The massive demand for zinc oxide with these unique properties...

The massive demand for zinc oxide with these unique properties has existed for some time. The challenge that ANO has overcome is supplying their unique product at scale at high quality and low cost. Their success in that endeavor is enabling them to rapidly penetrate that ocean of demand. More price sensitive customers using chemicals represent a majority of the market, and as more bad news comes out about the chemicals, yes the demand curve is shifting but this a long term trend.

They have been lowering prices to address more of the demand. Management do consider it to be a commodity, but it's the most important ingredient going in to whatever products are using it and their customers almost never reformulate once they start selling a product, one reason being you would have to do all the spf testing again. ANO's product is premium and focuses more on high end cosmetics, which have product life cycles of 7-15 years, although they do have the cost low enough to where they could address the mass market sun care market, if they grew capacity another 10x or so.