Zinc Oxide Market worth $5.7 billion by 2024 | Key Players include US Zinc, Zochem, EverZinc, ZM Silesia, Akrochem, Rubamin, Pan-Continental Chemical, J.G. Chemicals, Upper India, and Suraj Udyog

According to recent market research "Zinc Oxide Market by Process (French Process, Wet Process, American Process), Grade (Standard, Treated, USP, FCC), Application (Rubber, Ceramics, Chemicals, Agriculture, Cosmetics & Personal Care, Pharmaceuticals), Region - Global Forecast to 2024", is estimated to grow from USD 4.4 billion in 2019 and to USD 5.7 billion by 2024, at a CAGR of 5.4% during the forecast period.

The demand from the rubber industry for using in the vulcanization process, which is used by the tire manufacturers, is driving the market.

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Indirect (French) process segment accounted for the largest share of the zinc oxide market.

In this process, metallic zinc is melted in a crucible and is vaporized at high temperatures (above 1652 F). The ZnO, thus obtained, typically consists of agglomerated particles with an average size of 0.1 micrometers to a few micrometers. ZnO produced by this process is used in rubber, cosmetics, pharmaceuticals, and paints.

The cosmetics & personal care applications is expected to register the fastest growth during the forecast period.

The property of ZnO to absorb harmful ultraviolet rays is widely put to use in cosmetics & personal care applications. Various types of sunscreen and baby lotions are prepared using ZnO, and as the consumers are becoming more aware of its benefits, this application is expected to drive the growth of the market.

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The global zinc oxide market size is projected to grow from USD 4.4 billion in 2019 to USD 5.7 billion by 2024, at a compound annual growth rate (CAGR) of 5.4% between 2019 and 2024. Growing demand from the rubber industry and the non-availability of substitutes that can replace ZnO in various applications, is driving the market growth.

The key players in the zinc oxide market are US Zinc (US), Zochem (US), EverZinc (Belgium), ZM Silesia (Poland), Akrochem (South Africa), Rubamin (India), Pan-Continental Chemical (Taiwan), J.G. Chemicals (India), Upper India (India), and Suraj Udyog (India). These players have adopted the strategy of acquisition to enhance their product offerings and geographic presence.

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US Zinc (US) adopted acquisition as its key strategy to expand its geographic presence in the global zinc oxide market. In January 2019, Aterian Investment Partners acquired US Zinc from Votorantim Group as a part of an international carve-out transaction. This step was taken to increase the opportunity to capture the market in both the local and international markets.

EverZinc (Belgium) undertook the strategy of acquisition to increase its product offering. In January 2019, the company announced that it had acquired G.H. Chemicals (GHC), a Canadian manufacturer, and exporter of ZnO. This strategy will is expected to help the company to expand its product portfolio and market using GHC’s high-class facilities.

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