Zinc Dust Market Is Estimated To Witness High Growth Owing To Increasing Usage As A Coating Agent
Zinc dust is an odorless white powder with various applications in industries such as galvanization, welding, and casting. It is widely used as a coating agent in galvanization process to protect steel and other iron alloys from corrosion. Zinc is electrolytically deposited onto iron or steel surfaces to form a protective layer that prevents rusting. Other major applications include use in dry cell batteries and as a filler in rubber and paint industries.
The global zinc dust market is estimated to be valued at US$ 425.27 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The zinc dust market is expected to witness high growth owing to increasing usage of zinc as a coating agent in galvanization applications. Galvanization involves coating of steel or iron with a protective zinc layer to resist corrosion. Growing infrastructure development activities across the world, specifically in emerging economies, has been a key factor driving demand for steel and consequently zinc as a coating agent. Furthermore, increasing automobile production is another major driver for the market as a significant amount of zinc is consumed in galvanizing structural components and body parts of cars. However, environmental regulations on zinc emission during galvanizing process may hamper the market growth over the forecast period.
SWOT Analysis
Strength:
- Zinc dust provides various health benefits such as boosting immunity and treating wounds faster. It is widely used in industries like construction and automotive due to its corrosion resistant properties.
- Availability of raw materials for manufacturing zinc dust is high as zinc is easily available as a by-product from other industries. Production of zinc dust is a cost-effective process.
- There is growing demand for zinc from sectors like rubber production, agriculture and pharmaceuticals which will fuel the growth of zinc dust market.
Weakness:
- Prices of zinc in global markets are highly volatile depending on supply-demand forces which brings uncertainty in zinc dust market.
- Presence of substitutes like zinc oxide and other corrosion prevention chemicals poses threat to zinc dust market.
Opportunity:
- Rising infrastructural development activities in developing regions of Asia Pacific and South America offer huge untapped growth opportunities for zinc dust manufacturers.
- New product innovations extending the application scope of zinc dust into battery technologies and 3D printing will create new demand streams.
Threats:
- Stringent safety regulations associated with hazardous nature of zinc dust can reduce its usage in some end use industries.
- Trade barriers and tariffs on import of zinc can disrupt supply chains of zinc dust producers dependent on imports.
Key Takeaways
The global Zinc Dust Market Size is expected to witness high growth driven by rising construction spending worldwide.
Regional analysis: The Asia Pacific region dominates the global zinc dust market and is expected to continue its lead during the forecast period. This is attributed to huge infrastructure growth plans across countries like India and China. South East Asian countries are also emerging as high potential markets.
Key players operating in the zinc dust market are Puratos (Belgium), IREKS GMBH (Germany), Lallemand Inc. (Canada), Lesaffre (France), Goodmills (Austria). Puratos has the largest share in the global zinc dust market with wide geographical footprint across major zinc dust consuming regions. IREKS and Lesaffre are other prominent producers focusing on product and application innovations.
For More Details On The Report, Read: https://www.newswirestats.com/zinc-dust-market-propelled-by-rapid-industrialization/
Explore more related articles: https://masstamilan.tv/industrial-dryers-advancing-process-efficiency-in-manufacturing-industries/
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