The Mexico Zinc Oxides Market is projected to grow at a CAGR of around 2.8% during the forecast period, i.e., 2022-27. This detailed analysis offers valuable insights into the key growth drivers, geographical dynamics, and emerging trends that are poised to shape the market’s trajectory in the coming years.
Zinc oxide is an inorganic compound and is insoluble in water. Since it acts as an activating agent, its application is growing in numerous materials & products. Various cosmetics manufacturers like Swan Cosmetics, Francobel Comercializadora, etc., are headquartered in Mexico and produce cosmetics locally. The high awareness among consumers regarding the impact of solar exposure on the skin and the ability of zinc oxide to act as a powerful sunscreen agent, especially for customers with sensitive skin, drive the Mexico Zinc Oxide Market.
Furthermore, the country is home to various tire manufacturers, such as Michelin, Pirelli, etc. It is leading the way for sustained growth in automotive manufacturing by becoming the 7th largest automotive producer globally. Hence, increased investments by automotive companies in the establishment & expansion of manufacturing facilities would encourage tire manufacturers to boost tire production in the country.
In 2021, BMW started the production line of its Series 2 Coupe compact sports car in its plant in central Mexico.
As a result, the expansion plans of tire manufacturers in the country on account of the mounting demand from the automotive sector would directly contribute to the increased demand for zinc oxide in Mexico and drive the overall market. For instance:
In 2021, Pirelli announced the approval of its tire plant in Silao, Mexico, which would be worth USD 36 million. Once completed, the plant would have a capacity of around 7.2 million tires
Exploring the Market Dynamics: What’s Driving the Growth of Mexico Zinc Oxide Market?
Escalating demand for Zinc Oxide in Rubber Industry: The expansion in Mexico’s automotive industry is one of the key contributors to the rising demand for zinc oxide since it is utilized in the rubber industry for manufacturing tires & other parts. Mexico is home to tire manufacturers such as JK Tornel, Bridgestone, etc., for several passenger & commercial vehicles.
The strategic location of Mexico helps in trade between North American & Central American markets, where road transportation plays a key role. It has positively impacted the demand for trucks in the country and provided more opportunities for the players to offer truck tires.
In 2019, Cooper Tires & Rubber Company announced manufacturing a new line of tires in Jalisco, Mexico, which would include tires for passenger cars & trucks. Moreover, the growth in the e-commerce sector and increasing construction activities & mining projects in the country are anticipated to boost the demand for trucks and, in turn, for zinc oxide while manufacturing their tires. For instance:
In November 2019, the Mexican government and private sector representatives announced the first package of an ambitious “Private-Sector-Led” USD 424 billion infrastructure plan. It identifies 147 projects out of an estimated 1,600, totaling USD 43 billion. The overall plan covers transportation, telecommunications, water & sanitation, energy, tourism, and social welfare.
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Key Takeaways from the Market Study:
- Historical Data: 2017-20
- Base Year: 2021
- Forecast Period: 2022-27
- CAGR (2022-2027): 2.8%
- Key Players to Watch: Zinc Nacional, Brenntag, RE Caroll Inc., Zochem Inc., Glencore, Lanxess, PAN Continental Chemical, Weifang Longda Zinc Industry, Others are expected to play a pivotal role in driving market growth through strategic investments, partnerships, and innovation.
Market Segmentation of Mexico Zinc Oxide Industry
The Mexico Zinc Oxide market is segmented as follows:
- By Application
- Rubber Industry
- Ceramic Industry
- Pharmaceuticals
- Food & Beverages
- Paints, Coatings & Pigments
- Personal Care
- Others (Chemicals, Automotive, etc.)
- By Grade
- Standard
- Treated
- United States Pharmacopia (USP)
- Food and Chemical Codex (FCC)
- By Process
- Indirect Process or French Process
- Wet Process
- Direct Process or American Process
According to report, the rechargeable segment holds a larger share of the Global Mexico Zinc Oxide Market mainly due to their lower costs.
According to reports, offline retail holds the largest market share.
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