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Zinc Chemicals Market - Growth, Trends, COVID-19, and Forecast (2022 - 2027)

Zinc Chemicals Market - Growth, Trends, COVID-19, and Forecast (2022 - 2027)

  • February 2022
  • 180 pages
  • ID: 6231665
  • Format: PDF
  • Mordor Intelligence LLP

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The global zinc chemicals market was valued at 3,854.26 kilo tons in 2021, and it is expected to witness a CAGR of approximately 4.25% during the forecast period (2022-2027).

The outbreak of COVID-19 brought several short-term and long-term consequences in the construction industry, which may affect the zinc chemicals market across the world. The consequences are due to the temporary shutdown of construction activities during the lockdown. Though the pandemic’s impact on the operations of the food and beverage industry is relatively less than other industries, the industry’s global supply chain has been majorly affected and thereby causing loss to the industry’s growth. The petrochemical industry is seriously impacted by a combination of a decline in demand as social, and travel sanctions have been imposed by nations, as well as a drop in the availability of global petrochemical production centers, which are at least partially impacted.

Key Highlights
Over the short term, the rising utilization in the automotive industry and increasing demand from the rubber tire industry are likely to drive the demand for zinc chemicals market.
On the flipside, health hazards related to zinc-based chemicals and the unfavorable conditions arising due to the COVID-19 outbreak are expected to hinder the growth of the market.
The emerging research and technological advancement in the field of zinc nanoparticles employed for diagnosis, imaging, as well as treatment of cancer offer great opportunities for the zinc market over the next five years.

Key Market Trends

Rubber Processing Segment to Dominate the Market

Rubber processing segment stands to be the dominating segment owing to large scale consumption of zinc chemical in galvanization and manufacturing tires.
Zinc chemicals are widely used in the manufacturing of tires and tubes that are widely used in the automobiles, the growing automobile industry is expected to augment the overall demand for zinc chemicals in the near future.
Growing popularity for electric vehicle is expected to drive the demand for automotive tires, thereby propelling the consumption of tires in the automotive industry which in turn drive the zinc chemical market.
Similarly, the higher loadings of zinc oxide can improve hot air/heat aging properties, and too low of a concentration of zinc oxide can lead to scorching problems. Furthermore, it reduces heat buildup and wear in tires, thus, making it an important segment in the rubber tire industry. Thus, with the growth in the tire industry, the consumption of zinc oxide is also increasing concurrently.
Asia-Pacific countries like China, India, Japan, South Korea and Thailand are the major producer of automotibles; hence the requirement for zinc chemical market is projected to increase from this region in the forecast period.

Asia-Pacific Region to Dominate the Market

Asia-Pacific region stands to be the dominating region owing to the vast and extensive application of zinc chemical derivatives in various applicationa including rubber processing, chemicalsprocessing, and agriculture among others.
China is a hub for chemical processing, accounting for most chemicals produced worldwide. Owing to the encouraging government initiatives and a vast consumer base, the chemical manufacturing sector in China is expected to increase at a consistent rate during the forecast period. The increasing production of chemicals is expected to create an opportunity for the growth of the studied market in the country in the near future.
In India, there are 40 tire manufacturers and around 6,000 non-tire manufacturers producing seals, conveyor belts, and extruded and moulded rubber profiles to be used in automotive, railway, defence, aerospace and other applications.
Furthermore, India is home to over 2,500 decorative coatings and 800 industrial coatings manufacturers. This increasing demand for coatings has prompted the companies to increase their production and production capacities. This is expected to drive the demand for the liquid synthetic rubber market in the country, which further will boost the demand for zinc chemicals in coming years.
In China & India demand for the zinc chemical expected to increase due to the growing agrochemical industry & economic growth. Low cost and easy availability of chemical fertilizers act as key factors for the growth of the market. Zinc sulfate is used as a fertilizer additive in chemical fertilizers, thereby stimulating the zinc chemicals’ market size.
Japan possesses one of the world’s largest rubber industries, with a production volume of over 1.2 million metric tons of synthetic rubber in 2020. Furthermore, the country is ranked third globally, only behind China and the United States, in terms of the total amount of rubber material consumed. The largest producers of tires in Japan, like Tosoh Corporation, Zeon Corp., and Toyo Tire & Rubber Co. Ltd, are undergoing capacity additions, which is expected to present an exciting market arena for zinc chemicals from the rubber processing industry over the forecast period
Hence, all such market trends are expected to drive the demand for zinc chemical market in the region during the forecast period.

Competitive Landscape

The global zinc chemical market is fragmented with the presence of a few large-sized players and a large number of small players operating. nSome of the major players in the market include U.S. Zinc (Aterian Investment Partners), Zochem Inc, EverZinc, TIB Chemicals AG, and Weifang Longda Zinc Industry Co. Ltd. amongst others.

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