Zinc is a metal highly used by all end-use industries. It is extracted via carbon reduction of zinc blende (ZnS) in blast furnaces. The corrosion-resistant properties of the metal make it valuable for steel and iron industries for coating of their products. The report on the global zinc market by Market Research Future (MRFR) outlines drivers, restraints, opportunities, and threats as well as measures taken by industry participants in staying afloat in the dynamic market.
Market Outlook
The global zinc market is predicted to exhibit 4.50% CAGR from 2019 to 2024 (forecast period) to touch a size of USD 7,149.90 million. It can accumulate a volume of 1.01 million tons by 2024. The aerospace sector has commanded a high demand for zinc for its anti-corrosive parts. Expansion of fleets as well as replacement of legacy aircraft can act as a plus for the market. According to the Society of Japanese Aerospace Companies (SJAC), aircraft worth USD 19 billion were procured by the Japanese government in 2018.
The building & construction sector accounted for nearly 50% steel production, as per the World Steel Association. The migration to cities by the populace as well as the construction of residential and commercial buildings can induce the demand in the global zinc market. Moreover, anti-dumping taxes levied on countries with high production rates of zinc can bode well for the global market growth.
But the glut of zinc production may hamper its growth.
Segmentation Analysis
The global zinc market is segmented by form, application, and end-use industries.
By form, it is segmented into sheet and powder. The powder segment can register an uptick in demand over the forecast period due to the application of the metal in steel coatings.
By application, it is segmented into die casting, galvanizing, and others. The galvanizing segment may accrue significant revenue for the market due to corrosion resistant properties of zinc. The use of zinc coatings for ensuring the strength of steel and metal structures and keeping overhead costs at a minimum can bolster the application growth. In 2018, ThyssenKrupp decided to launch a new galvanizing line for premium coated products.
By end-use industries, it is segmented into consumer goods, transportation, construction, and others.
Regional Analysis
Asia Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa (MEA) are regions are analyzed for the compilation of the global zinc market report.
The APAC regional demand for zinc chemical market is mainly driven by automotive and construction sectors. Strong economic growth, as well as the setup of automotive hubs in Japan, China, and India can trigger the demand for zinc in the region. Increased application of zinc-coated alloys can facilitate the global zinc market growth. Moreover, the proposal of anti-dumping fines on imports from China, Korea, and Vietnam by the Indian government to ensure the domestic production is at an all-time high may be a tipping point in the coming years.
The European region can register a remarkable growth rate due to the use of the metal in automotive and consumer electronic products. Exports of aircraft components to the U.K. is likely to bode well for the global zinc market. The proposal by governments in the European region to strengthen their military defenses can augur favorably for the market.
Competitive Analysis
Leading producers in the global zinc market include Korea Zinc Group, Nyrstar, Glencore Xstrata, Nexa Resources S.A., Boliden, Shaanxi Nonferrous Metals, Teck, China Minmetals Corp, Old Bridge Chemicals, and Zochem, Inc. These players are focused on acquiring licenses on mines in order to resume production. This will ensure a constant supply of zinc to end-users without any drawbacks.
Industry News
Recently, Force Commodities Ltd., an Australian company, has signed an agreement with the Malawi government for extraction of zinc in the country. It has also acquired a stake in Switzerland company, TerraCare AG, which had a partnership with the indigenous mining company of the country, Galena Mining Ltd.
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