Nano zinc Oxide Market Statistics 2022: Major Factors that can Increase the Global Demand
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According to Eswara Prasad, Team Lead Chemical Research at AMR, "though toxicity at higher concentration of nano zinc oxide may hamper the market growth in long run, the upsurge in anti-microbial coatings, UVA/B filters in sunscreens and sun protection cosmetics demand, drives the nano zinc oxide market."
The demand for nano zinc oxide has witnessed tremendous growth due to increasing consumption of nano zinc oxide in paints and coatings, cosmetics, food contact materials (such as containers for transporting food, machinery to process food, packaging materials, kitchenware and tableware, and others), electronics, textiles, and other industries. Although the nano zinc oxide industry is in its developmental stage, numerous industry players have heavily invested to develop new commercial avenues for their product offerings through strategic partnerships and collaborations. The demand for nano zinc oxide has increased due to upsurge in demand for UV-A & UV-B filters in sunscreens & cosmetics, growth in demand for antimicrobial coatings, and product approval from regulatory bodies. However, concerns regarding nano zinc toxicity when used at high concentration could hamper the market growth during the forecast period. Increase in disposable income in the emerging economies supplemented with growth in awareness among consumers regarding adverse effects of UV rays would provide significant opportunities to market players in the industry.
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In 2015, cosmetics segment contributed the highest revenue to the global market, accounting for more than two-thirds share, followed by paints & coatings and others. In cosmetic application, nano zinc oxide is used as a UV blocker in sunscreen products. The remarkable physiochemical properties of nano zinc oxide have increased its penetration in a wide array of applications.
According to Eswara Prasad, "Extraordinary physio-chemical properties of nano zinc oxide has led to their increased penetration in wide array of applications as it results in improved performance of end-products."
Key findings of the study:
Paints & coatings segment is expected to witness highest CAGR of 20.7% during the forecast period.
Paints & coatings along with cosmetic segment together account for more than 90% market share.
Asia-Pacific is anticipated to lead the market throughout 2022, growing at a CAGR of 21.2%, in value terms from 2016 to 2022.
China, Germany, and U.S. were the leading country in the world nano zinc oxide market in 2015.
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In 2015, Asia-Pacific accounted for more than one-third share of the global demand for nano zinc oxide, and is expected to maintain its leading position throughout the forecast period. Moreover, it is projected to be the fastest growing region throughout forecast period owing to growth in awareness regarding adverse effects of UV rays and increased disposable income of consumers in major economies of the region.
Prominent market players have heavily invested in research and development activities to develop new commercial applications at low costs. Strategic collaboration and business expansion are the other prime strategies adopted by industry players. The key companies profiled in the report include, Advanced Nano Technologies Limited, BYK, Elementis Specialties, Grillo Zinkoxid, Hakusuitech Co., Ltd., Nanophase Technology Corporation, Sakai Chemical, Showa Denko, Umicore, and Weifang Longda Zinc Industry, Co., Ltd.
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