Zinc Market Share, Global Industry Forecast 2024
Posted by Payal Singhania on March 19th, 2020
Zinc Market Overview
The global zinc market is projected to surpass 1,012 thousand tons in terms of volume during 2019–2024. The demand for zinc is primarily driven by the high demand for corrosion resistance coatings in metals and steels parts used in the automotive and aerospace industries. Zinc is also used for alloying metals such as bronze and brass. In addition, zinc is used as a corrosion resistance material in the buildings and construction industry. The increasing use of steel in construction activities is expected to boost the demand for zinc during the forecast period.
Zinc Market Segmentation
Based on application, the global zinc industry has been segmented into galvanizing, die casting, and others. Galvanizing is the process of dipping steel and metal in molten zinc to produce a corrosion resistant layered coating of zinc-iron alloy and zinc metal. During the process of immersing steel in zinc, a metallurgical reaction occurs between the iron in the steel and the molten zinc, which creates a uniform thickness around the part. Corrosion depreciates buildings, rail track, and bridges, which is costly to repair hence zinc coatings play a significant role in maintaining the strength of steel and metal structures, offering sustainability and longevity, and reducing the maintenance cost. According to the World Steel Association, the global crude steel production reached 1,809.6 million tons in 2018, an increase of 4.59% as compared to 2017. Thus, the increasing production of steel is expected to surge the demand for zinc during the forecast period.
In September 2018, ThyssenKrupp, a Germany-based steel producing company, announced to build a new galvanizing processing line in Dortmund, Germany. The new line is estimated to serve the growing demand from the automotive original equipment manufacturers (OEMs) for premium-coated products. Innovative, high-quality zinc and magnesium coating will be produced in this galvanizing processing line. On 13 November 2018, Andritz AG, an Austrian plant engineering group, received an order from Nucor Steel to supply galvanizing line for its facility located in the US. The plant is designed to produce high strength steel grades for the automotive industry. The growing demand for steel in the automotive industry is projected to drive the growth of the galvanizing segment during the forecast period.
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Zinc Market Regional Analysis
The Asia-Pacific market is expected to exhibit a healthy CAGR during the forecast period owing to the growing electric vehicles industry. The increasing demand for electric vehicles has surged the application of zinc in the body parts. Furthermore, the rise in investment in the aerospace industry has increased the aircraft production capacity, which is consequently expected to boost the demand for zinc coatings in the manufacturing of aircraft. For instance, in December 2018, Boeing established its first 737 finishing plant in China to support the demand in the region. The North American and Europe markets are estimated to witness substantial growth in terms of CAGR due to the expanding aerospace industry in the US, Canada, the UK, and Germany.
Some of the leading players operating in the global zinc market trends are Nexa Resources S.A.(Brazil), Nyrstar (Switzerland), Korea Zinc Group (Korea), Glencore Xstrata (Switzerland), Boliden (Sweden), Shaanxi Nonferrous Metals (China), China Minmetals Corp. (China), Teck (Canada), Zochem, Inc (US), and Old Bridge Chemicals(US), among others.
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About the AuthorPayal Singhania
Joined: December 12th, 2019
Articles Posted: 397
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