rubber Co., Michelin and Bridgestone Americas Tire Operations and many others to complete the US rubber industry. Leaps and bounds developed it over a long time.
- In May 2020, in Egypt, another tire manufacturer, Pyramid tires had started a plant with its first tire roll production line with around USD 350 million. Presently, this factory is producing forklifts, motorcycles and agricultural tires for its plant development first stage.
- June 2022: Aterian Investment Partners joined U.S. Zinc and EverZinc, two of the world’s largest producers of zinc chemical products, to form the world’s ruling zinc chemistry company.
Market Modelling
By Application
- Rubber
- Chemicals
- Agriculture
- Pharmaceuticals
- Ceramics
- Cosmetics & Personal Care
- Others
By Process
- Direct Process
- Indirect Process
- Wet Chemical Process
- Others
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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Zinc Oxide Applications