Zinc Ores And Concentrates Market

The global market for zinc ores and concentrates is expected to continue its upward trend in the next eight years, with consumption, production, imports, and exports all projected to grow. Key findings include a forecasted increase in market volume to 26M tons by 2030, with a corresponding rise in market value to $27.1B. The article provides detailed insights into market performance, growth patterns, and the key countries driving the global zinc market.

Market Forecast

Driven by increasing demand for zinc ores and concentrates worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.4% for the period from 2022 to 2030, which is projected to bring the market volume to 26M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market value to $27.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Zinc Ores And Concentrates

After four years of growth, consumption of zinc ores and concentrates decreased by -1% to 22M tons in 2022. The total consumption volume increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked at 22M tons in 2021, and then fell in the following year.

The global zinc ores and concentrates market revenue amounted to $21.6B in 2022, with an increase of 2.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +28.0% against 2019 indices. Over the period under review, the global market hit record highs in 2022 and is expected to retain growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (4.3M tons), China (4.1M tons) and South Korea (1.7M tons), with a combined 46% share of global consumption. Australia, Peru, Japan, Spain, Canada, Ireland, Mexico, Finland, Kazakhstan and Belgium lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2022, the biggest increases were recorded for Ireland (with a CAGR of +30.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest zinc ores and concentrates markets worldwide were China ($4.2B), India ($2.8B) and South Korea ($2B), with a combined 41% share of the global market. Canada, Ireland, Australia, Japan, Spain, Mexico, Finland, Belgium, Peru and Kazakhstan lagged somewhat behind, together accounting for a further 35%.

Ireland, with a CAGR of +35.6%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of zinc ores and concentrates per capita consumption in 2022 were Ireland (134 kg per person), Finland (88 kg per person) and Australia (55 kg per person).

From 2012 to 2022, the biggest increases were recorded for Ireland (with a CAGR of +28.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Zinc Ores And Concentrates

After ten years of growth, production of zinc ores and concentrates decreased by -0.1% to 20M tons in 2022. The total output volume increased at an average annual rate of +2.1% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2015 when the production volume increased by 6.5% against the previous year. Over the period under review, global production reached the maximum volume at 20M tons in 2021, and then declined slightly in the following year.

In value terms, zinc ores and concentrates production reduced to $15.2B in 2022 estimated in export price. Overall, the total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +0.9% against 2017 indices. The most prominent rate of growth was recorded in 2017 with an increase of 56% against the previous year. Global production peaked at $17B in 2021, and then contracted in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were India (4.3M tons), Australia (3.3M tons) and Peru (2.2M tons), with a combined 49% share of global production. Bolivia, Turkey, the United States, Mexico, Ireland, Kazakhstan, Sweden, South Africa, Portugal and Russia lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +37.4%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Zinc Ores And Concentrates

In 2022, the amount of zinc ores and concentrates imported worldwide contracted modestly to 13M tons, approximately mirroring the year before. The total import volume increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 with an increase of 16% against the previous year. As a result, imports attained the peak of 13M tons. From 2021 to 2022, the growth of global imports remained at a lower figure.

In value terms, zinc ores and concentrates imports rose sharply to $15.7B in 2022. Overall, imports, however, recorded strong growth. The most prominent rate of growth was recorded in 2017 when imports increased by 54%. Global imports peaked in 2022 and are likely to see steady growth in years to come.

Imports By Country

China represented the main importer of zinc ores and concentrates in the world, with the volume of imports reaching 4.1M tons, which was near 33% of total imports in 2022. South Korea (1,690K tons) ranks second in terms of the total imports with a 13% share, followed by Belgium (7.7%), Spain (7.7%), Japan (6.9%), Canada (4.9%) and Finland (4.6%). The Netherlands (388K tons), Norway (349K tons), Germany (277K tons), Iran (272K tons), France (230K tons) and Brazil (224K tons) followed a long way behind the leaders.

Imports into China increased at an average annual rate of +7.9% from 2012 to 2022. At the same time, Iran (+110.1%), Canada (+9.8%) and Norway (+2.9%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing importer imported in the world, with a CAGR of +110.1% from 2012-2022. Finland, Brazil, Japan and South Korea experienced a relatively flat trend pattern. By contrast, Spain (-1.0%), the Netherlands (-1.1%), Germany (-1.7%), Belgium (-2.1%) and France (-2.2%) illustrated a downward trend over the same period. While the share of China (+15 p.p.), Canada (+2.6 p.p.) and Iran (+2.2 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Japan (-1.9 p.p.), Spain (-2.5 p.p.), Belgium (-3.7 p.p.) and South Korea (-3.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($4.8B) constitutes the largest market for imported zinc ores and concentrates worldwide, comprising 30% of global imports. The second position in the ranking was held by South Korea ($2.4B), with a 15% share of global imports. It was followed by Belgium, with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +14.4%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+5.4% per year) and Belgium (+4.6% per year).

Import Prices By Country

The average zinc ores and concentrates import price stood at $1,254 per ton in 2022, picking up by 12% against the previous year. In general, import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, zinc ores and concentrates import price increased by +66.8% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 49%. Global import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($2,084 per ton), while Iran ($119 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+7.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Zinc Ores And Concentrates

After three years of decline, overseas shipments of zinc ores and concentrates increased by 1.1% to 11M tons in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 12%. As a result, the exports reached the peak of 11M tons. From 2019 to 2022, the growth of the global exports remained at a lower figure.

In value terms, zinc ores and concentrates exports expanded notably to $13.8B in 2022. Overall, total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +62.1% against 2020 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 57%. Over the period under review, the global exports attained the maximum in 2022 and are likely to continue growth in the near future.

Exports By Country

In 2022, Australia (2M tons), followed by Peru (1,313K tons), Turkey (865K tons), Bolivia (772K tons), the United States (651K tons), Belgium (546K tons) and South Africa (530K tons) represented the main exporters of zinc ores and concentrates, together generating 62% of total exports. Sweden (429K tons), Portugal (402K tons), Russia (395K tons), Kazakhstan (382K tons), Mexico (269K tons) and Eritrea (259K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for South Africa (with a CAGR of +20.4%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest zinc ores and concentrates supplying countries worldwide were Australia ($2.1B), Bolivia ($1.8B) and the United States ($1.6B), with a combined 40% share of global exports. Peru, Sweden, Belgium, Turkey, South Africa, Russia, Mexico, Portugal, Kazakhstan and Eritrea lagged somewhat behind, together accounting for a further 42%.

In terms of the main exporting countries, Russia, with a CAGR of +29.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average zinc ores and concentrates export price stood at $1,270 per ton in 2022, increasing by 13% against the previous year. In general, export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, zinc ores and concentrates export price increased by +66.3% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the average export price increased by 47% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($2,456 per ton), while Turkey ($633 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+15.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform