Report : Europe 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 4.8% CAGR, the Europe Zinc Oxide market is speculated to be worth US$ 811.17 million by 2028, says Business Market Insights
According to Business Market Insights’ research, The Europe Zinc Oxide market was valued at US$ 585.68 million in 2021 and is expected to reach US$ 811.17 million by 2028, registering an annual growth rate of 4.8% from 2021 to 2028.Growing penetration of zinc oxide in rubber products and limited substitutes and increasing application of zinc oxide in various industries driving the market are the critical factors attributed to the market expansion.
Growing demand for zinc oxide from the rubber industry for manufacturing various products is bolstering the growth of the zinc oxide market. Zinc oxide is used as a vulcanizing agent in the vulcanization of rubber to increase durability. Rubber is utilized to produce automobile components such as ventilation flaps, radiator seals, tires, and airbags. It offers high heat resistance and reduces the absorption of heat build-up and UV rays. These properties have soared the rubber industry's demand for zinc oxide powder.Further, with the growing automotive industry, the demand for tires is increasing, boosting zinc oxide market growth. As per the International Organization of Motor Vehicle Manufacturers (OICA) report, in 2021, the automotive industry sold more than 82 million vehicles globally, a 5% increase compared to the previous year. Thus, with the growing automotive sales, the demand for tires is soaring gradually.
On the contrary,challenges faced in marketing the stringent government policies hurdles the growth of the Europe Zinc Oxide Market.
Based on process, The Europe Zinc Oxide market is segmented into french process, american process, wet process, and others. The french process held 74.5% market share in 2021, amassing US$ 436.44 million. It is projected to garner US$ 611.04 million by 2028 to expand at 4.9% CAGR during 2021–2028.
Based on grade, The Europe Zinc Oxide market is segmented into standard grade, food grade, usp grade, and others. The standard grade segment held 50.3% market share in 2021, amassing US$ 294.74 million. It is projected to garner US$ 413.77 million by 2028 to expand at 5.0% CAGR during 2021–2028.
Based on application, The Europe Zinc Oxide market is segmented into rubber, agriculture, chemicals and lubricants, glass and ceramic, paint and pigment, pharmaceutical, and others. The rubber segment held 42.3% market share in 2021, amassing US$ 247.69 million. It is projected to garner US$ 361.42 million by 2028 to expand at 5.5% CAGR during 2021–2028.
Based on country, The Europe Zinc Oxide market has been categorised into the Germany, France, Italy, UK, Russia, and Rest of Europe. Our regional analysis states that Germany captured 24.6% market share in 2021. It was assessed at US$ 144.13 million in 2021 and is likely to hit US$ 207.63 million by 2028, exhibiting a CAGR of 5.4% during the forecast period.
Key players dominating The Europe Zinc Oxide market are Silox SA, EverZinc, U.S. Zinc , Umicore, Grillo-Werke AG, L. Bruggemann GMBH, and Akrochem Corporation among others.