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Augmented Reality Is Fastest Growing Segment Fueling The Growth Of Zinc Oxide Market

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Sneha
Augmented Reality Is Fastest Growing Segment Fueling The Growth Of Zinc Oxide Market

The global Zinc Oxide Market is estimated to be valued at US$ $5.50 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Zinc oxide is a wide bandgap semiconductor material with excellent optical properties. It is used as an additive in numerous materials and products including rubber, ceramics, glass, cement, lubricants, paints, ointments, adhesives, plastics, pigments, foods, batteries, and ferrites. It acts as a UV filter, abrasive, opacifier and has antibacterial properties.

Market key trends:

One of the major trends driving the growth of the zinc oxide market is its increasing use in augmented reality applications. Zinc oxide nanoparticles are important component in manufacturing camera lenses and displays for augmented reality products. Its properties such as transparency, conductivity and antibacterial nature make it ideal for use in AR devices. Growing demand for AR devices from industries such as gaming, healthcare and automotive is fueling the need for zinc oxide.

Segment Analysis:

The global zinc oxide market is segmented by process, end-use industry and region. Based on process, the vapor process segment currently dominates the market. The vapor process produces zinc oxide with improved purity and other characteristics, making it ideal for applications requiring high-quality zinc oxide.

Key Takeaways:

The Global Zinc Oxide Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period of 2023 to 2030, due to increasing demand from end-use industries such as rubber, ceramics, chemicals, cosmetics, and pharmaceuticals.

Regionally, Asia Pacific dominates the global market and is expected to maintain its dominance over the forecast period. This is attributed to high demand from countries such as China, India, and Japan due to increasing industrial activities.

The North America zinc oxide market is projected to witness significant growth owing to high demand from cosmetics and pharmaceutical industries. Key players operating in the zinc oxide market are US Zinc, GHC, and Hindustan Zinc Ltd. US Zinc and GHC together account for over 50% of the global market share due to their integrated operations and wide product portfolio. 

Explore more trending article on this topic - 

https://www.insightprobing.com/zinc-oxide-market-share-and-demand-analysis/ 

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