Report : Asia Pacific Zinc Oxide Market Forecast to 2028 - COVID-19 Impact and Regional Analysis – by Process (French Process, American Process, Wet Process, and Others), Grade (Standard Grade, Food Grade, USP Grade, and Others), Application (Rubber, Agriculture, Chemicals and Lubricants, Glass and Ceramic, Paint and Pigment, Pharmaceutical, and Others)
At 5.2% CAGR, the Asia Pacific Zinc Oxide market is speculated to be worth US$ 3705.91 million by 2028, says Business Market Insights
According to Business Market Insights’ research, The Asia Pacific Zinc Oxide market was valued at US$ 2601.78 million in 2021 and is expected to reach US$ 3705.91 million by 2028, registering an annual growth rate of 5.2% from 2021 to 2028.Limited substitutes and increasing application of zinc oxide in various industries and growing demand for green zinc oxide nanoparticles in agriculture driving the market are the critical factors attributed to the market expansion.
Limited alternate and growing application of zinc oxide in various end-use industries are bolstering its demand and subsequently flourishing the market growth. Zinc oxide nanoparticles are excessively used in pharmaceutical industry and few medicine contains zinc oxide nanoparticles that are irreplaceable and has no alternate. For instance, azithromycin medicine which is used for infected wound healing comprises zinc oxide nanoparticles majorly and this particle has no substitute. Similarly, zinc oxide (ZnO) has been commonly used in high doses (2000 to 3000 mg/kg diet) for weaned piglets as an antibiotic to prevent intestinal inflammation and increase weight gain among swine livestock. ZnO used as fortified in animal feeds to increase its nutrition value, growth rate, and immunity. Scientists from the region are still researching the alternative of ZnO in animal feed.
Further, rising zinc oxide application in multiple industries is another major driving factor for the market. With the growing population and increasing per capita income globally, the demand for various goods has risen. This trend has increased revenue in various industries such as personal care, pharmaceutical, paints, and pigments. The aforementioned industries widely use zinc oxide while manufacturing products, helping flourish the market. For instance, 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 from sunburn, and premature aging of the skin. Zinc oxide also finds its wide application in skin protectant products such as diaper rash ointments. In addition to this, zinc oxide is commonly used in primers and exterior paints. Zinc oxide provides mildew resistance, corrosion inhibition, and stain blocking support.
Also, zinc oxide is widely used as an additive for lubricating oils of automotive engines to reduce oxidation corrosion and wear and tear. Zinc oxides are used to manufacture various lubricants such as extreme-pressure lubricants, seizure-resistant lubricants, and greases. Thus, the above-mentioned products are high in demand, and the respective industries are growing. For instance, in 2021, the cosmetic industry generated ~US$ 81 billion of revenue worldwide and registered ~8% growth compared to the previous year, as per the study by Statista. Similarly, in 2021, automotive lubricants recorded 70.2 billion of revenue, an increase of ~5% compared to 2020 as per the Statista report. Thus, the wide array of applications of zinc oxide is increasing its consumption rate and subsequently driving market growth..
On the contrary,challenges faced in marketing the stringent government policies hurdles the growth of the Asia Pacific Zinc Oxide Market.
Based on process, The Asia Pacific Zinc Oxide market is segmented into french process, american process, wet process, and others. The french process held 80.2% market share in 2021, amassing US$ 2085.47 million. It is projected to garner US$ 2992.02 million by 2028 to expand at 5.3% CAGR during 2021–2028.
Based on grade, The Asia Pacific Zinc Oxide market is segmented into standard grade, food grade, usp grade, and others. The standard grade segment held 53.4% market share in 2021, amassing US$ 1390.20 million. It is projected to garner US$ 2018.26 million by 2028 to expand at 5.5% CAGR during 2021–2028.
Based on application, The Asia Pacific Zinc Oxide market is segmented into rubber, agriculture, chemicals and lubricants, glass and ceramic, paint and pigment, pharmaceutical, and others. The rubber segment held 45.6% market share in 2021, amassing US$ 1186.76 million. It is projected to garner US$ 1780.36 million by 2028 to expand at 6.0% CAGR during 2021–2028.
Based on country, The Asia Pacific Zinc Oxide market has been categorised into the Australia, China, India, Japan, South Korea, and Rest of APAC. Our regional analysis states that China captured 35.5% market share in 2021. It was assessed at US$ 923.86 million in 2021 and is likely to hit US$ 1371.91 million by 2028, exhibiting a CAGR of 5.8% during the forecast period.
Key players dominating The Asia Pacific Zinc Oxide market are Silox SA, EverZinc, U.S. Zinc, Umicore, Rubamin , JG Chemicals Pvt,Ltd , Pan-Continental Chemicals Co.Ltd , L.Bruggeman GMBH,and Akrochem Corporation among others.