A great deal of worldwide demands in the zinc oxide (ZnO) market is pinned by wide variety of industrial applications. However, perhaps, the most significant impetus comes from companies and researchers utilizing its properties for biomedicine. The incessant drive for biomedical applications stems from the fact that zinc oxide nanoparticles have outstanding biocompatibility, non-toxicity, UV-absorbing property, and notable antibacterial property. Further, the nanoparticles are available in wide variety of shapes and sizes. Numerous regulatory agencies consider ZnO in the category of generally recognized as safe (GRAS). Incessant efforts to exploit the potential of ZnO for anticancer drug and gene delivery are opening exciting potential in the zinc oxide market. Further, new biomedical applications such as cell imaging and bio-sensing are boosting the scope of revenue generation in the zinc oxide market.
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The zinc oxide market has over the recent years gathering marked momentum from growing morbidity of bacterial infections on public healthcare system. In several countries, outbreaks of pathogenic strains have bolstered the need for antibacterial ingredients, where zinc oxide is emerging as promising avenue. This is something to do with their higher activity against gram-positive bacteria than most nanoparticles. Growing effect of such bacteria on the food safety, particularly ready-to-eat segment, has fuelled product research in the zinc oxide market. Growing prospect of zinc oxide in antimicrobial packaging is also likely to expand the potential biomedical applications. Zinc oxide nanoparticles permeate the cell membrane of microorganisms and inhibit their growth in range of packaged food. They are particularly effective against E. coli, S. aureus, and Pseudomonas aeruginos. This stimulates the investment by food companies. Meanwhile, the zinc oxide market is also see new opportunities from the use of nanoparticles as multifunctional inorganic additives in improving the barrier characteristics of packaging made of bioplastics.
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Zinc oxide is an inorganic compound, which is insoluble in water. Its chemical formula is ZnO. It is obtained as a white powder, produced synthetically from the naturally occurring mineral zincite. Zincite is chemically heated to combine with oxygen molecules. This solution is then vaporized, condensed, and formed into a powder, which has several medicinal uses, and can be employed as an additive in various materials such as rubbers, plastics, ceramics, batteries, glass, sealants, cement, lubricants, paints, ointments, adhesives, pigments, foods, ferrites, and fire retardants. It has various applications in the pharmaceutical industry, especially in skin care products, and is employed as a raw material in the manufacture of ointments, creams, lotions, baby powders, anti-dandruff shampoo, etc. It has various applications as an antiseptic in anti-septic creams and first-aid bandages due to its usage as an astringent, topical protectant, and an antiseptic. Zinc, due to its characteristics such as those of other elemental metals, can carry an electrical charge, which helps it act as a building block for protein synthesis in the human body. Moreover, zinc has a positive impact on the digestive tract and immune system. Hence, it has widespread applications in the healthcare industry. However, the compound zinc oxide is prescribed for medicinal usage only as an ointment or cream to be applied externally. It can prove hazardous if swallowed or consumed. Furthermore, inhalation of zinc oxide fumes can cause metal fume fever. The conductivity of zinc oxide is comparatively lower than that of its counterparts. Additionally, zinc oxide has several environmental hazards, as it is insoluble in water. This drives the need for substitutes. The market for zinc oxide is anticipated to provide lucrative growth opportunities due to its increasing usage in the tire and pharmaceutical industries. Both, the tire industry and pharmaceutical industry are likely to expand considerably during the forecast period. Governments from all around the world are approving the usage of zinc oxide as a UV filter in cosmetics. This is a key factor driving the zinc oxide market.
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In terms of end-use industry, the zinc oxide market can be segmented into rubber, ceramics, pharmaceuticals, chemicals, agriculture, and others. The rubber industry has dominated the market and is anticipated to dominate the market during the forecast period due to the extensive usage of zinc oxide as the main vulcanizing agent in the vulcanization process of rubber. The tire and automotive industries are anticipated to expand at a considerable growth rate during the forecast period, which in turn is projected to drive the zinc oxide market.
In terms of geography, the market can be segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominates the zinc oxide market and is likely to continue its dominance during the forecast period followed by Europe and Asia Pacific. The governments of countries in North America and the European Union, both, have approved the usage of zinc oxide in cosmetics and beauty products. Moreover, its increased utilization in the tire industry is anticipated to propel the market for zinc oxide in Asia Pacific, as Asia Pacific is a major market with lucrative growth opportunities for the tire industry.
Major players operating in the global market include Symrise, Ashland Specialty Chemical, BASF SE, Croda International plc, Kobo Products, Merck KGaA, Sunjin Chemical Co. Ltd., Mineral and Pigment Solutions Inc., Evonik Industries AG, and TRI-K Industries Inc., and Transpek Silox.
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Companies are adopting aggressive marketing tactics and merger & acquisition strategies to expand their market share. They are also shifting their production facilities to emerging economies, such as China and India, in Asia Pacific due to the easy availability of land, cheap labor, and government subsidies in the region. Additionally, companies are employing export as a tool for geographic expansion in emerging economies in Middle East & Africa.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.