The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Zinc Market: Introduction–
Zinc is a lustrous metal which is bluish-white in appearance. Most of the minerals contain zinc in varying amount. Zinc has almost 55 mineralized forms including the likes of smithsonite (ZnCO3), zinc sulfide (ZnS), among others. Powdered zinc is explosive in nature. Zinc is a versatile element for most of the physiological processes and therapeutic application Zinc is also considered as a drug or as a health supplement. Apart from medicinal application zinc also has various application in the market such as galvanization, chemicals and other.
Zinc Market: Dynamics-
Metallurgy industry is considered to be majorly driving the zinc market. Zinc is excessively consumed for the galvanization of steel and other metals in the production of automotive parts, among its other applications. Furthermore, die cast alloys and other alloys also widely consume in various application such as automotive parts, food packaging and others to provide smooth surface finish which leads to upsurge the demand for zinc. Even, many automotive manufacturer are increasing their production capacity due to increasing demand for automotive vehicles which likely to augment the demand for zinc from automotive and other end-use industry. Rising urbanization coupled with increasing population leads to an upsurge in the construction of affordable housing areas across geographies. This leads to an increase in the demand for galvanized steel, iron and other metals for construction purpose. This is expected to pose steady year on year demand for zinc throughout the forecast period. The therapeutic advantages of zinc have been widely studied and ongoing research is anticipated to commercialize in the near future. Hence, nutraceutical sector is also expected to generate monetary gains for manufacturers operating in the business. This is further supported by the increasing consumer awareness pertaining to the health benefits of several materials including zinc. Zinc is used in corrosion protection of metal surfaces. Hence, the increasing production and consumption of consumer electronics and power grids is escalating the market growth of zinc. The increasing demand of zinc in most of the niche applications is anticipated to add significant value to the zinc market in the long term.
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However, stringent government rules and regulation on the production of zinc are noted to cause setbacks in the large scale supply of zinc in the market. The hazardous effects of zinc when it comes in direct human contact leads to the strict monitoring of its production activities. The price fluctuations of zinc also acts as a significant reasons in hindering the market growth of zinc.
Zinc Market: Segments-
The global Zinc Market can be segmented on the basis of purity grade and its applications
Based on purity grade, the global Zinc Market can be segmented as mentioned below:
- Technical Grade
- Pharma Grade
Based on application, the global Zinc Market can be segmented as mentioned below:
- Pharmaceutical ingredients
- Chemical intermediate
- Fertilizer ingredient
Based on end-use, the global Zinc Market can be segmented as mentioned below:
- Others (metal & fabrication)
Zinc Market: Regional Overview –
Asia Pacific region is expected to grow at significant rate in the market of zinc due to the growing end-use industry such as automotive, construction and consumer goods which will create a positive impact on the zinc market in this region. For instance, on-going reformation of the steel industry and adherence to forthcoming IS277 coating standards codes for zinc consumption in India. North America accounts for a substantial proportion of zinc market due to increasing importance of micronutrients in health and nutrition. Countries in Europe such as Germany, Russia, UK and other the increasing production of passenger vehicles is likely to drive the demand for zinc. Whereas Latin America and Middle East & Africa represent moderate growth in the zinc market due to the relatively slower growth in end-use industries
Zinc Market: Key Market Participants
Some of the key market participants in the market of Zinc are as follows:-
- Hindustan Zinc
- Korea Zinc Co., Ltd.
- Teck Resources Limited
- Korea Zinc Co. Ltd.
- Glencore Xstrata
- Nexa Resources S.A.
- Shaanxi Nonferrous Metals
- China Minmetals Corp
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