Will This Metal Rival Gold In The Next 10 Years? – News18
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Zinc demand in India will double from 1.1 million to 2 million tonnes in 10 years, surpassing gold consumption, says IZA’s Andrew Green, noting its role in solar and wind energy
According to IZA Executive Director, zinc consumption is several times higher than gold. (News18 Hindi)
In India, the consumption of zinc, used in metals like brass, silver, and aluminium, is increasing rapidly. The International Zinc Association (IZA) has estimated an increase in zinc consumption in India from 1.1 million tonnes to 2 million tonnes in the next 10 years.
Speaking at Zinc College 2024, IZA Executive Director Andrew Green said, “The consumption and demand of zinc in India is 1.1 million tonnes. This is more than the current production in India. It is likely to reach 2 million tonnes in the next 10 years. The special thing about it is that the consumption of zinc is many times higher than that of gold.” It is noteworthy that the consumption of gold in India is more than 700 tonnes every year.
The global zinc market, in terms of primary production, is 13.5 million tonnes per year, said Andrew Green. Importantly, when we look at the per capita consumption of zinc, the global average is four to five times higher than the consumption in India.
The IZA Executive Director said that there are many areas where the use of zinc needs to be increased to meet global standards. In the global automation industry, 90 to 95 per cent of steel is galvanised.
In India, the zinc content of steel is only 23 per cent. Green, who said he is in talks with the government to set standards for galvanised rebar, said that demand for zinc in solar energy applications is expected to grow by 43 per cent globally, and the wind energy sector is expected to double by 2030.
