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Zinc Oxide Market Analysis: Trends, Size, Share Insights, and Forecast 2024-2033
Zinc Oxide Global Market Report 2024
According to The Business Research Company's, The zinc oxide market size has grown strongly in recent years. It will grow from $4.63 billion in 2023 to $4.96 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to emerging economies demand, medical and pharmaceutical uses, focus on sustainable agriculture, regulatory compliance, global economic trends.
The zinc oxide market size is expected to see strong growth in the next few years. It will grow to $6.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to rising demand in the electronics industry, expanding cosmetics industry, increased focus on sustainable practices, stringent environmental regulations, global economic recovery. Major trends in the forecast period include growing demand in end-use industries, advancements in nanotechnology, focus on sustainable and eco-friendly practices, emerging applications in sunscreen and cosmetics, global supply chain challenges.
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Market Drivers and Trends:
Increasing rubber manufacturing is expected to propel the growth of the zinc oxide market going forward. Rubber is an elastic substance, obtained by coagulating the milky juice of various tropical plants and is prepared as sheets and then dried. Zinc oxide acts as an activator for the vulcanization of rubber and helps in processing uncured or untouched rubbers. For instance, according to the Department of Statistics Malaysia Official Portal, a Malaysia-based government data provider, Malaysia's natural rubber production increased by 17.7% in January 2022 as compared to December 2021. Therefore, increasing rubber manufacturing is driving the growth of the zinc oxide market.
Major companies operating in the zinc oxide market are focused on introducing innovative solutions, such as zinc oxide-based skin protection ointments, to gain a competitive edge in the market. Zinc oxide-based skin protection ointment is a topical cream used to treat and prevent diaper rash and protect the skin from being irritated and wet from diaper use. For instance, in November 2021, Bimeda Ireland, an Ireland-based manufacturer of animal health products and veterinary pharmaceuticals, launched Zinc Oxide Spray, a skin protection ointment that can be used on a variety of animals, including dogs, horses, sheep, goats, pigs, and cattle. It contains zinc oxide, lanolin, and allantoin. The Zinc Oxide Spray from Bimeda dries to provide an air-permeable barrier that shields against irritants such as sweat, urine, moisture, grime, and wound secretions. The product can also be used to protect the skin around fistulas and to cover the affected areas before plaster casts are applied.
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Major Key Players of the Market:
Zinc Oxide LLC; EverZinc; Rubamin Pvt. Limited; Grupo Promax; Weifang Longda Zinc Industry Co. Ltd.; Yongchang zinc industry Co. Ltd.; Zochem; Suraj Udyog; J G Chemicals Private Chemicals; Akrochem Corporation; Pan Continental Chemical; Lanxess AG; Upper India; Zinc Nacional S.A; L. Brüggemann KG; Silox SA; U.S. Zinc; H. Chemicals; GH Chemicals; Chemet; Mario Pilato Blat SA; Hindustan Zinc Limited; Altana AG; American Elements; Anhui Linghu Paint Co. Ltd.; BASF SE; Croda; Grillo SpA; Hakusui Tech Co. Ltd.; Hanil Chemical Industry Co. Ltd.; Nanophase Technologies Corporation; Sakai Chemical Industry Co. Ltd.; Sukgyung AT Co. Ltd.; Sunjin Chemical; Taekyung SBC. Co. Ltd.; Tata Chemicals Ltd.; Tayca Corporation; ZM SILESIA SA
Zinc Oxide Market 2024 Key Insights:
• The zinc oxide market will grow to $6.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Growing Rubber Manufacturing Boosts Demand For Zinc Oxide In The Market
• Companies Innovate With Zinc Oxide-Based Skin Protection Ointments For Enhanced Dermatological Care
• Asia-Pacific was the largest region in the zinc oxide market in 2023
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