Potassium Carbonate Market To Reach US$ 2.9 Bn, Globally, By 2031 At 4.40% CAGR: Future Market Insights

Future Market Insights’ (FMI’s) recent study uncovers hidden growth opportunities in the global potassium carbonate market. It offers in-depth insights into factors enabling expansion across various segments in terms of product form, and end use.

As per a study published by FMI, the global potassium carbonate market is poised to reach US$ 1.9 billion in 2021. Surging demand from industries such as consumer goods, agrochemical, and homecare is estimated to boost potassium carbonate demand. On account of this, the market is anticipated to surpass US$ 2.9 billion by the end of 2031.

Historically, the sales grew at a CAGR of 2% in the last few years due to the outbreak of the COVID-19. Growing usage of potassium carbonate in the production of personal care products, water treatment, and fire suppression products is fuelling the demand in the market. Driven by this, the sales of potassium carbonate are projected to expand at a CAGR of 4.4% during the forecast period 2021-2031.

Potassium carbonate is extensively used as a flux in the manufacturing of glass as it increases the transparency, resistance, and refractive coefficient of glass to provide excellent clarity. Increasing demand for glass products such windows across building & construction and automotive industries is expected to create lucrative growth opportunities for the market.

As per FMI, North America is expected to dominate the global market, growing at a CAGR of 4% through 2031. Rising sales of packaged food & beverage products such as chocolates, bakery products, and dried fruit in U.S. and Canada are driving the sales of potassium carbonate in the region.

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“Rising application of potassium carbonate in the agrochemical industry, coupled with the government initiatives implemented to boost agricultural production, is expected to augment the growth of the market,” says the FMI analyst.

Key Takeaways from Potassium Carbonate Market Study

• Favored by the surging demand from the chemical industry in the U.S., the sales in the country are expected to rise at 3.8% year-on-year (YoY) in 2021.

• The market in India is estimated to witness a swift growth, exhibiting 5% YoY in 2021.

• China is projected to emerge as the fastest growing market in East Asia, expanding at a CAGR of 5.1% over the assessment period.

• South Korea and Japan are forecast to account for nearly 13.2% and 17.6% of the global revenue share, respectively, by the end of the coming decade.

• In terms of form, powder form of potassium carbonate is anticipated to register increasing demand, exhibiting 4.2% YoY growth in 2021.

Key Drivers

• Growing usage of potassium carbonate across the construction industry along with increasing demand for automotive vehicles across the U.S, China, Germany, and India are facilitating the market growth.

• Increasing application of powder potassium carbonate in the production of detergents, personal care products, and food and beverage owing to its easy solubility and uniform concentration is propelling the sales across powder form segment.

Key Restraints

• Side effects associated with the use of potassium carbonate-based products such as itching, diarrhea, and others owing to their strong alkaline properties are hindering the sales.

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Competitive Landscape

The top manufacturers in the global potassium carbonate market are Oxy (Occidental Petroleum Corporation), Evonik, Zheijang Juhua Co. Ltd., AGC Chemicals and Armand Products. These companies are projected to account for nearly 58% of the total sales, as per FMI.

Leading players are increasingly investing in expanding their production capacity to meet the demand from various industries. Some of the players are aiming at strategic collaboration, joint venture, mergers and acquisitions to increasing their market share. For instance,

• In July 2021, Vynova, a leading Chlor-alkali and Polyvinyl chloride (PVC) manufacturer based in Belgium, announced to set a new manufacturing facility in Belgium to expand its production capacity and strengthen its footprint in Europe market.

Some of the key players operating in the market profiled by FMI are:

• Evonik Industries AG
• UNID GLOBAL Corporation
• Oxy (Occidental Petroleum Corporation)
• Gujarat Alkalies and Chemicals Limited
• Vynova Group
• AGC Chemicals
• JSC Pikalevskaya Soda
• Esseco Group
• Shanghai Wentong Chemicals Co., Ltd.
• Foodchem International Corporation
• Shanxi Guangyuan Fertilizer Co., Ltd.
• Armand products
• Zhejiang Dayang
• Zhejiang Juhua Co., Ltd.
• Hebei Xinjichemical

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More Valuable Insights on Potassium Carbonate Market

FMI, in its new report, offers an unbiased analysis of the global potassium carbonate market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in potassium carbonate market with detailed segmentation:

By Product Form:
• Granules
• Powder

By End Use:
• Soaps, Detergents & Cleaning Products
• Agrochemicals
• Food & Beverage Processing
• Personal Care Products
• Glass
• Dyes & Inks
• Fire Suppression Products
• Water Treatment
• Others

By Region:
• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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