The market for zinc chloride is expected to register a CAGR of 3% during the forecast period. A major factor that will drive the growth of the zinc chloride market during the forecast period is the growth of the textile industry, which is expected to lead to an increase in the demand for zinc chloride. Additionally, zinc chloride is used in the chemical industry for manufacture of dyes, intermediate chemicals, and solvents, like ethyl acetate. On the flipside, the high toxicity of zinc chloride causes serious health hazards, thereby, hampering the growth of the market studied.
- The textile industry is expected to have a high demand for zinc chloride, during the forecast period.
- The Asia-Pacific region is expected to be the largest and the fastest-growing market, owing to the increasing demand from various end-user industries.
Key Market Trends
Increasing Usage in the Textile Processing Industry
- A rise in the demand for zinc chloride from the textile processing industry is the major factor that is driving the global zinc chloride market.
- Vulcanized fibers are manufactured by soaking paper in concentrated zinc chloride. Zinc chloride also provides other benefits, such as of proofing agents and as a fabric refresher in the textile industry. Besides, it is used as a preservative in the dyeing industry.
- By the end of 2019, the worldwide production volume of the chemical and textile industry was around 105.6 million metric ton. This is expected to further grow owing to the increasing demand across the globe.
- All the aforementioned factors are expected to drive the global market during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is forecasted to register the highest growth and dominate the global zinc chloride market.
- Top textile manufacturing and exporting countries such as China and India have more than 40% of the global textile market share. Thus, increasing the demand for zinc chloride in the region.
- China tops the list of global manufacturers of zinc from mines. Out of 13 million metric ton of zinc produced, globally, China contributed more than one-third of the total global mine production.
- The Indian textile industry is estimated to amount more than USD 220 billion by 2023. Government initiation and policies aimed at boosting the market and catering employment by adding 17 million people to its workforce is anticipated to fuel the market growth of the region.
- Production of the total volume of petrolem products in India by the end of 2019 was about 254 million metric tons. With the increase in domestic demand, the production is expected to further increase over the coming years.
- In 2019, chemicals sales of Japan's wholesale sector was anticipated to fetch around USD 155 billion (~ 16.52 trillion Japanese Yen).
- Thus, the rising demand from various industries is expected to propel market growth in the region during the forecast period.
The zinc chloride market is fragmented, with no player accounting for a major share. Some of the key players operating in the market include American Elements, TIB Chemicals AG, Vijaychem Industries, Flaurea Chemicals, and Zaclon LLC.
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