Global mine production trends for zinc and lead moved in opposite directions during 2025, with zinc output declining modestly while lead production registered growth, according to the latest data released by the International Lead and Zinc Study Group.
The figures highlight the diverging supply dynamics of two metals that are often mined together but increasingly influenced by different market fundamentals and end-use demand.
According to ILZSG, global zinc mine production edged lower during the year as declines at several mature operations offset production gains from recently commissioned and expanded mines. Lead mine production, meanwhile, increased, supported by higher output in China and a recovery across several producing regions.
Although zinc and lead are commonly extracted from the same ore bodies, their demand drivers differ significantly.
More than half of global zinc consumption is linked to galvanised steel used in construction, infrastructure, automobiles, and industrial manufacturing. Consequently, slowing construction activity in several major economies has continued to weigh on zinc demand and influence production decisions.
Lead, by contrast, remains heavily dependent on the battery sector, particularly replacement lead-acid batteries for automobiles, industrial equipment, telecom infrastructure, and backup power systems. This relatively stable replacement demand has helped support mine output despite broader economic uncertainty.
For the PVC industry, zinc remains the more strategically significant metal.
Zinc oxide is widely used in specialty PVC stabilizer systems, wire and cable compounds, flame-retardant formulations, rubber products, ceramics, and coatings. Any sustained tightening in zinc concentrate availability could eventually influence downstream specialty chemical markets, although current refined zinc supplies remain broadly adequate.
Industry analysts note that while mine production has moderated, the zinc market remains far from straightforward.
Recent production increases at new operations—including the restart of Ireland’s Tara mine and the ramp-up of the Kipushi mine in the Democratic Republic of Congo—have helped offset declines elsewhere. However, refined zinc production outside China continues to face constraints due to smelter economics, elevated operating costs, and temporary shutdowns, creating regional imbalances despite improving mine supply.
Looking ahead, ILZSG expects additional mine capacity to come online over the next two years as projects in China, Europe, Australia, and North America progress toward commercial production. These developments are expected to gradually improve concentrate availability, although the pace of refined metal production will continue to depend on smelter capacity and downstream demand.
For manufacturers of PVC additives, galvanized steel, batteries, and specialty chemicals, the contrasting fortunes of zinc and lead underscore the increasingly complex nature of global base metal supply chains. While lead continues to benefit from resilient battery demand, zinc’s outlook remains closely tied to construction activity, infrastructure investment, and the recovery of industrial manufacturing worldwide.