Zinc Oxide Market Size, Share & Trends Analysis Report By Application (Rubber, Paints & Coatings, Chemicals, Ceramics), By Process (Wet Chemical, Direct, Indirect), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global zinc oxide market size was valued at USD 4.43 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 6.9% from 2022 to 2030. This growth can be attributed to the properties of zinc oxide (ZnO), such as high thermal conductivity, high refractive index, UV protection, antibacterial, and binding properties. The product is used in a wide range of industries. Some of these include rubber, ceramics, pharmaceuticals, and cosmetics industries. The rising demand for zinc oxide nanoparticles is expected to provide ample growth opportunities to the market over the forecast period.

However, the toxic nature of zinc oxide fumes causing fever, headache, chills & metallic taste in the mouth and fluctuating prices of the product are likely to act as restraining factors for the market growth. Zinc oxide is an inorganic compound, which is insoluble in water and is also used as an additive in several products. It is found in the crust of the Earth as the mineral zincite. However, commercially used zinc oxide is mostly synthetic. The FDA has set the standard for the amount of ZnO that can be used in over-the-counter sunscreen and skin protectant products both at concentrations up to 25.0%.

The value chain of the market includes raw material suppliers, manufacturers, distributors, and end users. The raw materials required for the production of zinc oxide by the direct process are zinc chloride and sulfuric acid. The aforementioned raw materials are supplied by various companies present in the market including Pan-Continental Chemical Co., Flaurea Chemicals, Zaclon LLC, BASF SE, INEOS, and others.

Process Insights

The indirect process (French process) segment accounted for the largest revenue share of more than 82.5% in 2021. The segment will expand further at a steady CAGR retaining its leading position over the forecast period. This growth is attributed to the fact that the French process is the fastest and most productive industrial method to produce zinc oxide. The wet chemical process is expected to grow with the fastest CAGR, in terms of revenue, over the forecast years. Zinc oxide obtained from this method is very fine in size, has a slow settling rate, and has good dispersion.

Properties of wet chemical grades of ZnO, such as porosity, specific surface area, morphology, and quality, are variable and depend upon process conditions, precursors, and other factors. Other processes include the soft gel method, controlled precipitation, and mechanochemical process. Properties of the soft gel method include simplicity, reliability, low cost, and comparatively mild conditions of synthesis. Controlled precipitation involves spontaneous & fast reduction of a solution of zinc salt using a reducing agent limiting the particles growth having specified dimensions, which is followed by precipitation of a precursor of ZnO from the solution.

Application Insights

On the basis of applications, the global market has been divided into rubber, ceramics, chemicals, cosmetics & personal care, paints & coatings, pharmaceuticals, agriculture, and others. The rubber segment accounted for the largest revenue share of more than 41.00% in 2021. This is attributed to the high consumption of zinc oxide in the rubber industry owing to the growing production of tires. ZnO is used as a vulcanizing activator, a substance applied in small doses to increase the effectiveness of the vulcanization accelerator. It is also used as a curing or cross-linking agent for halogen-containing elastomers, such as neoprene or polysulfides.

The ceramics segment is projected to hold the second-largest market share by 2030. Desirable properties of ZnO in the production of ceramics include relatively high heat capacity, high-temperature stability, thermal conductivity coupled with a comparatively low coefficient of expansion. Both direct and indirect process ZnO is suitable for the application of ceramic. A wide range of cosmetic products, such as foundation, lip products, mineral make-up bases, face powder, hand creams, moisturizers, lotions, and ointments use ZnO. It helps cosmetics to adhere to the skin. Also, it is a broad-spectrum UV absorber that attenuates UV radiation in both the UVA and UVB range effectively. ZnO promotes wound healing and keeps wounds moist and clean.

Regional Insights

Asia Pacific region accounted for the largest revenue share of more than 30.0% in 2021. This is attributed to the large manufacturing base in the region that houses several end-use sectors, such as pharmaceuticals, rubber, and ceramics. In addition, the growing consumption of skincare products and the rise in the tire industries in India and China are likely to drive the market growth in the region. China is a major producer and consumer of ZnO globally.Increasing population, growing urbanization, and an increase in average disposable income in China, India, Indonesia, and Vietnam are expected to drive the demand for paints and coatings.

The increasing housing and construction sector coupled with support from the Chinese Government for commercial construction projects in the country is expected to increase the demand for paints & coatings in the near future. North America plays a significant role in the zinc oxide market with a revenue share of 16.2% in 2021. The U.S. has a major influence on the North America market owing to the presence of major manufacturers in the industry. The increasing demand for ZnO from the pharmaceutical and cosmetics industries due to the rising geriatric population is expected to boost the market growth in the coming years.

Key Companies & Market Share Insights

The market has the presence of large-scale multinational players having a well-established and strong distribution network across the globe. Players are investing more in research & development activities to produce high-performance products. U.S. Zinc is one of the leading manufacturers of ZnO globally. It caters to various end-use industries, such as rubber, chemicals, ceramics, and others. Some prominent players in the global zinc oxide market include:

• U.S. Zinc

• Zinc Oxide LLC

• EverZinc

• Rubamin

• Grupo Promax

• Weifang Longda Zinc Industry Co., Ltd.

• Yongchang zinc industry Co., Ltd.

Zinc Oxide Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global zinc oxide market report on the basis of process, application, and region:

• Process Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Indirect

  • Direct

  • Wet Chemical

  • Others

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • Rubber

  • Ceramics

  • Chemicals

  • Cosmetics and Personal Care

  • Paints & Coatings

  • Pharmaceuticals

  • Agriculture

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • Italy

    • Spain

    • Russia

    • Belgium

    • The Netherlands

  • Asia Pacific

    • China

    • India

    • Australia

    • South Korea

  • South America

    • Peru

    • Bolivia

    • Brazil

  • Middle East & Africa

    • Iran

    • South Africa