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Zinc Market 2024 - Global Business Growth, Competition Landscape, Size, Industry Drivers, Opportunities And Outlook By 2033
Zinc Market
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According to The Business Research Company's, The zinc market size has grown strongly in recent years. It will grow from $27 billion in 2023 to $29.15 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to rising galvanization in construction, rising automotive industry, batteries and alloys, healthcare and pharmaceuticals, metal coatings and protection.
The zinc market size is expected to see strong growth in the next few years. It will grow to $38.87 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to rising infrastructure and construction, renewable energy storage, electric vehicles (evs) and transportation, health and wellness trends, global economic recovery. Major trends in the forecast period include focus on zinc as a die*tary sup*plement, market expansion in developing regions, zinc alloy applications in manufacturing, zinc recycling initiatives, zinc in health and wellness products.
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Market Drivers and Trends:
The growth in the Zinc market is due to an increase in various heavy industries in developing countries such as China and Peru owing to the rising population and infrastructure. Population refers to the whole number of people or inhabitants in a country or region. The primary use of zinc is in the galvanizing process, which protects iron and steel from rusting. For instance, In June 2022, according to Worldometer, a US-based reference website that provides counters and real-time statistics for diverse topics, the current population of China is 1,450,341,718. Therefore, the rising population is driving the growth of the Zinc market.
Major companies operating in the zinc market are concentrating their focus on developing innovative solutions such as zinc-based battery technology. Zinc-based battery technology refers to the development and utilization of batteries that incorporate zinc as a key component in their construction and electrochemical processes. For instance, in January 2022, Imprint Energy Inc., a US-based zinc-battery manufacturing company, launched the 'ZinCore' zinc-based battery technology. ZinCore battery technology enhances portable power capabilities, opening new possibilities in advanced IoT product design and mobile connectivity. ZinCore batteries offer 10 times more power in the same volume than Imprint's previous ZincPoly battery, meeting 5G radio demands with extended temperature ranges.
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Major Key Players of the Market:
Glencore plc, BASF SE, Jiangxi Copper Corporation, Aluminum Corporation of China, Hechi Jinchuan Group Co. Ltd., Zijin Mining Group Co. Ltd., Tongling Nonferrous Metals Group Holding Co. Ltd., Vedanta Resources plc, Teck Resources Limited, DuPont de Nemours Inc., Boliden AB, Korea Zinc Company Ltd., Poland Copper Group, Hindustan Zinc Limited, Umicore SA, Kaz Minerals plc, Tronox Limited, Chihong Zinc & Cadmium Co. Ltd., Hudbay Minerals Inc., Ferro Corporation GmbH, Jinchuan Group, Fuzhou Xianglu Enterprise Group Co. Ltd., Shuangma Group, Dundee Precious Metals Inc., Yunnan Yunxi Zinc Industry Group Co. Ltd., MMG Limited, Tevali Mining, China Nonferrous Metal Corporation, Nyrstar NV, Hunan Nonferrous Metals Corporation, Newmont Corporation, Ivanhoe Mines Limited
Zinc Market 2024 Key Insights:
• The zinc market size is expected to see strong growth in the next few years. It will grow to $38.87 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Rising Population Is Propelling The Growth Of The Zinc Market
• Zinc Market Giants Drive Innovation With Battery Technologies
• Asia-Pacific was the largest region in the zinc market in 2023
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