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India’s Zinc Demand to Rise By 2030
Context:
The International Zinc Association stated that India’s zinc demand is expected to see a substantial rise by 2030, driven by emerging sectors like green energy and battery technology.
More on News:
- Globally, zinc demand is anticipated to increase by 43% in solar power applications, while the wind energy sector is projected to double by 2030.
- Additionally, energy storage solutions are expected to experience a sevenfold rise over the next five years.
- As the world’s fastest-growing economy, India is experiencing a comparable surge in zinc consumption in these vital sectors.
Zinc Mining in the World:
Zinc mining is a significant global industry, with various countries contributing to its production and reserves.
Global Production and Key Contributors:
In 2023, global zinc production reached approximately 12.26 million tonnes. The major producers included:
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- China: 32.3% of global production
- Peru: 10.8%
- Australia: 10.0%
- India: 6.4%
- United States: 5.9%
- Mexico: 5.7%.
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Zinc Reserves:
As of 2022, the estimated global zinc reserves were about 210 million tonnes, with the largest shares held by:
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- Australia: 37%
- China: 17%
- Russia: 12%
- Peru: 10%
- Mexico: 7%.
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Major Zinc Mines:
Some of the largest zinc mines in the world include:
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- Red Dog Mine (USA) – Owned by Teck Resources, it produced about 552,400 tonnes in 2019.
- Rampura Agucha Mine (India) – Operated by Vedanta Resources, with a production of approximately 357,571 tonnes.
- Antamina Mine (Peru) – Jointly owned by several companies, producing around 303,555 tonnes.
- Mount Isa Mine (Australia) – Operated by Glencore, contributing about 326,400 tonnes.
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Market Trends and Future Outlook:
- The zinc market is expected to grow at a modest rate due to various factors affecting supply and demand dynamics.
- For instance, while production is projected to increase by about 2% in 2024, it may remain relatively stable in subsequent years due to anticipated lower outputs from major producers like China and the USA.
- Zinc is mainly used for galvanisation, coating iron and steel to prevent corrosion, and is applied in industries such as construction, automotive, and emerging green technologies.
- As industries shift towards sustainability, zinc’s role as a protective coating in renewable energy technologies is becoming increasingly vital.