The zinc oxide market caters to a wide range of applications across industries such as pharmaceuticals, personal care, chemicals, and others. Zinc oxide has emerged as a popular ingredient for medical formulations owing to its anti-inflammatory, antibacterial, antifungal, and anti-oxidant properties. It helps in neutralizing odor and protecting the skin from ultra-violet light which widens scope for personal care items. Zinc oxide is blended with paints and rubbers to provide protection against UV rays and heat.
The Global zinc oxide market is estimated to bae valued at US$ 6.34 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2030.
Zinc oxide finds applications in production of ointments, sunscreens, powders, and creams due to its ability to shield skin from UV radiations. It possesses antibacterial properties which makes it suitable for treatment of minor cuts and wounds. Growing consumer awareness pertaining to skincare and personal hygiene is propelling demand for zinc oxide based cosmetic products.
Key players operating in the zinc oxide market are MorphoSys US Inc., Bristol Myers Squibb, Karyopharm Therapeutics, F. Hoffmann-La Roche AG, Merck & Co., Inc., Gilead Sciences, Inc., and Novartis AG. These companies are focusing on strengthening their market position through geographic expansion and new product launches.
The global zinc oxide market is witnessing high growth on account of increasing demand from end use industries like pharmaceuticals, chemicals and personal care. Zinc oxide finds widespread application in formulation of medicines for treatment of acne, boil, dandruff and other skin conditions owing to antifungal and anti-inflammatory properties.
Asia Pacific region is expected to dominate the zinc oxide market during the forecast period attributable to expanding personal care industry in China and India. Continuous population growth coupled with rising disposable incomes in developing countries has heightened demand for cosmetic products. Additionally, flourishing pharmaceutical sector triggered by growing medical needs further complements the regional market.
Market Key Trends
One of the key trends observed in the Zinc Oxide Market Share is growing preference for nanomaterials. Nanotechnology enabled zinc oxide has emerged as an alternative to conventional zinc oxide owing to its enhanced properties. Nano zinc oxide has higher dispersion, surface area and reactivity which proves advantageous in end use applications. It displays improved UV blocking ability and helps deliver active ingredients efficiently in sunscreens, creams and medicinal formulations. Leading players are investing in R&D to integrate nanotechnology and widen the application horizon of zinc oxide.
Threat of new entrants: Low capital requirement and abundant raw material availability pose a low threat of new entrants in the market.
Bargaining power of buyers: Global presence of buyers and substitute products result in high bargaining power of buyers.
Bargaining power of suppliers: Limited number of suppliers and importance of raw material give high bargaining power to suppliers.
Threat of new substitutes: Alternatives like titanium dioxide pose moderate threat of substitution based on price and performance.
Competitive rivalry: Market dominated by small number of large players leading to high competitive rivalry.
North America is currently the largest market for zinc oxide in terms of value, owing to presence of abundant resources and established end-use industries like rubber, cosmetics and paints & coatings. Asia Pacific excluding Japan is projected to witness the fastest growth during forecast period due to growing construction activities, automotive production and rising disposable income in developing economies like China and India.
Europe holds the second position in zinc oxide market led by automotive and construction industries in countries like Germany, UK and Italy. Latin America and Middle East & Africa are expected to showcase moderate growth on account of ongoing infrastructure projects and increasing product awareness.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it