Zinc demand in India is likely to witness a significant increase by 2030 on the back of emerging sectors like green energy and battery technology, the International Zinc Association said on Tuesday.
IZA is of the view that energy storage solutions are expected to see a seven-fold rise over the next five years. India, as the world's fastest growing economy is witnessing a similar surge in zinc consumption across these critical sectors.
India's record breaking steel production coupled with rapid infrastructure growth presents a pivotal opportunity for zinc. Incorporating zinc into infrastructure projects can significantly reduce the annual corrosion costs, which amount to nearly five per cent of India's GDP, it said.
Advertisement
IZA organised Zinc College 2024 -- an international event involving 31 companies and 21 countries -- here. During the five-day event, which began on Sunday, deliberations were held on zinc's crucial role in creating a sustainable and low-carbon future.
India's demand for zinc is set to grow rapidly, driven by urbanization and the need for durable infrastructure, IZA Chairman Arun Mishra said, adding that Zinc College 2024 is a landmark event, laying the foundation for a more sustainable and innovative zinc ecosystem.
The current demand for zinc in India is 800 tonnes to 1,000 tonnes per annum.
The automotive industry, another key sector, is following global trends with a forecasted rise in demand for galvanized steel by 2030, driven by growing middle class and a push for enhanced vehicle and durability.
Advertisement
Globally, zinc demand is likely to grow by 43 per cent in solar power applications with the wind energy sector set to double in another six years, IZA said.
Just one email a week