Zinc Chemical Market Size, Industry Analysis, Growth Trends, Forecast 2028

Zinc Chemical Market Size & Industry Analysis:

The global zinc chemical market size was worth around USD 9.5 billion in 2021 and is predicted to grow to around USD 12.49 billion by 2028 with a compound annual growth rate (CAGR) of roughly 4.3% between 2022 and 2028. The report analyzes the global zinc chemical market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the zinc chemical market.

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Zinc Chemical Market: Overview

Zinc is a chemical that is symbolized by Zn and exhibits an atomic number of 30. At room temperature, zinc acts as a slightly brittle metal displaying an appearance of shiny gray once the oxidation is removed. In the periodic table, group 12, is the first element. When considering certain properties, zinc and magnesium show great similarities.

For instance, both the chemical elements have just one oxidation state and ions of Mg2+ and Zn2+ are the same in size. Zinc is one of the most abundantly found elements in Earth’s crust standing at the 24th position and it also offers five isotopes that are stable. Sphalerite is one of the most commonly found zinc ore, which is a mineral falling in the zinc sulfide range. Zinc is most abundantly found in regions like Asia, Australia, and the United States. For refining extracted zinc, market players use the process of froth flotation involving the ore.

Key Insights 

• As per the analysis shared by our research analyst, the global zinc chemical market is estimated to grow annually at a CAGR of around 4.3% over the forecast period (2022-2028)
• In terms of revenue, the global zinc chemical market size was valued at around USD 9.5 billion in 2021 and is projected to reach USD 12.49 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate
• Based on application segmentation, paints & coatings were predicted to show maximum market share in the year 2021
• Based on product type segmentation, zinc oxide was the leading type in 2021
• On the basis of region, Asia-Pacific was the leading revenue generator in 2021

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Zinc Chemical Market: Growth Drivers

Wide applications as a protective measure against corrosion to propel market growth

The global zinc chemical market is anticipated to grow due to the increasing demand for zinc as an anti-corrosion agent owing to its high-performance index. Corrosion describes the natural process through which a refined metal gets converted into an oxide that is more chemically stable. It causes degradation of material quality and is a gradual process. Businesses dealing in structures made of metal spend large amounts on protecting the structure from undergoing corrosion as it can severely impact the performance quality of the unit over time leading to high economic loss.

The oil & gas industry which boasts of some of the largest metal structures is known to lose over USD 6.95 billion in preventing, maintaining, or replacing the large assets that are affected by corrosion. Hence zinc is used as a protective layer over iron or steel since it corrodes faster than these two materials acting as a sacrificing chemical. Due to the high reactivity of the chemical, it attracts most of the oxidation until it is completely corroded.

Zinc Chemical Market: Restraints

Harmful health effects to restrict the market growth

As per the New Jersey Department of Health and Senior Services, zinc oxide is classified as a health hazard that acts as a major barrier to further global market growth. The chemical can have serious implications if breathed in and is known to cause metal fume fever which is an illness like the viral flu with symptoms including headache, constant metallic taste in the mouth, cough, and chest tightness to name a few.

Zinc Chemical Market: Opportunities

Application in the electronics industry to provide more growth scenarios

Zinc is gaining popularity as an anode material in the electronics industry to be used in batteries owing to its standard electrode potential of -0.76 volts. In a zinc-air battery or fuel cell, the chemical is used as an anode, whereas a zinc-cerium redox flow battery functions on a negative half-cell that is based on zinc. In alkaline batteries, powdered zinc is highly preferred.

Since the electronic sector is anticipated to grow at a high CAGR owing to increasing demand from end-consumers due to factors like increasing disposable income, globalization, and modernization, the demand for zinc may grow simultaneously.

Zinc Chemical Market: Challenges

Concerns associated with alkaline zinc-air batteries pose a major challenge

Although alkaline zinc-air batteries have the potential to become high-grade energy storage devices, they currently lack a significant adoption rate in the commercial segment since zinc electrodes are known to register multiple problems like dendrite growth, hydrogen evolution reaction, and passivation.

This is one of the major challenges the global zinc chemical market players have to deal with to increase the application range of zinc chemicals since the compound in itself has various futuristic applications.

Zinc Chemical Market: Segmentation

The global zinc chemical market is segmented based on application, product type, and region

Based on application, the global market segments are agriculture, rubber compounding, paints & coatings, pharmaceuticals, and food & beverages. The global market witnessed the highest growth in the paints & coatings market and the same trend is expected in the future. The high CAGR is attributed to the increasing application of zinc in products that are applied as protective coatings over materials that undergo corrosion. Paints that are rich in zinc contain up to 85% to 92% or pigments of zinc metal that subsequently act as excellent anti-corrosion agents. These paints are known to create a barrier of metallic zinc and provide cathodic protection to iron or steel that lies beneath.

Based on product type, the global market is divided into zinc sulfate, zinc oxide, zinc chloride, and zinc carbonate. Currently, the market registers the highest revenue from zinc oxide due to the versatility of the chemical. It is a preferred chemical when manufacturing personal care cosmetics items. It also protects the skin from acne, while controlling excess oil, sun damage, and bacterial infection protection, amongst others. As per the Food and Drugs Administration, zinc oxide can be used up to a concentration of 25% in cosmetics products since this quantity is regarded as safe to use.

Recent Developments:

• In November 2021, Gelion PLC, a leading provider of energy-storage solutions, announced that the company’s research wing is working on the development of zinc bromide batteries that act as longer and safer storage units as compared to their counterparts
• In October 2021, a global provider of Zinc and related compounds, Zinc National, announced the company’s intention to expand production capability by upgrading the already functioning unit in Mexico. The company plans to cater to the needs of industries like lubricant, chemical, rubber, and tire

Zinc Chemical Market: Report Scope

Zinc Chemical Market: Regional Analysis

Asia-Pacific to dominate with the highest market share

The global zinc chemical market is projected to be dominated by Asia-Pacific due to the expanding electronics sector of countries like Japan, India, Singapore, Taiwan, and China. The increasing spending capacity aided by the growing population and demand for electronic items may drive regional market growth.

Other industries that could lead to higher consumer numbers are the agriculture and chemical processing industries along with the rubber processing sector. Since the 1960s, China's production of natural rubber has increased by a heavy number. In 2020, China was responsible for more than 4.9% of the global natural rubber market. One of the key contributors could also be the pharmaceutical sector of India, which has been progressing at a fast pace. The Indian pharmaceutical sector holds a value of USD 49.9 billion and is a major supplier of generic medicine to the United Kingdom and Africa.

Zinc Chemical Market: Competitive Analysis

The global zinc chemical market is led by players like;

• Weifang Longda Zinc Industry
• Hakusuitech Co. Ltd
• BrüggemannGruppe
• Zinc Oxide LLC
• American Chemet Corporation
• U.S. Zinc
• Rubamin

The global zinc chemical market is segmented as follows:

By Application

• Agriculture
• Rubber Compounding
• Paints & Coatings
• Pharmaceuticals
• Food & Beverages

By Product Type

• Zinc Sulfate
• Zinc Oxide
• Zinc Chloride
• Zinc Carbonate

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa