Zinc oxide market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Growing Use of Zinc Oxide in Enhancing Crop Yield to Aid Zinc Oxide Market Growth
Zinc oxide acts as a vital micronutrient for plants and crops and is considered as a viable alternative to zinc sulfate that is used in fertilizers. Zinc oxide is used as inorganic micronutrient fertilizer and can be directly applied to soils to improve quality and correct zinc deficiency thus enhancing crop yield. Given this background, the need for improving crop yield and output on limited arable land and reducing soil micronutrient deficiency is expected to contribute towards the zinc oxide market growth. On the other hand, zinc oxide has been used in the development of cosmetic products. It is a key ingredient in several lotions, creams, ointments, and powders. It acts as a bulking agent, skin protectant and asa colorant. It also soothes the skin and eases skin irritation. This has triggered its use in the cosmetics sector.
Use of Zinc Oxide NPs in Biomedicine to Open Potential Growth Avenues for Zinc Oxide Market
Use of zinc oxide in the biomedicine space is poised to offer lucrative opportunities for key players. The zinc oxide (ZnO) nanoparticles (NPs) feature low toxicity and are highly biocompatible. These nanoparticles are being researched upon as potential components in antibacterial and anticancer applications. This is mainly due to their ability to generate reactive oxygen species (ROS) and release zinc ions. In this backdrop, they are being considered as a biodegradable and biocompatible platform for the treatment of cancer. In addition, they are also used in the treatment of diabetes, zinc being a crucial element in maintaining structural integrity of insulin. It also participates in the formation of insulin thus supporting diabetic treatment. Other properties such as pathogen blocking, and superior luminescence have paved avenues for zinc oxide nanoparticles in the antibacterial and bioimaging applications. That said, ZnO NPs are expected to gain high traction in the biomedicine space, in turn auguring well for the zinc oxide market.
Increasing Rubber Production, and Ascending Tire Sale to Complement Each Other Alongside Aiding Zinc Oxide Market Growth
Zinc oxide is widely used in the rubber and tire manufacturing sector as a vulcanizing agent. Vulcanization of rubber carried out using zinc oxide can increase the durability of the end products such as tires. It also reduces the buildup of heat in tires while providing adequate strength. That said, growing transportation and logistics sector coupled with momentous growth in the automotive industry is expected to increase the demand for tires significantly. Moreover, the rubber production has also increased since 2021. For instance, according to IRSG (International Rubber Study Group) and MRC (Malaysian Rubber Council), the production of rubber during Q1, Q2, and Q3 of 2021 grew by around 9% to reach 21.6 million tons from 20 million tons during the same time frame in the previous year. This factor is expected to indirectly fuel the adoption of zinc oxide, consequently aiding the growth of zinc oxide market.
Asia Pacific to Prevail as a Major Revenue Contributor for Zinc Oxide Market
Several lucrative opportunities are in the offing for manufacturers and distributors of zinc oxide across emerging economies in Asia Pacific. This can be attributed towards increasing adoption of zinc oxide in end use industries such as rubber manufacturing, cosmetics, and ceramics. Moreover, the growing tire manufacturing across nations such as China, and India is expected to bolster growth of the zinc oxide market as the product is used in rubber vulcanization. For instance, according to National Bureau of China, more than 807 million tires were manufactured in China in 2020. In addition, growing investments in this space is also expected to complement the demand for zinc oxide in the country. Moreover, government initiatives to fuel domestic production of tires have also influenced the market growth. For instance, since 2020, the Indian government has restricted tire imports to boost the manufacturing of tires in the country.
Furthermore, the pharmaceutical sector in India is also increasing at a significant rate. As per IBEF (India Brand Equity Foundation), the first quarter of 2021 witnessed a spike in sales of pharmaceuticals which climbed to US$24.4 Bn. Zinc oxide is widely used in pharmaceutical products owing to its anti-inflammatory, skin healing and antiseptic properties. This factor is likely to give an impetus to the demand for zinc oxide in the region in the forthcoming years. Overall, the region being a major hub for industries such as pharmaceuticals, cosmetics and agriculture, the growth of the zinc oxide market in Asia is expected to witness spike providing momentous opportunities to key players.
Zinc Oxide Market: Competitive Landscape
Key players in the zinc oxide market are focusing on capacity expansions and revising their pricing strategies to gain competitive edge. For instance, in 2021, EverZinc announced that it has revised and increased the pricing of all its products globally. In February 2022, a major producer of zinc oxide, Zochem Inc., announced that it is planning to expand its production capacity to achieve an additional 15,000 metric ton increase.
Few of the major players in the zinc oxide market include Zochem Inc., Silox S.A., Weifang Longda Zinc Industry Co. Ltd., Uttam Industries, EverZinc, Akrochem Corporation, Parchem Find & Specialty Chemicals, Lanxess, Yongchang Zinc Industry Co. Ltd., ZM Silesia, Grupo Promax, Suraj Udyog and Hemadri Chemicals.
Regional Classification of the Global Zinc Oxide Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Zinc Oxide Market
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