India's zinc consumption to rise to over 2 million tonnes in next 10 years

India's zinc consumption is projected to exceed 2 million tonnes over the next decade, up from the current 1.1 million tonnes, according to the International Zinc Association (IZA). Executive Director of IZA, Mr. Andrew Green, stated at the Zinc College 2024 event, "Zinc consumption and demand in India stands at 1.1 million tonnes (MT), surpassing current production levels. This will rise to over 2 MT in the next ten years." The global zinc market currently operates at around 13.5 million tonnes annually, with per capita zinc use in India being significantly lower than the global average.

He highlighted that while 90 to 95% of the global automotive sector uses galvanized steel for corrosion protection, India’s usage is only around 23%. Efforts are underway to increase the adoption of galvanized steel in the automotive sector and establish standards for galvanized rebar in India. Globally, zinc demand is anticipated to grow by 43% in solar power applications, with wind energy expected to double by 2030 and energy storage solutions projected to increase seven-fold over the next 5 years. India’s rapid economic growth and infrastructure expansion provide significant opportunities for increased zinc use, particularly in reducing corrosion costs associated with infrastructure, which amounts to nearly 5% of the country’s GDP. The automotive sector is also expected to see a rise in demand for galvanized steel by 2030, aligning with global trends driven by the growing middle class.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.