The global zinc oxide market size is projected to grow from USD 4.4 billion in 2019 to USD 5.7 billion by 2024, at a compound annual growth rate (CAGR) of 5.4% between 2019 and 2024.
Zinc oxide (ZnO) is an organic compound. It is an inert, white compound that is used as an activator, bulking agent or filler, or as a white pigment. Zinc oxide finds usage in applications such as rubber, ceramics, chemicals, agriculture, pharmaceuticals, and cosmetics & personal care.
The global zinc oxide market size is expected to grow from USD 4.4 billion in 2019 to USD 5.7 billion by 2024, at a compound annual growth rate (CAGR) of 5.4% during the forecast period. This is attributed to the large-scale demand for rubber and ceramic applications.
The indirect (French) process segment is projected to lead the zinc oxide market during the forecast period. Relative simplicity in the process and the high purity levels of ZnO with low levels of heavy metal content are the driving factors for the wide adoption of the French method.
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The rubber application accounted for the majority of the zinc oxide market share. Zinc oxide is consumed mainly in the manufacturing of tires, and the large-scale demand from this application is driving the demand for zinc oxide globally. Zinc oxide in tire manufacturing is used for the vulcanization process along with stearic acid
Based on the region, the zinc oxide market has been segmented into APAC, Europe, the Middle East & Africa, North America, and South America. APAC accounted for the largest share of the market in 2018. The region has emerged as the largest consumer of ZnO owing to the large-scale demand for manufacturing of rubber and tires in countries such as China, Thailand, and India. Europe accounted for the second-largest share in the overall ZnO market in 2018. The market is projected to grow at the fastest rate in Middle East & Africa.
The growing demand for ZnO nanoparticles is projected to provide opportunities in the ZnO market. These particles are finer and have a larger surface enabling better dispersion. This enhances the performance in the application areas.
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