Rise in utilization in the construction industry and surge in popularity of biomedical applications drive the growth of the global nano zinc oxide market.
Allied Market Research published a report, titled, “Nano Zinc Oxide Market by Type (Coated Nano Zinc Oxide and Uncoated Nano Zinc Oxide) and Application (Personal Care & Cosmetics, Paints & Coatings, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global nano zinc oxide industry generated $6.7 billion in 2020, and is estimated to reach $44.0 billion by 2030, witnessing a CAGR of 21.1% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Rise in utilization in the construction industry and surge in popularity of biomedical applications drive the growth of the global nano zinc oxide market. However, increase in environmental concerns regarding toxicity of metal-based nanomaterials restrain the market growth. On the other hand, supportive government initiatives and effective solutions provided by waste management create new opportunities in the coming years.
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Covid-19 Scenario
Manufacturing activities of nano zinc oxide were stopped completely or partially during the pandemic due to lockdown restrictions, shortage of raw materials, and disruptions in the supply chain. The demand for nano zinc oxide from the end user sectors such as construction and electronics reduced considerably due to stoppage of daily activities during the lockdown. Owing to partial or complete stoppage of manufacturing activities in personal care and paint industries, the demand for nano zinc oxide decreased. However, the demand recovered post-lockdown.
The uncoated nano zinc oxide segment to continue its leadership status during the forecast period
Based on type, the uncoated nano zinc oxide segment accounted for the highest market share in 2020, contributing to more than three-fifths of the global nano zinc oxide market, and is estimated to continue its leadership status in terms of revenue during the forecast period. Moreover, this segment is expected to witness the highest CAGR of 22.1% from 2021 to 2030. This is due to its properties of blocking UV photons or photoreactive rays that can cause free radical damage to skin, especially in skincare applications. The research also analyzes the coated nano zinc oxide segment.
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The personal care & cosmetics segment to maintain its lead position throughout the forecast period
Based on application, the personal care & cosmetics segment held the highest market share in 2020, accounting for nearly three-fifths of the global nano zinc oxide market, and is expected to maintain its lead position throughout the forecast period. This is attributed to its usage as an ingredient in many personal care products and as a UV blocker in various sunscreen applications. However, the paints & coatings segment is estimated to manifest the largest CAGR of 23.1% from 2021 to 2030.
Europe, followed by North America, to maintain its dominance by 2030
Based on region, Europe, followed by North America, contributed the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global nano zinc oxide market, and is expected to maintain its dominance by 2030. This is due to rapid industrialization and rise in investments in the sector. However, Asia-Pacific is projected to register the fastest CAGR of 23.3% during the forecast period. This is attributed to rise in demand from the cosmetics and paints & coating industries.
Leading Market Players
BASF SE EverZinc Griller-Werke AG Inframat Advanced Materials, LLC Lanxess Corporation Nanophase Technologies Corporation Pan-Continental Chemical Co., Ltd. Sakai Chemical Industry Co., Ltd. Showa Denko Materials Co., Ltd. Umicore N.V.
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