India: Zinc Market 2024

Zinc Market Size in India

For the fourth consecutive year, the Indian zinc market recorded decline in sales value, which decreased by -4.3% to $X in 2022. The market value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Zinc Production in India

In value terms, zinc production dropped modestly to $X in 2022 estimated in export price. Overall, the total production indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.1% against 2020 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by 160%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Zinc Exports

Exports from India

In 2022, exports of zinc, unwrought (not alloyed) from India skyrocketed to X tons, growing by 34% on 2021. In general, total exports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +5.0% 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 +81.9% against 2019 indices. The most prominent rate of growth was recorded in 2015 when exports increased by 79% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, zinc exports soared to $X in 2022. Overall, exports continue to indicate a prominent increase. The growth pace was the most rapid in 2017 with an increase of 114%. The exports peaked in 2022 and are likely to see steady growth in the near future.

Exports by Country

Singapore (X tons), the United Arab Emirates (X tons) and Taiwan (Chinese) (X tons) were the main destinations of zinc exports from India, with a combined 46% share of total exports. Indonesia, Malaysia, Thailand, Saudi Arabia, South Korea, Vietnam, Nepal, the Netherlands, Kenya and China lagged somewhat behind, together accounting for a further 45%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +372.8%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), the United Arab Emirates ($X) and Taiwan (Chinese) ($X) were the largest markets for zinc exported from India worldwide, with a combined 47% share of total exports. Indonesia, Malaysia, Thailand, Saudi Arabia, South Korea, Vietnam, Nepal, the Netherlands, Kenya and China lagged somewhat behind, together comprising a further 45%.

Among the main countries of destination, the Netherlands, with a CAGR of +306.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average zinc export price amounted to $X per ton, with an increase of 20% against the previous year. Overall, export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, zinc export price increased by +64.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 37% against the previous year. The export price peaked in 2022 and is likely to continue growth in the near future.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Singapore ($X per ton) and Vietnam ($X per ton), while the average price for exports to China ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+6.5%), while the prices for the other major destinations experienced more modest paces of growth.

Zinc Imports

Imports into India

In 2022, purchases abroad of zinc, unwrought (not alloyed) increased by 12% to X tons, rising for the second consecutive year after two years of decline. Overall, imports recorded prominent growth. The pace of growth was the most pronounced in 2016 with an increase of 124% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, zinc imports surged to $X in 2022. In general, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2016 when imports increased by 114%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, South Korea (X tons) constituted the largest zinc supplier to India, accounting for a 61% share of total imports. Moreover, zinc imports from South Korea exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was held by Myanmar (X tons), with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from South Korea amounted to +11.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+44.1% per year) and Myanmar (+25.1% per year).

In value terms, South Korea ($X) constituted the largest supplier of zinc, unwrought (not alloyed) to India, comprising 64% of total imports. The second position in the ranking was taken by Japan ($X), with a 20% share of total imports. It was followed by Switzerland, with a 3.5% share.

From 2012 to 2022, the average annual growth rate of value from South Korea stood at +17.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+53.3% per year) and Switzerland (+71.4% per year).

Import Prices by Country

The average zinc import price stood at $X per ton in 2022, growing by 21% against the previous year. Overall, import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, zinc import price increased by +48.4% against 2020 indices. The pace of growth was the most pronounced in 2017 when the average import price increased by 41%. The import price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($X per ton), while the price for Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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