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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