Nano Zinc Oxide Market Expected to Reach $1.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Nano Zinc Oxide Market," The nano zinc oxide market was valued at $0.3 billion in 2021, and is estimated to reach $1.1 billion by 2031, growing at a CAGR of 13.2% from 2022 to 2031.

Nano zinc oxide has a diameter of less than 100 nanometers. It has high catalytic activity, owing to its increased surface are. It consist of various properties, including anticorrosive nature , antimicrobial property, and UV filtering capabilities.

Nano zinc oxide is widely utilized in paints & coatings industry, owing to its various properties, including thermal barrier, antibacterial, easy-clean, anti-corrosion, protection, and UV-absorbent. Increase in focus by the government on repair of old infrastructure, particularly public spaces, increases the demand for paints. Nano zinc oxide is commonly used in cosmetics as a colorant. In addition, it is employed as a ultraviolet (UV) absorber and skin protector. Increase in demand for nano zinc oxide is due to growth in awareness of  appearance and grooming, which, in turn,  increases the demand for cosmetic items in the market. Increase in popularity of online cosmetic shopping allows manufacturers and producers to build a large sales network, which continues the nano zinc oxide market trend. People are aware of the side effects of zinc oxide nanoparticles on environment as a result of increase in environmental concerns. Factors, including side effects of zinc oxide and environmental concerns hinder the growth of the nano zinc oxide industry.

Nano zinc oxide market is segmented on the basis of type, application, and region. By type, it is segregated into coated nano zinc oxide and uncoated nano zinc oxide. According to application, it is fragmented into personal care & cosmetics, paints & coatings, and others. Region wise, nano zinc oxide market analysis across North America, Europe, Asia-Pacific, and LAMEA.

Depending on type, uncoated nano zinc oxide segment is projected to hold a significant nano zinc oxide market share. Uncoated nano zinc oxide has  properties of blocking UV photons or photoreactive rays, which can induce free radical damage to the skin, especially in skincare applications.

According to application, personal care & cosmetics segment is projected to significantly grow during the forecast period. The growing penetration of nano zinc oxide in personal care and cosmetic products as a UV filter is likely to have a positive impact in the market.

Region wise, Europe dominate the global nano zinc oxide market. Growing penetration of nano zinc oxide in industries, such as paints & coatings, personal care, cosmetics, healthcare, and textiles is expected to provide substantial growth opportunities to industry players during the forecast period.

The major companies profiled in this report 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., Umicore N.V Company. These players have adopted strategies such as product launch and business expansion to sustain the competition and to strengthen their foothold in the market.

Impact of COVID-19 on Global Nano zinc oxide Market

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• The outbreak of the COVID-19 pandemic has had an adverse impact on the global economy as governments globally were forced to implement lockdowns to prevent the spread of the virus. As a result, the operations of nano zinc oxide were hampered.
• The outbreak of COVID-19 has led to partial or complete shutdown of production facilities that do not come under essential goods, owing to prolonged lockdown in major countries, including the U.S., China, Japan, India, Canada and Germany. Paints & coatings and textiles were one of most affected sectors, owing to shutting off the operations, manufacturing, distribution, paints and coatings shops.
• Lockdown affected several construction and infrastructure projects, due to supply chain disruptions and unavailability of workers. Construction and electronics sector witnessed a sharp decline, owing to pandemic. As a result, demand for nano zinc oxide in the construction sector decreased, thereby affected the nano zinc oxide market growth.
• However, in biomedical industry, zinc oxide nanoparticle (ZnO-NPs) has been widely used as a disinfectant nano-spray for the corona virus (SARS-CoV-2), which in turn resulted in less impact of COVID-19 on this sector

Key Findings of Study

• Region-wise, Asia-Pacific is projected to grow at the highest CAGR of nearly 38.1%, in terms of revenue, during the forecast period.
• On the basis of application, the personal care & cosmetics segment accounted for the largest market share in 2021.
• Depending on type, the uncoated nano zinc oxide segment garnered the highest share in 2021.