Zinc Oxide Market

The article provides comprehensive data on the global market trends for zinc oxide and zinc peroxide, including forecasts for consumption and production volumes up to 2030. It highlights the key countries driving demand, such as China, the United States, and India, and their impact on market value. The analysis also covers import and export statistics, along with price fluctuations over the last decade. Overall, the data suggests a positive outlook for the zinc oxide market in the coming years.

Market Forecast

Driven by increasing demand for zinc oxide and zinc peroxide worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 4.5M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market value to $13.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Zinc Oxide And Zinc Peroxide

In 2022, approx. 4M tons of zinc oxide and zinc peroxide were consumed worldwide; remaining relatively unchanged against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, global consumption attained the peak volume at 4.1M tons in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

The global zinc oxide market size fell to $10.3B in 2022, reducing by -5.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +9.3% against 2020 indices. Over the period under review, the global market attained the maximum level at $11.6B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (834K tons), the United States (483K tons) and India (311K tons), with a combined 40% share of global consumption. Turkey, Spain, Pakistan, Japan, Indonesia, Mexico, Nigeria, the UK, Germany and Vietnam lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +18.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Turkey ($2.1B), China ($2B) and Japan ($821M) were the countries with the highest levels of market value in 2022, with a combined 48% share of the global market.

Among the main consuming countries, Turkey, with a CAGR of +19.4%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of zinc oxide per capita consumption in 2022 were Spain (2,696 kg per 1000 persons), Turkey (2,097 kg per 1000 persons) and the United States (1,440 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +16.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Zinc Oxide And Zinc Peroxide

In 2022, global production of zinc oxide and zinc peroxide shrank to 4.1M tons, remaining stable against 2021 figures. The total output volume increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 14%. Global production peaked at 4.2M tons in 2021, and then declined modestly in the following year.

In value terms, zinc oxide production reduced to $10.6B in 2022 estimated in export price. In general, production, however, showed noticeable growth. The growth pace was the most rapid in 2019 with an increase of 37% against the previous year. As a result, production attained the peak level of $17B. From 2020 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (846K tons), the United States (454K tons) and India (324K tons), together comprising 39% of global production. Turkey, Pakistan, the Netherlands, Indonesia, Japan, Nigeria, Canada, Spain, Mexico and the UK lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Turkey (with a CAGR of +16.4%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Zinc Oxide And Zinc Peroxide

In 2022, approx. 611K tons of zinc oxide and zinc peroxide were imported worldwide; which is down by -6.8% against 2021. Overall, imports continue to indicate a slight setback. The pace of growth appeared the most rapid in 2021 when imports increased by 15% against the previous year. Over the period under review, global imports reached the peak figure at 742K tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, zinc oxide imports expanded remarkably to $1.7B in 2022. In general, total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +41.8% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 35%. Over the period under review, global imports reached the peak figure in 2022 and are likely to see steady growth in the near future.

Imports By Country

In 2022, the United States (102K tons), followed by Mexico (64K tons), Germany (40K tons), Spain (40K tons), Belgium (40K tons), Vietnam (32K tons) and Poland (28K tons) were the key importers of zinc oxide and zinc peroxide, together constituting 57% of total imports. Taiwan (Chinese) (20K tons), France (19K tons), the Netherlands (17K tons), Italy (12K tons), Canada (12K tons) and the Czech Republic (12K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +13.7%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($363M) constitutes the largest market for imported zinc oxide and zinc peroxide worldwide, comprising 21% of global imports. The second position in the ranking was held by Germany ($140M), with an 8.1% share of global imports. It was followed by Spain, with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States amounted to +8.9%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+7.7% per year) and Spain (+3.8% per year).

Import Prices By Country

In 2022, the average zinc oxide import price amounted to $2,819 per ton, growing by 19% against the previous year. Overall, import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, zinc oxide import price increased by +31.9% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 26% against the previous year. Global import price peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($3,556 per ton), while Belgium ($967 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+14.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Zinc Oxide And Zinc Peroxide

In 2022, approx. 736K tons of zinc oxide and zinc peroxide were exported worldwide; declining by -5.4% on the previous year. The total export volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 24%. As a result, the exports attained the peak of 779K tons, and then fell in the following year.

In value terms, zinc oxide exports rose rapidly to $1.9B in 2022. Over the period under review, total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +53.6% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 43%. Over the period under review, the global exports attained the maximum in 2022 and are expected to retain growth in the near future.

Exports By Country

The shipments of the nine major exporters of zinc oxide and zinc peroxide, namely the Netherlands, the United States, Belgium, Canada, Zambia, Mexico, Turkey, Peru and Taiwan (Chinese), represented more than half of total export. Austria (23K tons), China (19K tons), India (18K tons) and Thailand (17K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Zambia (with a CAGR of +128.3%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the Netherlands ($289M), Canada ($182M) and the United States ($144M) constituted the countries with the highest levels of exports in 2022, with a combined 33% share of global exports. Peru, Mexico, Turkey, Belgium, Austria, Taiwan (Chinese), China, India, Thailand and Zambia lagged somewhat behind, together accounting for a further 40%.

Zambia, with a CAGR of +114.2%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average zinc oxide export price stood at $2,514 per ton in 2022, picking up by 17% against the previous year. Overall, export price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, zinc oxide export price increased by +31.3% against 2020 indices. The pace of growth appeared the most rapid in 2017 an increase of 29% against the previous year. The global export price peaked in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Canada ($3,536 per ton), while Zambia ($353 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+10.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform