Zinc demand-supply to increase by 2050, says IZA study

Zinc demand at a global level is expected to increase over the next few decades, as per a recent study conducted by the International Zinc Association (IZA). The study has forecasted the zinc demand and supply scenario in 2050, to ensure long-term availability of this metal.

Zinc contributes to improved living standards because of its uses in buildings and infrastructure and in renewable energy production and storage.

What will be the zinc demand scenario in 2050?

About 13.5 mnt of refined zinc was produced in 2019, as per data derived from the International Lead and Zinc Study Group. Of this, 1.5 mnt originated from steel mill dusts. In addition, 6 mnt of zinc alloys (brass, sheet and die castings) and industrial wastes were recycled, bringing total zinc usage in 2019 up to 19.5 mnt. However, refined zinc production is only one source of material available to satisfy the overall annual zinc demand.

As per the IZA study, the total amount of zinc used to produce first use goods is expected to increase from 17.5 mnt in 2019 to 28 mnt in 2050. In addition, the energy storage market is forecast to consume an additional 2.8 mnt of zinc by 2050.

Global reserves

There is an estimated 198,000 billion tonnes (bnt) of zinc contained in the earth's crust in such form and amount that economic extraction is currently feasible or will become feasible by 2050. Out of this, 63 bnt are estimated as extractable global zinc resources. Of this, about 250 million tonnes (mnt) are proven and probable reserves that meet specified criteria for production to achieve current market demands, Steelmint learnt from IZA.

Zinc supply overview

To meet the 2050 zinc demand, both mining and recycling are necessary. Zinc supply from mining would be required to grow from 12 mnt in 2020 to 17-22 mnt by 2050 if the best available recycling technology, on a global scale, is applied, depending on what comes back from recycling.

However, unforeseen changes in societies' usage patterns to support carbon neutrality and unknown new uses for zinc will also modify scenarios in the coming years, SteelMint learnt.