Zinc oxide is an inorganic chemical compound that is in demand because it is used in electronics and semiconductors. The zinc oxide market has been expected to earn high revenue worth US 5,660.82 Million while growing at a CAGR of 4% by 2027. The penetration of zinc oxide in the rubber industry and its surging demand in the pharmaceuticals, cosmetics, & personal care, and industries are the factors driving the market growth.
Analyzing the market structure, this report offers insights about factors affecting the market growth. Estimating the market size and forecasting the revenue, this reports covers and observes the competitive developments of market players that include joint ventures, mergers and acquisitions, new product developments, research and developments (R&D), and strategic alliances.
Increasing demand for the product in semiconductor and electronics is advancing the growth of the global zinc oxide market.
The zinc oxide market is segmented on the basis of application, end user, process, and region.
The application-based segmentation segments this market into animal feed & nutrition, ceramics, cosmetic ingredients, fertilizers, food additives, light emitting diodes, lubricants, metal processing, paints & coatings, pharmaceuticals products, rubber, and others. During the forecast period, cosmetic ingredients segment has been estimated to grow at 9.50% CAGR.
Based on end users, the market segmentation covers the automotive, building & construction, food & beverages, healthcare, metallurgy, personal care, and others. Automotive segment controlled the largest market share of 36.04 % in 2017. Its market value of USD 1,257.2 million. During the forecast period, it may grow at 4.36% CAGR. During the forecast period, the personal care segment is going to be the highest growing segment, and its worth is the US $ 279.93 mn.
In the context of process-based segmentation, the market has been segmented into direct, indirect, laboratory, waelz, wet, and ZnO nanostructures. Indirect segment held the largest market share of 36.21% in 2017, and its market value was US $ 1,263.2 mn. During the forecast period, it has been projected to grow at 5.53% CAGR. However, during the forecast period, Waelz has been estimated to grow at the highest CAGR of 7.05%.
The regions covered in the global market are Europe, Asia Pacific, North America, Latin America and the Middle East & Africa (MEA).
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Detailed Regional Analysis
The regional analysis of the zinc oxide market covers regions such as Europe, Asia Pacific, North America, Latin America and the Middle East & Africa (MEA). North America is the largest regional market. In 2017, it held the largest market share of 70.23% worth US $ 164.7 mn. During the forecast period, possibly, it may grow at a 5.40% CAGR. The most important country-specific markets in this region are USA and Canada. Many key market players are based in North America. In the region, the market is growing due to the existence of various industries that require zinc oxide.
In Europe, the market growth is due to the technological advancement that is second only to North America. Industries that require zinc oxide are steadily growing here. Many key market players are based in this region too. The market growth for Europe is expected to register a 5.01% CAGR during the forecast period. The primary country-specific markets in this region are Belgium, France, Germany, Italy, the Netherlands, Poland, Spain, and the UK.
During the forecast period, the Asia Pacific stands a strong chanced to emerge as the fastest growing market during the forecast period at 6.37% CAGR due to rapid urbanization, rapid industrialization, rising technological advancement. The crucial country-specific markets in this region are Australia & New Zealand, Brunei, China, Cambodia, India, Indonesia, Japan, Laos, Malaysia, Myanmar (Burma), Philippines, Singapore, South Korea, Thailand, and Vietnam, followed by the remaining countries of the Asia Pacific region.
In the MEA region, the market is small. It is slowly growing due to limited technology, limited production, lack of awareness, lack of education, and political instability. During the forecast period, the market in the MEA region is expected to grow at 5.61% CAGR. Significant country-specific markets in this region are Saudi Arabia, UAE, and South followed by the remaining countries of the MEA region.
In Latin America, the market growth calculations predict growth at 7.81% CAGR during the forecast period because here the market is steady due to limited economic growth. The major country-specific markets in this region are Argentina, Brazil, and Mexico, followed by the remaining countries of Latin America.
The outlook for growth in the zinc oxide market is competitive due to the efficient application of strategies such as geographic expansion, new product launch, acquisitions, agreement, and R&D to strengthen their business portfolio. The key players profiled in the zinc oxide market are Advanced Nano Products Co. Ltd., American Zinc Recycling LLC, Befesa, EverZinc, GHC Ltd., Grillo-Werke AG, Marzinc, PontenossaSPA, Miike Smelting Co. Ltd., Nyrstar, Recylex, Symrise, US Zinc, Weifang Longda Zinc Industry Co. Ltd., and Zochem LLC.