Nano Zinc Oxide Market Size, Share, Growth Trends, and Forecast: A Comprehensive Analysis
The global nano zinc oxide market is experiencing robust growth, fueled by its increasing utilization in various industries, including construction, cosmetics, personal care, and biomedical applications. The exceptional physiochemical properties of zinc have prompted substantial investments in research and development. Nano zinc oxide is gaining prominence in industries such as paints & coatings, household products, food contact materials, cosmetics, medical dressings, textiles, and electronics, which are collectively driving the expansion of the nano zinc oxide market.
Surging Demand in Emerging Economies for Premium Skincare Products
The growing consumption of premium skincare products, particularly in emerging economies, is a significant factor contributing to the growth of the nano zinc oxide market. As disposable incomes rise, the demand for high-quality skincare products is escalating. Skincare products, which represent approximately 42% of the cosmetic market segment, continue to be one of the most lucrative product categories, with an expected revenue of around 177 billion US dollars by 2025. In this context, LOreal, the renowned French cosmetics company, emerged as the worlds leading beauty manufacturer in 2021, with approximately 34 billion US dollars in revenue.
Key Role in Coatings, Paints, and Automotive Industry
Nano zinc oxide particles are increasingly integrated into coatings and paints, particularly in the construction and automotive sectors, where they enhance hardness and durability. Notably, the International Organization of Motor Vehicle Manufacturers (OICA) reported a 6.5% increase in light commercial vehicle production in France in 2019. In 2021, light commercial vehicles accounted for roughly 80% of global commercial vehicle production, with approximately 18.6 million units produced worldwide. This steady growth in vehicle production is driving the demand for nano paints and coatings, further propelling the nano zinc oxide market.
Explosive Growth in Personal Care and Cosmetics
The personal care and cosmetics segment is expected to experience the most rapid growth within the nano zinc oxide market. Nano zinc oxides incorporation in various personal care products and its role as a UV blocker in sunscreens are driving its adoption. The increasing awareness of the harmful effects of ultraviolet rays from the sun, including skin cancer and erythema, has led to a surge in the demand for sun protection products, boosting the nano zinc oxide markets growth. Moreover, nano zinc oxides exceptional physiochemical properties make it a valuable ingredient in cosmetics, spanning shampoo, deodorant, sunscreen, soap, toothpaste, hair conditioner, and more.
Dominance in Europe and Rapid Growth in Asia Pacific
Europe is poised to dominate the global nano zinc oxide market, primarily due to its expanding applications in the cosmetics and paints & coatings industries. Nano zinc oxides safe use on the skin, as well as its versatility in household products, food contact materials, medical dressings, and textiles, contribute to its growth in the region. The European cosmetics and personal care market, valued at 81.6 billion USD in retail sales price in 2020, remains the worlds largest for cosmetic products. Furthermore, the global sunscreen cream market, estimated at 8.5 billion USD in 2019, is projected to exceed 10.7 billion USD by 2024.
The Asia Pacific region is anticipated to witness the fastest growth, driven by the burgeoning personal care and cosmetics industry in China, Japan, and India. Additionally, the presence of numerous zinc oxide end-users in industries such as cosmetics, personal care products, electronics, and textiles is further boosting demand. Notable developments include EverZincs expansion of production capacity in the Netherlands and BYKs establishment of new business divisions in Shanghai, China.
Competitive Landscape
Innovation and product development remain at the forefront of the nano zinc oxide market. Key players in the market include 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., and Umicore N.V.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/nano-zinc-oxide-market
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