Zinc Sulphate Market Projected for a 6.4% Annual Growth Rate Until 2034
India, a leading exporter of zinc sulphate, currently has a per capita consumption of approximately 0.5 kg, significantly lower than both China’s 5.0 kg and the global average of 1.9 kg [1]. This disparity reflects India’s growing but still developing zinc industry, with substantial potential for expansion driven by sectors like agriculture and pharmaceuticals.
Despite being a significant exporter, India's domestic per capita use of zinc sulphate is relatively low compared to China, which has a dominant zinc production and usage profile globally [2]. China's zinc mining and production outscale India's, producing 4 million tonnes in 2023 versus India's 860,000 tonnes [2].
The world's average consumption of zinc sulphate is nearly four times that of India, underscoring India's current lower market penetration of zinc sulphate per person. However, with growing industrial and agricultural demand, this gap may narrow in the future.
India's expanding agriculture sector and pharmaceutical needs are expected to increase demand for zinc sulphate over time. The increasing use of zinc-based fertilisers to address soil deficiencies and boost crop yields in India is fueling market expansion [1]. Hindustan Zinc Limited, a key player in India's zinc industry, operates advanced smelters using technologies like Roast Leach Electro-winning (RLE) and Ausmelt [4].
The Chanderiya Lead-Zinc Smelter operated by Hindustan Zinc Limited has an annual zinc production capacity of 525,000 tonnes [4]. In the global zinc sulphate market, the Micronutrient segment led in 2024, holding a 41.2% share by application. The Asia Pacific (APAC) region led the market in 2024, capturing a 47.3% share with a market value of about USD 0.8 billion [5].
The agricultural sector in India is expected to reach USD 24 billion by 2025, serving as a major driver of zinc sulphate demand. Agriculture dominated the global zinc sulphate market in 2024, accounting for a 44.9% share by end-use. Monohydrate Zinc Sulphate commanded a leading 47.8% share of the global zinc sulphate market by type in 2024 [5].
The Zinc Sulphate Market is projected to grow from USD 1.7 billion in 2024 to USD 3.2 billion by 2034, achieving a CAGR of 6.4% [5]. This robust growth is due to rising demand across multiple sectors, with India's per capita zinc consumption remaining lower compared to China and the global average.
References:
- India's Per Capita Zinc Consumption
- China's Zinc Production and Global Comparison
- India's Export of Zinc Sulphate
- Hindustan Zinc Limited's Operations
- Global Zinc Sulphate Market Overview
With the burgeoning demand from India's agriculture sector and pharmaceutical needs, there is an anticipated growth in the requirement for zinc sulphate, potentially bridging the gap between India's and China's per capita consumption levels. The expanding zinc industry due to its applications in agriculture and pharmaceuticals could significantly boost India's domestic finance by contributing to the growth of the zinc sulphate market.
