Scienza e Tecnologia
Nano Zinc Oxide Market to Reach $44.0 Bn, Globally, by 2030 at 21.1% CAGR: Allied Market Research
Rise in utilization in the construction industry and surge in popularity of biomedical applications drive the growth of the global nano zinc oxide market. However, increase in environmental concerns regarding toxicity of metal-based nanomaterials restrain the market growth. On the other hand, supportive government initiatives and effective solutions provided by waste management create new opportunities in the coming years.
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Based on type, the uncoated nano zinc oxide segment accounted for the highest market share in 2020, contributing to more than three-fifths of the global nano zinc oxide market, and is estimated to continue its leadership status in terms of revenue during the forecast period. Moreover, this segment is expected to witness the highest CAGR of 22.1% from 2021 to 2030. This is due to its properties of blocking UV photons or photoreactive rays that can cause free radical damage to skin, especially in skincare applications. The research also analyzes the coated nano zinc oxide segment.
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Based on application, the personal care & cosmetics segment held the highest market share in 2020, accounting for nearly three-fifths of the global nano zinc oxide market, and is expected to maintain its lead position throughout the forecast period. This is attributed to its usage as an ingredient in many personal care products and as a UV blocker in various sunscreen applications. However, the paints & coatings segment is estimated to manifest the largest CAGR of 23.1% from 2021 to 2030.
Based on region, Europe , followed by North America , contributed the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global nano zinc oxide market, and is expected to maintain its dominance by 2030. This is due to rapid industrialization and rise in investments in the sector. However, Asia-Pacific is projected to register the fastest CAGR of 23.3% during the forecast period. This is attributed to rise in demand from the cosmetics and paints & coating industries.
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