May 3, 2025
IndexBox has just published a new report: EU – Zinc Ores And Concentrates – Market Analysis, Forecast, Size, Trends And Insights.
The European Union market for zinc ores and concentrates is on an upward trend, driven by growing demand. Market performance is expected to expand steadily over the next decade, with both volume and value set to increase. By 2035, the market is projected to reach 4.3M tons in volume and $4.8B in value, reflecting a promising outlook for the zinc industry in the region.
Market Forecast
Driven by increasing demand for zinc ores and concentrates in the European Union, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.3% for the period from 2024 to 2035, which is projected to bring the market volume to 4.3M tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.5% for the period from 2024 to 2035, which is projected to bring the market value to $4.8B (in nominal wholesale prices) by the end of 2035.
ConsumptionEuropean Union’s Consumption of Zinc Ores And Concentrates
In 2024, consumption of zinc ores and concentrates decreased by -3.6% to 3.7M tons, falling for the second year in a row after three years of growth. The total consumption volume increased at an average annual rate of +2.0% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The volume of consumption peaked at 3.9M tons in 2022; however, from 2023 to 2024, consumption remained at a lower figure.
The size of the zinc ores and concentrates market in the European Union dropped to $3.6B in 2024, approximately mirroring the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). The total consumption indicated a perceptible increase from 2013 to 2024: its value increased at an average annual rate of +3.9% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -13.3% against 2022 indices. Over the period under review, the market hit record highs at $4.2B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.
Consumption By Country
The countries with the highest volumes of consumption in 2024 were Ireland (728K tons), Spain (720K tons) and Belgium (445K tons), together comprising 51% of total consumption.
From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Ireland (with a CAGR of +21.7%), while consumption for the other leaders experienced more modest paces of growth.
In value terms, Spain ($821M), Ireland ($692M) and Belgium ($455M) constituted the countries with the highest levels of market value in 2024, together accounting for 54% of the total market.
In terms of the main consuming countries, Ireland, with a CAGR of +23.8%, saw the highest growth rate of market size over the period under review, while market for the other leaders experienced more modest paces of growth.
In 2024, the highest levels of zinc ores and concentrates per capita consumption was registered in Ireland (142 kg per person), followed by Finland (70 kg per person), Belgium (38 kg per person) and Portugal (29 kg per person), while the world average per capita consumption of zinc ores and concentrates was estimated at 8.3 kg per person.
From 2013 to 2024, the average annual growth rate of the zinc ores and concentrates per capita consumption in Ireland stood at +20.6%. In the other countries, the average annual rates were as follows: Finland (-2.8% per year) and Belgium (+2.3% per year).
ProductionEuropean Union’s Production of Zinc Ores And Concentrates
In 2024, production of zinc ores and concentrates decreased by -11.1% to 2.1M tons for the first time since 2012, thus ending a eleven-year rising trend. The total production indicated a tangible increase from 2013 to 2024: its volume increased at an average annual rate of +4.3% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2022 with an increase of 12% against the previous year. The volume of production peaked at 2.4M tons in 2023, and then declined in the following year.
In value terms, zinc ores and concentrates production fell to $2B in 2024 estimated in export price. Over the period under review, production, however, posted resilient growth. The pace of growth was the most pronounced in 2017 with an increase of 29%. The level of production peaked at $2.2B in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.
Production By Country
The countries with the highest volumes of production in 2024 were Ireland (764K tons), Sweden (602K tons) and Portugal (562K tons), with a combined 91% share of total production.
From 2013 to 2024, the biggest increases were recorded for Portugal (with a CAGR of +12.3%), while production for the other leaders experienced more modest paces of growth.
ImportsEuropean Union’s Imports of Zinc Ores And Concentrates
In 2024, overseas purchases of zinc ores and concentrates decreased by -7.7% to 3.1M tons, falling for the third year in a row after two years of growth. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 40% against the previous year. The volume of import peaked at 4.1M tons in 2021; however, from 2022 to 2024, imports remained at a lower figure.
In value terms, zinc ores and concentrates imports rose modestly to $3.8B in 2024. Over the period under review, imports, however, showed a pronounced increase. The most prominent rate of growth was recorded in 2017 when imports increased by 47% against the previous year. The level of import peaked at $4.7B in 2022; however, from 2023 to 2024, imports failed to regain momentum.
Imports By Country
In 2024, Belgium (868K tons) and Spain (831K tons) represented the main importers of zinc ores and concentrates in the European Union, together creating 55% of total imports. Finland (476K tons) took the next position in the ranking, followed by the Netherlands (273K tons), France (204K tons), Germany (194K tons) and Poland (156K tons). All these countries together held approx. 42% share of total imports.
From 2013 to 2024, the biggest increases were recorded for Belgium (with a CAGR of +6.6%), while purchases for the other leaders experienced a decline in the imports figures.
In value terms, Spain ($1.1B), Belgium ($941M) and Finland ($518M) constituted the countries with the highest levels of imports in 2024, with a combined 67% share of total imports.
Belgium, with a CAGR of +10.1%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.
Import Prices By Country
In 2024, the import price in the European Union amounted to $1,232 per ton, picking up by 13% against the previous year. Import price indicated a strong increase from 2013 to 2024: its price increased at an average annual rate of +5.1% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, zinc ores and concentrates import price decreased by -1.8% against 2022 indices. The growth pace was the most rapid in 2017 when the import price increased by 50%. Over the period under review, import prices reached the maximum at $1,255 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.
Average prices varied somewhat amongst the major importing countries. In 2024, major importing countries recorded the following prices: in Spain ($1,328 per ton) and France ($1,168 per ton), while Poland ($915 per ton) and Germany ($1,060 per ton) were amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by France (+5.1%), while the other leaders experienced more modest paces of growth.
ExportsEuropean Union’s Exports of Zinc Ores And Concentrates
In 2024, zinc ores and concentrates exports in the European Union dropped markedly to 1.5M tons, with a decrease of -20.1% against 2023. In general, exports continue to indicate a slight curtailment. The growth pace was the most rapid in 2020 with an increase of 32% against the previous year. As a result, the exports reached the peak of 2.2M tons. From 2021 to 2024, the growth of the exports remained at a somewhat lower figure.
In value terms, zinc ores and concentrates exports reduced remarkably to $1.6B in 2024. Over the period under review, exports, however, enjoyed a measured expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 53% against the previous year. The level of export peaked at $2.5B in 2022; however, from 2023 to 2024, the exports failed to regain momentum.
Exports By Country
The biggest shipments were from Belgium (423K tons), Sweden (319K tons) and Portugal (264K tons), together reaching 66% of total export. Spain (110K tons) ranks next in terms of the total exports with a 7.2% share, followed by Finland (5.9%) and Poland (5.5%). Italy (63K tons) followed a long way behind the leaders.
From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Poland (with a CAGR of +156.6%), while the other leaders experienced more modest paces of growth.
In value terms, the largest zinc ores and concentrates supplying countries in the European Union were Belgium ($463M), Sweden ($372M) and Portugal ($210M), together accounting for 67% of total exports. Spain, Finland, Italy and Poland lagged somewhat behind, together accounting for a further 22%.
Among the main exporting countries, Poland, with a CAGR of +89.6%, recorded the highest rates of growth with regard to 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 2024, the export price in the European Union amounted to $1,025 per ton, declining by -8.2% against the previous year. Export price indicated a temperate expansion from 2013 to 2024: its price increased at an average annual rate of +3.9% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, zinc ores and concentrates export price decreased by -19.5% against 2022 indices. The most prominent rate of growth was recorded in 2017 when the export price increased by 55% against the previous year. Over the period under review, the export prices reached the peak figure at $1,274 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.
There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Finland ($1,375 per ton), while Poland ($47 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Finland (+9.7%), while the other leaders experienced more modest paces of growth.
Source: IndexBox Market Intelligence Platform