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Zinc demand in India is predicted to double over the next 5-10 years due to massive investments in the infrastructure sector, especially steel, according to the International Zinc Association. Zinc demand in India is heavily influenced by the expansion of the steel industry. Zinc is primarily used to galvanise steel and protect it from corrosion.
"I see a doubling of the demand (for zinc) in the next five to 10 years. The market for primary and refined zinc in India is currently close to 800 to 1,000 tonnes (per annum) and has a great opportunity to increase with all the developments that we are witnessing in India. We see huge investments in additional steel capacity, and steel still needs to be protected by galvanized coatings. We see a lot of plans and investments for new galvanizing lines. So, I expect a strong role for zinc in India," International Zinc Association Global Director Martin Van Leeuwen told PTI in an interview.
India currently needs between 800 and 1,000 tonnes of zinc annually. India has extremely few zinc consumers, he said, adding that per capita zinc consumption in the country is roughly 0.5 kg, which is far lower than the global average.
"If you look at zinc use in India, it is around half a kg per capita. To put that in perspective, the global average is about four kg per capita. And in developed countries like Korea, Europe, and the US, it can go up to six or seven kgs per capita," he explained. When asked about the outlook for zinc in the current calendar year, he said that with the world switching to green energy and strong solar photovoltaics (PV) growth, zinc is a great opportunity in 2024.
"The energy transition...is getting us to some wonderful zinc use opportunities. We are seeing investments in solar PV and wind energy and especially those two require a lot of zinc to protect steel supports... zinc is also used to protect the towers, the wind towers for wind energy, especially those towers that are positioned at sea....We see great improvement and a great opportunity for zinc," he explained.
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