The International Zinc Association highlighted that India currently has a very low consumption of zinc, with a per capita usage of only 0.5 kg, significantly lagging behind the global average. It was noted that the demand for zinc in India is closely tied to the growth of the steel market, as zinc is primarily utilized for galvanizing steel to protect it from corrosion.
Looking ahead, the International Zinc Association's Global Director, Martin Van Leeuwen, expressed optimism about the future demand for zinc in India. He anticipates a doubling of the current demand, which stands at 800 to 1,000 tonnes per annum, within the next five to 10 years. This growth is expected to be driven by substantial investments in expanding steel capacity, leading to increased requirements for galvanized coatings where zinc plays a crucial role.
Van Leeuwen also pointed out the potential for zinc in the energy transition towards green energy sources like solar photovoltaics (PV) and wind energy. With the world's shift towards renewable energy, there is a growing need for zinc to protect steel supports in installations such as solar and wind towers. This presents a significant opportunity for zinc usage in the future, especially in 2024, as investments in these sectors continue to rise.