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 used as a key ingredient in a wide range of cosmetics and pharmaceutical products such as bath soaps, makeup, lipstick, baby lotion, shampoo, zinc soap, dental inlays, sunscreen, antiseptic ointments, and calamine creams to prevent sunburn, and premature aging of the skin. Zinc oxide also finds its wide application in skin protectant products such as diaper rash ointments. Further, zinc oxide is an inorganic and insoluble compound mainly used as an additive in various products such as rubber, ceramics, paints, lubricants, foods, batteries, plastics, first-aid tapes, and medical substances.
Additionally, the growth of the construction industry due to the rapid urbanization is propelling the growth of ceramics in developing economies such as China, India, Brzail. The continuous urbanization, upcoming infrastructure projects, and growing population base is increasing the demand for residential and commercial structures. Also, various governmental flagship programs like 'Smart Cities, 'Housing for All', 'Make in India' and 'Atal Mission for Urban Rejuvenation and Transformation' (AMRUT) is boosting the construction industry’s growth in India. Thus, the aforementioned factors and the government's initiatives for the construction industry is supporting to the market’s growth and increasing demand for zinc oxide in ceramic applications in developing economies.
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 manufacturers operating in the zinc oxide market.
Before the COVID-19 pandemic, the zinc oxide market was mainly driven by a high demand for zinc oxide as a vulcanizing agent in the vulcanization of rubber to increase durability. Also, the zinc oxide market growth was driven by pharmaceutical industry 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. However, in 2020, various industries, including rubber, had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries.
The COVID-19 pandemic also caused fluctuations in the prices of raw materials used in rubber products, including zinc oxide nanoparticles. As a result of these adversities, the demand for zinc oxide slumped in the first two quarters of 2020. However, the pharmaceutical industry growth was substantially high during the covid hence zinc oxide market got some stability when other industries growth was slumped. Moreover, with the resumption of various countries' economies, zinc oxide demand is gradually increasing and is expected to regain its growth by the end of 2022.
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