Global Zinc Chemicals Market 2019-2023 | Increased Use of Zinc Sulfate in Food and Medical Applications to Boost Growth | Technavio
The global zinc chemicals market is expected to post a CAGR close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increased use of zinc sulfate in food and medical applications. In the pharmaceutical industry, zinc sulfate is used as a dietary supplement; it is used to treat zinc deficiency and improve oral rehydration, which occurs during diarrhea. Zinc sulfate is regarded as first-line therapy in pre-symptomatic patients and pregnant women and is also used for the treatment and prevention of papillomatous digital dermatitis (PDD), a foot disease in cattle and sheep. In the food and beverages industry, zinc sulfate is used as a nutritional supplement. It is also used as a food supplement and as an animal feed. Thus, the increasing food and medical applications of zinc sulfate will boost the demand for zinc chemicals during the forecast period.
As per Technavio, the increasing use in the semiconductor industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global zinc chemicals market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global zinc chemicals market: Increasing use in the semiconductor industry
The increasing demand for zinc oxide in the production of varistors, ferrites, and solar cells is expected to propel the growth of the global zinc chemicals market during the forecast period. Zinc oxide is an essential ingredient in soft-type ferromagnetic materials for television, radio, and telecommunications applications. Ferrites based on magnetite, zinc oxide, and nickel oxide is used as a filter inductor circuit in many types of electronic devices. Zinc oxide acts as a photocatalyst in the production of solar energy cells. In the production of varistors, it offers high-temperature stability and resistance. Thus, the vast potential of zinc oxide in the semiconductor industry will contribute to market growth during the forecast period.
"Apart from the increasing use of zinc in the semiconductor industry, zinc chemicals are also being used in various end-user industries such as agriculture; automotive; glass and ceramics; and paints and coatings. For instance, zinc oxide is mainly used in rubber compounding, in the automotive industry. Also, major automotive manufacturing countries such as China, Germany, India, and the US are using zinc oxide in various automotive components. Thus, the increasing use of zinc chemicals in various sectors will boost market growth over the next few years," says a senior analyst at Technavio.
Global zinc chemicals market: Segmentation analysis
This market research report segments the global zinc chemicals market by type (zinc oxide, zinc sulfate, zinc carbonate, zinc chloride, others), and geographical regions (APAC, Europe, South America, North America, and MEA).
The APAC region led the market in 2018, followed by Europe, South America, North America, and MEA, respectively. During the forecast period, the APAC region is expected to dominate the global market and register the highest incremental growth due to the increase in production of automotive in the region.
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Five Forces Analysis
Market Segmentation
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Vendor Landscape
- Vendors covered
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