The zinc market has demonstrated robust growth, increasing from $27 billion in 2023 to $29.15 billion in 2024, with a CAGR of 8.0%. This growth is attributed to rising demand for galvanization, automotive applications, and metal coatings. The market is projected to reach $38.87 billion by 2028, reflecting a CAGR of 7.5%. Growth factors include infrastructure activities, renewable energy storage, adoption of electric vehicles, and global economic recovery. Key trends include zinc as a dietary supplement, market expansion in developing regions, zinc alloy applications, recycling initiatives, and its role in health products.
Major Driver In The Zinc Market
The Zinc market is experiencing growth attributed to the burgeoning heavy industries in developing nations such as China and Peru, driven by their increasing populations and infrastructural developments. Zinc finds its primary application in the galvanizing process, offering protection against rust for iron and steel. The rising population in countries like China is particularly noteworthy, with statistics from June 2022, sourced from Worldometer, indicating a population of 1,450,341,718 in China alone. This population growth contributes significantly to the demand for zinc, especially in industries where it is a vital component. Therefore, the growth of the Zinc market is intricately linked to the demographic shifts and industrial expansions in emerging economies. Additionally, the market size in 2028 underscores the sustained demand and growth potential in the Zinc market, driven by ongoing industrialization efforts and infrastructure development initiatives in developing regions.
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Zinc Market Competitive Landscape
Glencore plc, BASF SE, Jiangxi Copper Corporation, Aluminum Corporation of China, Hechi Jinchuan Group Co. Ltd., Zijin Mining Group Co. Ltd., Tongling Nonferrous Metals Group Holding Co. Ltd., Vedanta Resources plc, Teck Resources Limited, DuPont de Nemours Inc., Boliden AB, Korea Zinc Company Ltd., Poland Copper Group, Hindustan Zinc Limited, Umicore SA, Kaz Minerals plc, Tronox Limited, Chihong Zinc & Cadmium Co. Ltd., Hudbay Minerals Inc., Ferro Corporation GmbH, Jinchuan Group, Fuzhou Xianglu Enterprise Group Co. Ltd., Shuangma Group, Dundee Precious Metals Inc., Yunnan Yunxi Zinc Industry Group Co. Ltd., MMG Limited, Tevali Mining, China Nonferrous Metal Corporation, Nyrstar NV, Hunan Nonferrous Metals Corporation, Newmont Corporation, Ivanhoe Mines Limited
Key Zinc Market Trend
Major companies operating in the zinc market are concentrating their focus on developing innovative solutions such as zinc-based battery technology. Zinc-based battery technology refers to the development and utilization of batteries that incorporate zinc as a key component in their construction and electrochemical processes. For instance, in January 2022, Imprint Energy Inc., a US-based zinc-battery manufacturing company, launched the ‘ZinCore’ zinc-based battery technology. ZinCore battery technology enhances portable power capabilities, opening new possibilities in advanced IoT product design and mobile connectivity. ZinCore batteries offer 10 times more power in the same volume than Imprint's previous ZincPoly battery, meeting 5G radio demands with extended temperature ranges.
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Zinc Market Segmentation
The zinc market covered in this report is segmented –
1) By Type: Construction, Transport, Consumer Goods, Electrical Appliances, and General Engineering
2) By Mining Type: Underground Mining, Surface Mining
By Geography:The regions covered in the zinc market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
Asia-Pacific was the largest region in the zinc market in 2023.
The Zinc Global Market Report 2024 furnishes information about the global zinc market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
