Report Code: A15474 | Pages: 310 | Jan 2022 | 2688 Views | ||
Author(s) : Ashwin P, Nikhil M , Eswara P | Tables: 149 | Charts: 54 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Zinc Acetate Market
Request Now !The global zinc acetate market was valued at $138.3 million in 2020, and is projected to reach $229.0 million by 2030, growing at a CAGR of 5.2% from 2021 to 2030.
Statement for COVID-19 banner: The ongoing pandemic led to an increase in the demand for zinc-based supplements, thus driving the demand for pharmaceutical ingredient such as Zinc acetate.
Zinc acetate is one of the key ingredients in manufacturing medicines and dietary products. Being an astringent, it is used in the production of anti-acne creams and ointments. Zinc supplements containing zinc acetate are taken daily for meeting zinc requirements in humans. It is found in medicines prescribed for common cold and diarrhea as well as age-related muscle degeneration. Zinc acetate is used as a wood preservative, feed additive, dye additive, and catalyst.
Surge in use of zinc acetate in making medicines & astringents, increase in global demand for animal feed products, and rise in consumption of wood products are the major drivers of the global zinc acetate market. Moreover, changes in lifestyle and dietary habits have led to insufficient intake of zinc that can cause various health issues. Access to better diagnostics and primary health care has led to more awareness toward zinc deficiency. As result, there is a significant consumption of zinc acetate-based supplements. Similarly, the demand for nutritional products is on rise, and is expected to grow during the forecast period. Zinc acetate is further sold as an astringent in the form of an ointment, a topical lotion, or combined with an antibiotic for making a topical anti-itch ointment. In recent years, the demand for over-the-counter topical agents has shown significant growth. Moreover, need for preventing the degradation of wood has increased due to high consumption. Owing to improvement in lifestyle and increased purchasing power, decorations at home are made from wood, thereby boosting the sales of wood preservative chemicals such as zinc acetate.
On the contrary, availability of other zinc-based additives is considered as a major restraint in the global zinc acetate market. Zinc oxide, zinc gluconate, and zinc citrate are some of the alternatives to zinc acetate. Each of these chemicals have similar uses and applications that could limit the demand for zinc acetate. For instance, similar to zinc acetate, zinc gluconate is often used in cold remedies, such as lozenges and nasal sprays. Zinc oxide further provides sufficient iron to an animal’s body and is added to animal feed products.
Furthermore, rise in demand for zinc acetate from other applications is expected to offer lucrative opportunities for the market growth during the forecast period. In addition, zinc acetate is used as a catalyst in producing various specialty chemicals such as polyamides and is used in the production of vinyl esters. In the synthesis of Zn-Co catalyst for acetylene acetoxylation, zinc acetate is considered to be an ideal catalyst active ingredient when taking into account product quality and environmental and economic factors. Thus, new applications will prove to be conducive for the global zinc acetate market growth.
The global zinc acetate market is segmented into form, application, and region. On the basis of form, the global zinc acetate market is bifurcated into dihydrate and anhydrous. Applications of zinc acetate include dietary & medicine, analytical reagent, wood preservative, chemical, and others. Region wise, the global zinc acetate market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The key players engaged in the production of zinc acetate are Celtic Chemicals, Fengchen Group Co. Ltd., GFS Chemicals Inc., Jost Chemical Co., Kerry Group Plc, Merck KGaA, Thermo Fisher Scientific, TIB Chemicals AG, FUJIFILM Corporation, and Spectrum Chemical.
Asia-Pacific accounted for the largest market share in the global zinc acetate market, and is projected to grow at a CAGR of 6.0%. This is attributed to the fact that the countries such as India and China have presence of large big base for supplements and animal feed.
Depending on the form, the dihydrate segment accounted for the largest market share in 2020, owing to its wide range of applications such as dietary products, medicines, and chemicals. High ongoing demand for zinc-based supplements for addressing zinc deficiency will boost production of zinc-based medicines and food supplements.
On the basis of application, the dietary & medicine segment accounted for the largest revenue share in 2020, and is expected to grow at the highest CAGR of 5.4%. The segment includes the use of zinc acetate as a feed and food additive for making supplements, animal feed, capsules, tablets, astringents, and lozenges.
Key benefits for stakeholders
Zinc Acetate Market Report Highlights
Aspects | Details |
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By FORM |
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By APPLICATION |
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By Region |
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Key Market Players | MERCK KGAA, FENGCHEN GROUP CO. LTD., THERMO FISHER SCIENTIFIC, TIB CHEMICALS AG, GFS CHEMICALS INC., KERRY GROUP, SPECTRUM CHEMICAL, CELTIC CHEMICALS, JOST CHEMICAL CO., FUJIFILM HOLDINGS CORPORATION |
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This section gives the opinions of the top-level CXOs operating in the global zinc acetate market. According to the insights of CXOs, the demand for zinc acetate will continue to be majorly from the dietary and medicine sectors. This is attributed to the fact that zinc acetate is a critical pharmaceutical ingredient, which is used in various tablets, capsules, and lozenges. Global healthcare infrastructure is improving and ever-expanding. This trend will increase access to early diagnostics and treatment, thereby requiring more zinc supplements. Moreover, zinc will be required in the animal feed products and zinc acetate will continue to be a zinc feed additive in the sector. Other applications that are poised to be conducive for the growth of the global zinc acetate market are analytical reagents and wood preservatives.
A. Factors such as growing healthcare facilities and easy diagnosis of zinc deficiency in animals and human boost zinc-based supplement sales, thereby influencing the zinc acetate market
A. The global zinc acetate market was valued at $138.3 million in 2020, and is projected to reach $229.0 million by 2030, growing at a CAGR of 5.2% from 2021 to 2030.
A. The key players engaged in the production of zinc acetate are Celtic Chemicals, Fengchen Group Co. Ltd., GFS Chemicals Inc., Jost Chemical Co., Kerry Group Plc, Merck KGaA, Thermo Fisher Scientific, TIB Chemicals AG, FUJIFILM Corporation, and Spectrum Chemical.
A. medicine industries are projected to increase the demand for zinc acetate
A. Zinc acetate market is segmented based on the form and applications
A. Zinc acetate is one of the key ingredients in medicines, dietary products, and astringents, thus driving the zinc acetate market
A. wood preservative applications
A. The COVID-19 pandemic increased the demand for zinc in supplement form, thereby increasing the demand for zinc acetate
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