LOS ANGELES, TOKYO and PUNE, India, July 23, 2018 /PRNewswire/ --
New report published by QY Research which offers insights on the global Zinc Oxide market. The Zinc Oxide market has been experiencing steady growth graph since past years. The market for Zinc Oxide was 3,796 USD Million in 2017 and is projected to register a CAGR of 2.22% between 2017 and 2024 to reach 4,426 USD Million by 2024.
North America plays an important role in global Zinc Oxide market, with a market share of 15.1% in 2017 and is expected to show a similar trend during the forecast period, especially in United States, it has great influence on the development of Zinc Oxide.
The Europe market is mature and developed stably in the past few years and will keep the trend in the next years, it was 777 USD Million in 2017 and will reach 859 USD million in 2024, with a CAGR of 1.44% between 2017 and 2024.
The Asia-Pacific will take an increasing significant part in global Zinc Oxide market, due to the strong demand from China, India and Southeast Asian countries. It was 2400 USD million in 2017 in Asia-Pacific, and it is predicted that the market size will reach 2720 USD million in 2024.
Global Zinc Oxide Market: Market Driver and Restraint
Zinc Oxide is mainly used for Rubber/Tires industry and Ceramic/Glass manufacturing. Rubber/Tires industry are the most important application. In 2017, Rubber/Tires application holds 44% of the consumption market share. Despite the presence of competition problems, due to the global recovery trend is clear, investors are still optimistic about this area. In the future, the market in developed countries will have some growth and the market in developing countries will have a faster growth rate.
In the zinc oxide industry, there is a high threat of substitute products. If manufacturers sell their products at higher prices, or if the products are of low quality, then consumers are able to purchase substitutes from the many competitors who are present in the market environment. It is therefore essential for the market players in the zinc oxide to be guarantee the quality if they are to tackle the challenge of the threat of substitute. In addition, in this industry, the competition is very intense due to the large number of manufacturers. The difference between brands is low.
Global Zinc Oxide Market: Key Takeaways
Overall economic performance will continue to be the best indicator of future demand for Zinc Oxide. Demand in most downstream markets is greatly influenced by general economic conditions. As a result, demand largely follows the patterns of the leading world economies.
Zinc oxide is the most widely used zinc compound, and it plays an important role in a multitude of applications. The galvanization of steel products accounts for half of global zinc consumption due in large part to the metal's critically important corrosion-resistant properties. Zinc oxide is also a critical material in the manufacturing of tires, where it increases resilience and elasticity, literally putting the bounce in rubber.
Ceramics is another major market for zinc oxide. The compound's durability is what makes up many of today's ceramic tiles, cookware and tableware. Sunscreen and skincare companies rely on zinc oxide for its UV-absorbing properties and the protection it provides from the sun. Its regenerative effect on the skin makes it an integral component in baby creams and wound-care ointments.
Global Zinc Oxide Market: Key Players
US Zinc, EverZinc, Zochem, Silox, Zinc Oxide LLC, Longli, Pan-Continental Chemical,GH Chemicals, Rubamin, Yongchang, Zinc Nacional, Univentures,Seyang, Grillo, PT. Indo Lysaght , Haihua, Hakusui,Mario Pilato, Brueggemann, are the key vendors included in this report.
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