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. Increasing automotive production, such as passenger car production, globally is a major driving factor for the demand for zinc oxide-based lubricants and greases. The lubricants used in automobiles reduce friction between surfaces coming into contact and efficiently reduce the energy loss caused by friction. Further, the use of passenger vehicles is increasing with the rising global per capita income, growing stringent emission norms, shifting of vehicle production toward electrification, and the rising demand for commercial vehicles from the logistics and e-commerce sector in the region. All these factors are propelling the market demand for zinc oxide for the production of lubricants.
The "zinc oxide market analysis to 2028" is a specialized and in-depth study of the chemicals & material industry, focusing on global market trend analysis. The report aims to provide an overview of the zinc oxide market with detailed market segmentation based on process, grade, application, and geography. Based on process, the global zinc oxide market is segmented into french process, wet process, american process, and others. Based on grade, the zinc oxide market is segmented into standard grade, food grade, USP grade, and others. Based on application, the global zinc oxide market is segmented into rubber, agriculture, chemicals and lubricants, glass and ceramic, paint and pigment, and others.
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The global zinc oxide market is segmented into five main regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. In 2020, APAC held the largest revenue share in the global zinc oxide market. The growth of the market in APAC region is due to the growing pharmaceutical industry. The growth of the pharmaceutical industry in Asia Pacific directly influences the growth of the zinc oxide market. Asia Pacific is one of the significant markets for pharmaceutical products. Zinc oxide is used in manufacturing of zinc tablets, which are consumed as health supplement. These tablets help in boosting the immunity, lower the risk of heart attack and protect against the eye disease.
With the increase in geriatric population the rate of heart attack is increasing to improve the heart rate and decreasing the risk of bad cholesterol and triglycerides has surged the demand of zinc oxide, which has directly benefited the demand of zinc oxide. China, Japan, and India are the primary producers of pharmaceuticals in the region. Governments of these countries are developing new policies to promote the development of the pharmaceutical industry.
For instance, to address the needs of the growing population in Japan, the government is responding by easing various life science regulations and surging approval of innovative new drugs to promote pharmaceutical companies, both in domestic and foreign markets. Moreover, zinc oxide can maintain the structural integrity of insulin; hence zinc oxide nanoparticles can be developed for antidiabetic treatment, thus increasing the benefits of zinc oxide in the healthcare industry, which will drive the zinc oxide market growth.
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 some players actively focusing on developing more innovative zinc oxide for various applications.
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