Zinc oxide is a white powder that is insoluble in water, with antioxidant and antibacterial properties. Its main uses are as an additive in numerous materials and products including plastics, ceramics, glass, cement, rubber (and other polymers), lubricants, paints, ointments, adhesives, sealants, paper, foods, batteries, ferrites, fire retardants, and first-aid tapes and creams. It is used as a pigment in paints, rubber, plastic, cosmetics, foods, and many other products.
The Global Zinc Oxide Market is estimated to be valued at US$ 6.34 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Zinc Oxide market are MorphoSys US Inc., Bristol Myers Squibb, Karyopharm Therapeutics, F. Hoffmann-La Roche AG, Merck & Co., Inc., Gilead Sciences, Inc., and Novartis AG. Zinc oxide is finding increasing demand from various end use industries like automotive, healthcare, personal care and chemicals. Technological advancements in nanomaterials have led to expanded used of zinc oxide in products like sunscreens where it provides both UV protection and anti-inflammatory properties.
Market Trends
The use of zinc oxide in automotive applications like tires, hoses and seals is growing rapidly owing to its UV absorbing and anticorrosive properties. Nanoparticles of zinc oxide are being increasingly used in cosmetics and personal care products to provide broad spectrum sun protection in clear formulations.
Market Opportunities
Strong growth of the automotive industry especially in Asia Pacific is expected to drive volume demand for zinc oxide. Rapid expansion of the wound care and food packaging sectors where zinc oxide's antimicrobial properties are crucial will present lucrative opportunities over the forecast period.
Impact of COVID-19 on Zinc Oxide Market
The outbreak of COVID-19 pandemic had a significant impact on the growth of zinc oxide market globally. With lockdowns imposed across countries, disruption in supply chains negatively affected the production and distribution of zinc oxide. Some of the key impacts of COVID-19 include:
- Due to business closures and declined industrial activities, demand from end use industries like rubber, chemicals, cosmetics, pharmaceuticals witnessed a steep decline in the initial months of pandemic. This adversely affected the zinc oxide market revenue.
- Lack of workforce and social distancing norms delayed projects, derailed production schedules and slowed down operational activities of manufacturers. As a result, supply of zinc oxide reduced in the market.
- Logistical bottlenecks emerged due to transportation restrictions. Movement of raw materials and final products became difficult. This led to distortion in supply demand dynamics.
- Economic recession impacted Zinc Oxide Market Share the buying potential of consumers and slowed down investments in different sectors which utilize zinc oxide. Overall demand was subdued during this period.
To overcome these challenges, manufacturers focused on digitalization, adopted new technologies and streamlined operations. They also enhanced safety protocols, ensured supply continuity and promoted use of zinc oxide in biomedical applications. Gradual opening of economies and resumption of projects have stimulated recovery. Increasing usage of zinc oxide in pharmaceuticals and personal care products post COVID is slated to drive future growth.
Zinc Oxide Market in Asia Pacific
Asia Pacific accounted for the highest share in the global zinc oxide market in terms of value. China is the largest producer and consumer of zinc oxide globally. Presence of a robust manufacturing sector along with expanding end use industries including rubber, chemicals, pharmaceuticals has propelled zinc oxide demand in China. Other major markets include India, Japan, South Korea and Indonesia. Favorable government policies and growing foreign investments are encouraging industrialization in Asia Pacific. This has cemented the region's dominance in the zinc oxide market.
Europe Zinc Oxide Market
Europe has emerged as the second largest and one of the fastest growing regional markets for zinc oxide globally. Countries like Germany, UK, France, Italy contribute majorly to the European zinc oxide industry. Well established automotive, construction, healthcare sectors alongside burgeoning chemicals industry are the key factors augmenting zinc oxide consumption. Growing emphasis on renewable energy along with adoption of advanced technologies is bolstering zinc oxide demand from different applications including solar panels, electronic goods, drug delivery in Europe. Presence of leading global players also makes Europe an important hub in terms of both production and sales of zinc oxide worldwide.
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