Zinc Market Analysis

Global Zinc Market Overview

The Zinc Market Size was valued at USD 20.02 Billion in 2023. The Zinc industry is projected to grow from USD 23.36 Billion in 2024 to USD 30.40 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.58% during the forecast period (2024 - 2032). The market analysis and the global trends suggest that with the increasing services of zinc in the industrial, official, and residential sectors, the demand for production and usage of the same has also increased. The market's major growth is seen in the sectors of the increasing usage of steel alloys, where the major component of the mixture is the zinc metal. Furthermore, there has been an increased usage of steel and zinc in the industry over the past few years due to the heavy consumption of the same. This is one of the crucial factors that enhance the growth of the zinc market across the globe. The construction of buildings and infrastructure has also triggered the growth of the market in recent times and is predicted to have a steady growth rate during the forecast period.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Global Zinc Market Trends Insights

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  The ongoing trend of employing sustainable manufacturing options is aiding the market's growth.

  
  

The increasing emphasis on sustainable energy sources has stimulated the need for zinc in the production of solar panels and wind turbines. Furthermore, the growing demand for electric vehicles has led to a higher consumption of zinc in the manufacturing of batteries. There is a notable movement towards adopting sustainable methods in the mining and processing of zinc. This shift is primarily motivated by growing environmental concerns and stricter laws. Companies are implementing cleaner and more efficient extraction techniques, along with recycling activities, to lessen their environmental footprint. Moreover, zinc prices and market dynamics are being impacted by geopolitical concerns, including trade tensions and supply chain disruptions. In general, the zinc market is experiencing robust expansion as a result of the increasing use of zinc in various industries, the adoption of sustainable practices, and the influence of geopolitical events on supply and demand dynamics.

Global Zinc Market Segment Insights 

The global zinc market is primarily segmented based on form and end-use. 

Based on form, the zinc market is further segmented into powder and sheet and the powder segment owes the major market share globally. Zinc in powder form is widely utilized in several industries , including manufacturing, chemical plants, paints and coatings and pharmaceutical industries. Powdered zinc is mostly valued owing to its versatility and the ease of its use in a multitude of applications. Furthermore, zinc sheets also find their application in the construction and roofing industry owing to their properties like durability, corrosion resistance and the aesthetic appeal they offer. 

Based on end-use, the global zinc market is further sub-segmented into construction, transportation and consumer goods. Out of which, the construction sub-segment owes the major market share. The construction sector, driven by infrastructure development and urbanization projects, holds a substantial share of the zinc market. Zinc-coated steel is extensively used in roofing, cladding, and structural applications, providing durability and protection against corrosion.

Global Zinc Market Regional Insights 

The global zinc market is primarily studied across four major regions, namely North America, Europe, Asia-Pacific and the Rest of the World. Out of which, the Asia-Pacific region dominates the global market share. The Asia-Pacific region dominates the global market share in terms of both production and consumption. Major emerging economies like India, China, Japan, and South Korea play a crucial role in aiding the growth of the zinc market in the APAC region. Moreover, the increased demand for zinc in the said region has been fuelled by rapid industrialization, infrastructural expansion, and increased automotive production in emerging economies like India and China, especially in the galvanizing process. Furthermore, China has been retaining its top position in the world as the largest producer of zinc, which is eventually solidifying the region's supremacy in the global zinc market. 

Followed by the Asia-Pacific region, the North American and European regions also have a substantial market share owing to the presence of major developing nations like the United States, Canada and Mexico, which have the presence of well-established industries like construction, automotive and manufacturing. Due to this, the demand for zinc in these regions has been significant. 

Global Zinc Market Key Players & Competitive Insights 

Major competitors in the global zinc market employ crucial strategies like partnership deals, mergers and acquisitions, expansion deals, and huge investment rounds to expand their business operations. Some of the key competitors in this market are listed below.

Global Zinc Market Key Companies Insights 

• Korea Zinc Group (Korea)


• Nyrstar (Switzerland)


• Glencore Xstrata (Switzerland)


• Nexa Resources S.A.(Brazil)


• Boliden (Sweden)


• Shaanxi Nonferrous Metals (China)


• Teck (Canada)


• China Minmetals Corp (China)


• Old Bridge Chemicals(US)


• Zochem, Inc

Recent Developments 

January 2021 - 

In January 2021, Nystar, a global leader in zinc production, announced their new project plan to achieve carbon neutrality at its Zinx Smelters by 2050.

April 2023 - 

In April 2023, EverZinc, a leading global producer of zinc chemicals, announced the expansion of its production capacity to meet the growing demand for zinc chemicals in various industries.