Zinc Chloride Market to Grow at 4.8% CAGR Steered by Surging Demand for Dry Cell Batteries: FMI
Future Market Insight's (FMI's) recent survey provides insights into hidden growth prospects favoring the growth in the zinc chloride market. It studies the market across various segment based on grade, application, and end use and also forecast the scope of these segments over the coming years. The report highlight the micro and macro-economic indicators favoring the current market outlook.
DUBAI, U.A.E, Dec. 16, 2021 /PRNewswire/ -- Future Market Insights (FMI), Dubai: As per a detailed study by FMI, the global zinc chloride market is estimated to reach US$ 321.2 Mn in 2022. Increasing application across diverse end-use sectors such as agriculture, pharmaceutical, electronics, and textile is propelling the demand for zinc chloride. On account of this, the market is expected to exceed US$ 426.4 Mn by the end of 2028.
Demand for zinc chloride is rapidly growing across the chemical industry owing to its attractive chemical properties and cost advantage. It is increasingly being used for applications such as soldering, galvanizing, tinning fluxes, odor control, chemical synthesis, and others.
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Zinc chloride is granular solid and deliquescent salt that functions as an electrolyte offering excellent electrical conductivity and high corrosion resistance. Attributed to these properties, it is finding a wide range of applications for manufacturing batteries such as primary dry cell batteries.
Hence, increasing demand for batteries from consumer electronics, automotive, and industrial power backup is projected to create lucrative growth opportunities in the market. Driven by this, the sales of zinc chloride are estimated to rise at 4.8% CAGR during the forecast period 2022-2028.
On the basis of grade, high purity grade zinc chloride is anticipated to remain the most preferred grade type in the market, accounting for sales of total US$ 34.8 Mn between 2022 and 2028. Increasing demand for the pharmaceutical industry for the formulation of medication to treat zinc deficiencies and others deficiency syndromes is favoring the growth in the segment.
"Increasing demand for highly water-soluble crystalline salts for the purification of contaminants in textile processing and water treatment infrastructure is augmenting the growth in the market," says a FMI analyst.
Key Takeaways from Zinc Chloride Market Study
- The U.S. zinc chloride market size is estimated to total US$ 52.1 Mn in 2021, exhibiting sales by 4% year-on-year between 2020 and 2021.
- Germany is expected to register swift growth in the Europe market, owing to the increasing demand for primary and dry cell batteries in the country.
- China is projected to emerge as the most lucrative zinc chloride market, accounting for more than 1/3rd of the global sales in 2021.
- India is anticipated to account for a significant share in the South Asia market, expanding at 5.1% CAGR over the assessment period.
- Based on application, the dry cell battery segment is forecast to account for the maximum share, growing at a 4.7% CAGR from 2022 to 2028.
Key Drivers
- Increasing use of commercial grade zinc chloride for vulcanization of rubber and wood preservative solutions owing to its moisture absorbing properties is propelling the demand in the commercial grade segment.
- Growing application of zinc chloride for the formulation of fertilizers to prevent zinc deficiency in crops such as maize is accelerating the sales across the agriculture sector.
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Key Restraints
- High toxicity and adverse effects associated with zinc chlorides such as diarrhea, nausea, vomiting, peeling skin, hoarseness, and abdominal pain among others are hampering the growth in the market.
- Increasing preference towards adopting rechargeable batteries rather than primary dry cell batteries for consumer electronics, such as cameras, is hindering the sales across the dry cell battery segment.
Competitive Landscape
Leading players are focusing on adopting strategies such as new production facility development, collaboration, merger, and acquisition to increase their production capacity to meet the surging demand for zinc chloride. Some of the players are emphasizing on promoting green zinc salt to gain competitive edge.
For instance,
- In May 2021, the Shanghai Nonferrous Network Co., Ltd. a leading zinc processing quality supplier, together with other industry representative downstream enterprises announced undertaking an initiative to promote sustainable, healthy and high-quality development of the domestic zinc salt industry in China. This will assist zinc chloride companies in China to counter restraints such as environmental protection concerns.
Some of the key players operating in the market profiled by FMI are:
- Flaurea Chemicals
- Vijaychem Industries
- American Elements
- Eurocontal SA
- PT. Indo Lysaght
- Global Chemical Co. Ltd
- TIB Chemical AG
- Lipmes
- Haihua Industry
- Pan-Continental Chemical Co., Ltd
- Yanggu Zhongtian Zinc Industry Co., Ltd.
- Others
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More Valuable Insights on Zinc Chloride Market
The latest report by FMI provides a detailed analysis of the global zinc chloride market, providing credible insights into key factor driving the market through 2022 and beyond. The study also disclosed growth projections on in zinc chloride market with detailed segmentation:
By Grade:
- High Purity Grade
- Battery Grade
- Technical Grade
- Commercial Grade
By Application:
- Dry Cell Batteries
- Water Treatment
- Catalyst
- Others
By End Use:
- Electronics
- Chemical
- Agriculture
- Pharmaceutical
- Others
By Region:
- · North America
- · Latin America
- · Europe
- · East Asia
- · South Asia & Pacific
- · Middle East & Africa
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Key Questions Covered in the Report
- The report offers insight into zinc chloride market demand outlook for the forecast period 2022-2028
- The market study also highlights projected sales growth for zinc chloride market between 2022 and 2028
- Zinc chloride market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Zinc chloride market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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