Zinc Chemicals Market To Generate $1,485.6 Million Revenue by 2030
- Published: October 2023
The global zinc chemicals market size is expected to advance at a CAGR of 5.2% during 2024–2030, to reach USD 1,485.6 million by 2030. This can be ascribed to the surging applications of such chemicals in a large number of industries, as these possess various advantageous properties including low-melting point, optical, and solid state.
Increasing Usage in the Automotive Industry Propels the Demand
Zinc is widely used in the automotive industry for various purposes such as power steering systems, fuel systems, climate control components, brake parts and systems, engines, air conditioning components and systems, and many more. This is because it possesses hardness, rigidity, and strength, due to which it is used for the manufacturing of automotive components. Also, it has a lower melting point, which aids in minimizing the energy used in the casting and smelting processes and hence it reduces the cost of production.
It has various other advantages such as it protects the environment as it does not emit any toxic gases and also reduces the possibility of heat shock. In addition, in order to avoid corrosion and rusting of several components of vehicles, they are plated with zinc. Thus, these factors drive the demand for zinc chemicals in the automotive sector, which, in turn, boosts the growth of the market.
North America Holds the Second-Largest Position in the Market
North America holds the second-largest position in the market. This is attributed to the existence of various key players, the growing usage of paints and coatings, the rapid adoption of new and advanced techniques, and people being more concerned about using high-quality products, in the region.
In North America, the U.S. holds a major market share because of the growing paints and coatings industry due to the rising production of beverage cans, the increasing infrastructural projects both commercial and residential, and the shifting trend toward electric vehicles; and the presence of major companies in the country, which are collaborating and merging for the production of Zn. For instance, in June 2022, Aterian merged with EverZinc, for the large production of Zn.
The European market is expected to show a significant growth rate in the coming years, attributed to the rising disposable income, the presence of automobile manufacturers, and the increasing number of applications of zinc, in the region. Furthermore, governments in the region are also creating awareness related to the use of zinc metals. According to government websites, the International Zinc Conference Europe was organized at the Hilton Dublin, Ireland on May 22–24, 2023. The conference provided updates on opportunities and market trends, regulatory trends, sustainable developments, and several networking opportunities related to zinc.
In Europe, Germany is the largest revenue contributor because it is a key producer of rubber and automobiles, and individuals are becoming more concerned about their personal care in the country. The major automotive companies present in the nation include Mercedes-Benz AG, Volkswagen Group, Daimler AG, and BMW Group.
The most-significant zinc chemicals market players are American Chemet Corporation, EverZinc, Flaurea Chemicals, Global Chemical Co. Ltd., Hakusui Tech, Intermediate Chemicals Company, Rech Chemical Co. Ltd., TIB Chemicals AG, Weifang Longda Zinc Industry Co. Ltd., and Zochem LLC.