The global nano zinc oxide market size was valued at USD 350 million in 2021 and is projected to reach USD 616.90 million by 2030 at a CAGR of 6.5% from 2022 to 2030.
Zinc oxide is a multifunctional material that has unique chemical and physical properties, such as chemical stability, paramagnetic nature, a broad range of radiation absorption, and high photo-stability. It is an inorganic and insoluble compound that is mainly used as an additive in various products. It is transparent, non-toxic, and is commonly available in the market as powder or dispersion. Furthermore, the nanoparticles of zinc oxide that range between 1 - 100 nanometre in size enveloped in an interfacial layer are mainly known as nano zinc oxide.
Zinc oxide also has anti-bacterial, anti-fungal, anti-corrosion, catalytic, and UV filtering properties and thus, finds its applications in sunscreens, anti-microbial, conductive thin-films in blue laser diodes, protective coatings, solar cells, LCDs, varistors, photo printing, transparent plastics and plastic films, capacitors, and electrophotography. Moreover, the characteristics of this compound can be improved by doping, changing the chemical composition, size, shape, as well as surface area.
The global nano zinc oxide market is anticipated to grow during the forecast period owing to the increasing consumption of nano zinc oxide in paints and coatings, cosmetics, food contact materials (such as containers for transporting food, machinery to process food, packaging materials, kitchenware and tableware, and others), electronics, textiles, and other industries. However, inhaling its nano particles via spray or other products can cause harm to living beings leading to health problems, and hamper the global nano zinc oxide market growth.
Get more information on this report Download Sample Report
Based on end-use industry, cosmetics segment is expected to boost the global nano zinc oxide market during the forecast period. Nano zinc oxide is largely used as a colorant for cosmetic products. It is also used for bulking, skin protection, and as a UV absorbent. The growth can be attributed to the increasing consciousness of one's appearance and grooming leading to demand for cosmetic products in the market. The growing demand for online shopping for cosmetic products allows the manufacturers, or producers to establish a wide sales network which accelerates the market growth.
Furthermore, the rise in per capita disposable income with an improved standard of living is the vital contributing factor for market growth. According to the 2019 annual report of L'Oreal Paris, the cosmetic market saw a growth of 5.5% in 2019, of which approximately 40% constituted the skincare and 18% makeup segment which demonstrates the rapid growth in the cosmetics industry.
Nano zinc oxide offers a range of functionalities, such as thermal barrier, anti-bacterial, easy-clean, anti-corrosion, protection, and UV-absorbent, and therefore, is widely used in the paints and coatings industry. The increase in the focus of the government on the renovation of existing infrastructure especially public places is creating demand for paints. It has a lot of untapped potential in the developing countries where the construction sector is on a boom due to the robust economic growth and its positive impact on corporate profits, the state of public finances, and household income which is expected to boost the demand for nano zinc oxide.
As per the data shared by the Republic of Turkey - Ministry of Trade, the value of the global paint and coatings industry, valued 100 billion USD in the year 2019. Out of which, the decorative coatings formed 44% and industrial coatings formed 56%.
The growth in various end-user industries like automobiles, across the world, is expected to increase the consumption of paints and coating leading to global nano zinc oxide market growth. According to the statistics shared by the International Organization of Motor Vehicle Manufacturers (OICA), a total number of 95,634,593 cars and commercial vehicles, across the world, were manufactured in the year 2018.Out of which, 21,072,296 units of light commercial vehicles were manufactured worldwide, which is 4.2% higher than 2017. The rise in car production is anticipated to create greater demand for automotive paints, which in turn, is expected to augment the market growth during the forecast period.
Regional Growth Insights Request Sample Pages
The Asia-Pacific is expected to have the largest market share in the global nano zinc oxide market during the forecast period. The growth can be attributed to the presence of developing countries like India and China. The countries in the region have observed industrialization and urbanization, due to which industries such as paints and coatings, cosmetics, personal care, chemicals, pharmaceuticals, electronics, and others have seen a robust growth. According to the data shared by the International Trade Administration, the USA, the pharmaceutical industry of China is expected to become the second-largest in the world during the forecast period due to increasing health awareness, and rising total and per capita expenditures on healthcare which uses nano zinc oxide in first-aid tapes, antiseptic creams, dental creams, etc.
The growing population and rise in the disposable income of the individuals have also positively impacted the growth of these industries which is expected to drive regional market growth. As per the National Bureau of Statistics of China, the national average resident disposable income was USD 6,632 billion in Q4, 2017, which grew to USD 7,815 billion in Q1, 2018 at a growth rate of 6.6% which is projected to increase further during the forecast period.
Europe is expected to be the second-largest region to hold the maximum share in the global nano zinc oxide market owing to increasing demand from the textile industry. The region is considered home to some of the most important textiles and fashion inventions and therefore, has a strong textile market. Nano zinc oxide is used to provide extra protection from the sun as it is a highly-effective broad-spectrum UV absorbent and can be firmly attached to the fabricfibers for reliable UV protection.
The rising fashion industry in Europe demands high-quality fabrics which are then converted into different outfits contributing to the regional market growth. The European Apparel and Textile Confederation estimated the turnover of the textile and clothing industry in the EU-27 to be 185.49 USD billion, whereas investments amounted to 573 USD billion, which showed an increase of 2.7% compared to 2018 and is projected to further increase during the forecast period. Therefore, this increase in the demand for nano zinc oxide from the textile industry will promote market growth in this region.
The global nano zinc oxide market is partially consolidated in nature and comprises many big players. These players have been adopting strategies such as acquisition, production capacity expansions, and product launches in new markets. In addition to this, the new entrants are making significant investments and are focusing on ramping up production lines to penetrate the nano zinc oxide market. For instance, EverZinc Group expanded its production capacity in the Netherlands and BYK expanded its roots by opening up new business divisions in Shanghai in the year 2019.
|Market Size||USD in 616.90 million By 2030|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
|Segments Covered||by Product Type (Coated, Un-Coated) End-Use Industry (Paints and Coatings, Cosmetics, Chemicals, Pharmaceuticals)|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||Croda International PLC, S. Zinc Corporation, Zochem LLC, Zinc Nacional S.A., Zinc Oxide LLC, H. Chemicals Ltd, EverZinc Group, Pan-Continental Chemical Co Ltd, Advanced Nano Technologies Ltd, Weifang Longa Zinc Industry Co. Ltd,|
|Key Market Opportunities||High Demand In Bulk Chemicals Sector Is Pushing Nano Zinc Oxide Market|