The zinc oxide market size was valued at US$ 4,506.51 million in 2021 and is projected to reach US$ 6,338.82 million by 2028; it is expected to grow at a CAGR of 5.0% from 2021 to 2028.
Zinc oxide is an essential ingredient in many enzymes, sunscreens, and ointments for pain and itch relief.Its microcrystals are very efficient light absorbers in the ultraviolet A and B region of spectra due to wide-bandgap.
The impact of zinc oxide on biological functions depends on its morphology, particle size, exposure time, concentration, pH, and biocompatibility. They are more effective against microorganisms such as bacillus subtilis, bacillus megaterium, staphylococcus aureus, sarcina lutea, escherichia coli, pseudomonas aeruginosa, klebsiella pneumonia, pseudomonas vulgaris, candida albicans, and aspergillus niger.
The increasing application of zinc oxide in rubber, ceramics, chemical, pharmaceutical, and personal care is driving the demand for zinc oxide.Rubber is expected to exhibit the highest growth rate owing to the increased sales of tires and other rubber products in the automotive industry across many regions.
Increasing investments into research and development to develop new and enhanced products using zinc oxide will continue to drive the demand for zinc oxide, thus contributing significantly to the zinc oxide market growth.Also, the zinc oxide market trend is expected to surge in the coming years due to the increasing usage of zinc oxide in the production of personal care products worldwide.
Zinc oxide is widely used in personal care and cosmetics, which includes baby lotions, makeup, foot powders, and bath soaps.There is an increasing demand for phthalate-free plasticizers, which creates strong demand for benzoate plasticizers, thereby creating demand for zinc oxide.
Hence, replacing phthalate plasticizers with non-phthalate plasticizers is boosting the zinc oxide market growth.
The zinc oxide market in Asia Pacific is expected to grow significantly during the forecast period, owing to an increase in demand from the rubber industry.Zinc oxide is used for vulcanizing rubber, mainly in the automotive industry.
The increasing automotive sector in the region will further aid the zinc oxide market growth.The rise in the number of on-fleet vehicles in countries such as China, India, and South Korea is fueling the demand for rubber tires.
Increasing awareness regarding fuel economy is propelling the demand for zinc oxide lubricants in Asia Pacific.
The development of automotive parts and components in Asia Pacific with the rise of electric vehicle production will create lucrative opportunities for zinc oxide market players, as zinc oxide is used for the vulcanization of rubber, which is extensively used to make automotive tires. The growing focus on fuel economy, rising demand for convenience, and high maintenance or replacement costs of conventional tires are also driving the growth of zinc oxide-based automotive tires.
EverZinc; L. Brüggemann GmbH & Co.; U.S. Zinc; Zochem, Inc.; Umicore; Grillo-Werke AG; Rubamin; JG Chemicals Pvt. Ltd.; Pan-Continental Chemical Co., Ltd.; and Akrochem Corporation are the key players in the zinc oxide market.
The overall size of the global zinc oxide market share has been derived using primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the zinc oxide market.
Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in this market.