Zinc Chloride Industry Size, Share, Demand & Growth by 2033
By 2023, it is anticipated that size of the global market for zinc chloride will be worth US$ 309.6 million. Throughout the anticipated period, the market is anticipated to surge at a CAGR of 5.0%. By the end of the forecast period 2023 to 2033, a market value of US$ 505.6 million is predicted.
Demand for zinc
chloride is expected to rise as a result of expansion in a number of sectors,
including chemicals, medicines, and agriculture. These sectors rely
substantially on zinc chloride due to the variety of manufacturing techniques
and product compositions it is used in.
Demand for
consumer goods and infrastructure development in emerging nations is being
fueled by growing populations and rising disposable income levels. Batteries,
textiles, rubber, and plastics- all vital components of numerous consumer goods
and building materials, are produced with the help of zinc chloride.
Demand for
renewable energy technology is rising as environmental laws and a focus on
sustainable energy sources become more prevalent. Zinc chloride is a crucial
component in the renewable energy sector since it is used in the production of
solar cells and other energy storage devices.
To fulfill the
rising need for food, the agriculture sector is transitioning to more efficient
and sustainable farming methods. Widely used in fertilizers as a micronutrient,
zinc chloride promotes healthy plant growth and increases agricultural yields. Demand
for zinc chloride is anticipated to increase as agricultural activities expand
to meet the world's food needs.
Growing demand for
zinc chloride is probably due in part to ongoing research and development efforts
to find new uses for it. Zinc chloride is being used in a variety of
disciplines, including medicine, electronics, and water treatment.
Scientists and
engineers are continuously looking for new and creative applications for it. It
is projected that these developments would expand market prospects and increase
demand for zinc chloride globally.
Demand will also
be pushed by growing awareness of and adoption of zinc-based products in the
healthcare and personal care sectors. A multitude of medicines, ointments,
lotions, and cosmetic goods are made with zinc chloride.
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Due to its
antibacterial qualities, it is a useful component in antiseptics, wound care
treatments, and oral hygiene products. Sales of zinc chloride, a crucial
ingredient in these formulations, are anticipated to increase along with high
demand for healthcare and personal care products, which is likely to continue
to climb globally.
Key Takeaways
from Zinc Chloride Market Study:
- The global zinc chloride industry witnessed a CAGR of 2.1% during the historical period from 2018 to 2022.
- India zinc chloride industry is set to create an
absolute dollar opportunity of more than US$ 25 million in the next ten years.
- China zinc chloride industry is anticipated to
create an absolute dollar opportunity of more than US$ 40 million by the end of the forecast period.
- Based on grade, the high purity segment is expected
to expand at 4.9% CAGR from 2023 to 2033.
- Chemical end-use sector segment is estimated to generate
revenues of over US$ 50 million
throughout the evaluation period.
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