The zinc oxide market is estimated to be valued at US$ 5.50 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis:

  • Strength: Zinc Oxide has three main strengths. It has high UV absorption which makes it useful in sunscreens. It also has high catalytic activity and antimicrobial properties which boost its usage. Furthermore, it is cost-effective in production.
  • Weakness: Two main weaknesses are its toxicity at high doses and its water solubility which can limit its usage. Over-application can harm the skin and it starts dissolving when it comes in contact with water.
  • Opportunity: New opportunities lie in its uses in ceramics and rubber industries. It also has scope for emerging as a healthier alternative to traditional pigments. Moreover, growth in end-use industries will fuel the market.
  • Threats: Environmental regulations over mining activities pose threats. Raw material price volatility and availability challenges can also negatively impact the market.

Key Takeaways:

The Global Zinc Oxide Market Growth is expected to witness high, exhibiting CAGR of 5.7% over the forecast period, due to increasing demand from rubber and ceramics industries. The rubber industry accounts for over 30% of global zinc oxide consumption. Zinc oxide provides properties like antibacterial protection and weather resistance in rubber products.

Regional analysis

Asia Pacific dominates the global market and is expected to maintain its lead, growing at a CAGR of over 6%. This is due to massive rubber and ceramics production in China and other Southeast Asian economies. The APAC market size for zinc oxide is projected to reach $2.7 billion by 2030. North America is another major market boosted by paints, cosmetics and pharmaceutical applications.

Key players

Key players operating in the zinc oxide market are US Zinc, GHC, and Hindustan Zinc Ltd. US Zinc is a leading producer focused on environment-friendly mining. GHC specializes in micro-sized zinc oxide used in rubber products. Hindustan Zinc is India’s sole integrated zinc producer with operations in mining and manufacturing.

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