Zinc Oxide Market Present Scenario and the Growth Prospects with Forecast 2024
Axiom MRC, in its “Zinc
Oxide” report has described about its Application
and Geography - Global Market Share, Trend Analysis & Forecast Up To 2024” Zinc oxide (ZnO) is
a multifunctional material classified as a semiconductor in group II-VI.
Zinc Oxide Market Global Analysis:
It has exceptional chemical and physical properties, such as
high electrochemical coupling coefficient, high chemical stability, extensive
range of radiation absorption and high photostability. The piezoelectric and
pyroelectric properties of ZnO enables it to function as a sensor, converter,
energy generator and photocatalyst in hydrogen production. Moreover, because of
its hardness, rigidity and piezoelectric constant it is an important material
in the ceramics manufacturing.
The global zinc oxide market has gained remarkable growth
owing to increasing demand of tire and rubber products in emerging countries
and high demand in cosmetic & personal care industry. Moreover, new product
launches and their expanding application areas coupled with favourable
reimbursement policies are fuelling the market growth.
Zinc Oxide Market Segmentation:
Zinc Oxide Market Applications:
Based on application, the market is segmented into
agricultural, ceramics, chemicals, cosmetics & personal care,
pharmaceuticals, rubber and others. The market is expected to grow at a
healthy growth rate in next five years, driven by the growing sales of tire and
other rubber products from automotive industry. Among various applications, the
rubber application accounted for largest market share in 2017.
Zinc Oxide Market Geography:
By geography, the global zinc oxide market is studied across
the countries of key regions such as, North America, Europe, Asia Pacific,
Latin America, and Middle East & Africa. North America is estimated to
account for the largest share in 2017, followed by Europe and Asia-Pacific. In
Europe, use of zinc oxide for cosmetic industry is expected to account for
favourable growth. In addition to this, the Asia-Pacific region is expected to
grow at a lucrative growth rate during the forecast period.
Zinc Oxide Market Key Players:
Some of the major players operating in the global zinc oxide
market include Akrochem Corporation, American Chemet Corporation, American Zinc
Recycling LLC., BASF SE, G.H. Chemicals Limited, Grillo-Werke AG, Hakusuitech
Company Limited, Numinor, Symrise AG, U.S. Zinc and Umicore SA among
others. New product launches and acquisitions are the key growth strategies
adopted by major players to reinforce their positions in the international
market. For instance, Zochem, formerly a subsidiary of American Zinc Recycling
LLC, has been acquired by Zinc Oxide LLC. It is the largest producer of
zinc oxide in North America, headquartered at the Zinc Oxide LLC Dickson, TN
facility.
About Axiom MRC:
Axiom Market Research
& Consulting™ (also known as Axiom MRC), is a full-service market research
and data analytics firm, driven by a simple aim of providing key market
intelligence to companies to assist them in taking informed business decisions
pertaining to their marketing strategy, investments, new product launches, market
competition, consumer or end users, social media trends etc.
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