Zinc Oxide Pigments Market - Growth, Trends, and Forecast (2020 – 2025)
The global market for zinc oxide pigments is expected to grow at a CAGR of over 3% during the forecast period. Major factor driving the market studied is increasing demand for paints and coating. On the flip side, unfavorable conditions arising due to the COVID-19 outbreak is hindering the growth of the market.
The paints & coatings segment is expected to dominate the global zinc oxide pigments market over the forecast period.
Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Key Market Trends
Increasing Demand from Rubber
- The rubber industry is expected to be one of the largest markets for zinc oxide pigments.
- Zinc oxide pigments are widely used in the rubber industry due to the excellent properties which act as an activator for sulfur vulcanization to reduce the vulcanization time.
- Additionally, zinc oxide pigments also enhance the physical properties of rubber.
- Global tire production in 2019 is estimated to reach 255 million units, which is a 5% increase from 2018 (where it posted a growth of 6% from 2017). It is anticipated to grow at a CAGR of 2-3% over the forecast period
- Therefore, the demand for zinc oxide pigments from the rubber industry is expected to grow during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to account for the largest market for zinc oxide pigments during the forecast period. The growing industries such as rubber, paints & coatings, electronics, and chemicals, etc. in countries include China, and India is expected to boost the demand for the market studied in the region.
- According to the China Rubber Industry Association (CRIA), China's truck and bus tire production in 2019 is decreased by more than 10% when compared to 2018. This discouraging situation is expected to let down the growth of the overall rubber demand which further is expected to affect the market studied in the country.
- China hosts a vast construction sector, and the developments in the infrastructure and residential sectors in the past two years have supported the growth of the construction sector at large. These growing construction activities are propelling the demand for paints & coatings which further is expected to boost the demand for the market studied.
- China has been majorly driven by the ample developments in the residential and commercial construction sectors, which are supported by the growing economy. In China, the housing authorities of Hong Kong launched several measures to push-start the construction of low-cost housing. The officials aim to provide 301,000 public housing units for the 10-year period till 2030.
- In India, the government has initiated projects, such as 100 smart cities and ‘Housing for All by 2022’, which are expected to immensely drive the residential construction market through the forecast period. Furthermore, the country which launched more than 1,800 housing projects in the country (of which more than 50% was of high-rise buildings) is expected to launch even a larger number of projects by the end of 2020.
- Furthermore, countries such as Japan and South Korea have also been contributing to the growth of the market studied. Japan and South Korea are major hubs of wafer manufacturing, across the world. The Ministry of Economy, Trade, and Industry (METI) identified advanced manufacturing as one of the fastest growing electronics manufacturing sectors, the market for which is likely to reach a value of about USD 270 billion, by 2020.
- This includes smart factory and IoT-related technologies. With an increase in the production of such industrial products, the application of the market studied in electronics is likely to increase, in the coming years. This is expected to further drive the demand for zinc oxide pigments market over the forecast period.
The global zinc oxide pigments market is partially consolidated. The major companies of the market studied include BASF SE, U.S. Zinc, PAN-CONTINENTAL CHEMICAL CO., LTD., Natural Pigments Inc, and Hakusui Tech among others.
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- 1 INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
- 2 RESEARCH METHODOLOGY
- 3 EXECUTIVE SUMMARY
- 4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Growing Demand from Paints & Coatings
- 4.1.2 Other Drivers
- 4.2 Restraints
- 4.2.1 Unfavorable Conditions Arising Due to COVID-19 Outbreak
- 4.2.2 Stringent Environmental Regulations
- 4.3 Industry Value Chain Analysis
- 4.4 Porters Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Degree of Competition
- 5 MARKET SEGMENTATION
- 5.1 End-user Industry
- 5.1.1 Paints & Coatings
- 5.1.2 Agriculture
- 5.1.3 Pharmaceutical
- 5.1.4 Electronics & Electrical
- 5.1.5 Rubber
- 5.1.6 Chemical
- 5.1.7 Others
- 5.2 Geography
- 5.2.1 Asia-Pacific
- 22.214.171.124 China
- 126.96.36.199 India
- 188.8.131.52 Japan
- 184.108.40.206 South Korea
- 220.127.116.11 Rest of Asia-Pacific
- 5.2.2 North America
- 18.104.22.168 United States
- 22.214.171.124 Canada
- 126.96.36.199 Mexico
- 5.2.3 Europe
- 188.8.131.52 Germany
- 184.108.40.206 United Kingdom
- 220.127.116.11 Italy
- 18.104.22.168 France
- 22.214.171.124 Rest of Europe
- 5.2.4 South America
- 126.96.36.199 Brazil
- 188.8.131.52 Argentina
- 184.108.40.206 Rest of South America
- 5.2.5 Middle-East and Africa
- 220.127.116.11 Saudi Arabia
- 18.104.22.168 South Africa
- 22.214.171.124 Rest of Middle-East and Africa
- 6 COMPETITIVE LANDSCAPE
- 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)/Ranking Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 BASF SE
- 6.4.2 EverZinc
- 6.4.3 Hakusui Tech
- 6.4.4 Hemadri Chemicals
- 6.4.5 MLA Chemicals Private Limited
- 6.4.6 Natural Pigments Inc
- 6.4.7 Norzinco
- 6.4.8 PAN-CONTINENTAL CHEMICAL CO., LTD.
- 6.4.9 U.S. Zinc.
- 7 MARKET OPPORTUNITIES AND FUTURE TRENDS