Potassium Carbonate Market

Potassium Carbonate Market Review and Analysis by Product Form—Granules and Powder for 2021-2031

Potassium Carbonate Market Snapshot

[261 Pages Report]  The global potassium carbonate market is projected to total US$ 1.9 Bn in 2021, finds Future Market Insights (FMI) in a recent market analysis.

Increasing demand for potassium carbonate from end-use sectors such as food and beverage processing and consumer goods is expected to push sales of potassium carbonate at a steady 4.4% CAGR over the forecast period.

Amid soaring competition, top 5 players comprising Oxy (Occidental Petroleum Corporation), Evonik, Zheijang Juhua Co. Ltd., AGC Chemicals and Armand Products are projected to hold approximately 58% of the global potassium carbonate market share.

Base Year Value (2020A)

US$ 1.8 Bn

Estimated Year Value (2021E)

US$ 1.9 Bn

Projected Year Value (2031F)

US$ 2.9 Bn

Value CAGR (2021-2031)

4.40%

Collective Value Share: Top 3 Countries (2020A)

42%

2016-2020 Potassium Carbonate Market Overview Compared to 2021-2031 Forecast

Demand for potassium carbonate grew at a 2.0% CAGR between 2016 and 2020. Increasing demand for potassium carbonate from chemical industries in East Asia, North America and Europe are bolstering sales of potassium carbonate.

In 2020, the onset of the novel COVID-19 outbreak dampened sales prospects of potassium carbonate. However, resumption of production activities across various end-use sectors are expected to aid recovery of the market over the forecast period.

In addition to this, growing adoption of potassium carbonate in animal feed, potash fertilizers and food and beverage processing are expected to enhance growth prospects of the global potassium carbonate market, opines FMI.

Owing to aforementioned factors, the global potassium carbonate market is forecast to expand at a 4.4% CAGR through 2031.

How is Increasing Applications of Potassium Carbonate in the Glass Industry Influencing Sales?

Glass is a non-organic material. Flat glass, glassware, and fiber glass are some of the highly sought-after products in the glass industry, finding applications in automotive, construction, chemical and consumer goods industries.

Increasing sales of potassium carbonate in the glass industry can be attributed to high demand for glass from the construction sector. Glass is extensively used in windows, sliders, and ceilings.

Apart from this, growing demand from the automobile and consumers goods sector is pushing sales of potassium carbonate in the glass industry. Glass products such as glazing films and windows used in vehicles, while glass vessels, bottles, ornaments, lenses and glass packaging covers the applications in other end-use sectors.

Potassium glass is used as a flux during glass production. It provides better transparency and resistance to glass, making it a key ingredient for manufacturing glass for end-uses such as TV screens and even spectacles.

As per FMI, these factors are expected to create lucrative opportunities for potassium carbonate market players in the forthcoming years.

Will Rising Sales of Animal Feed and Cleaning Products Propel Potassium Carbonate Consumption?

Growing demand for animal feed across the globe is expected to boost sales of potassium carbonate over the forecast period. Demand for animal feed is growing at a 2% CAGR globally, and the global consumption was estimated to be around 1,187.7 million tons in 2020. Potassium carbonate provides adds nutritive value, vitamins and minerals that support well-being of animals.

Further, rising demand for industrial and institutional cleaning products, detergents, and household cleaning agent is also anticipated to fuel consumption of potassium carbonate. Since potassium carbonate is used in the production of cleaning products such as, bleach, detergents, soaps, and others, resulting in high demand for potassium carbonate in the consumer goods sector.

Moreover, potassium carbonate compounds are also used in metal cleaner production, which is expected to boost sales of potassium carbonate in the forthcoming years.

What is the Impact of COVID-19 Crisis on Potassium Carbonate Market?

Sales of potassium carbonate experienced a downward trend due to lockdown restrictions imposed to curb the coronavirus outbreak. Slowdown in automotive and construction industry projects resulted in stagnated demand for potassium carbonate.

Lockdowns and restrictions in the movement has resulted in the standstill of trade activities substantially impacted the supply chain network, creating supply side constraints as well. Thus, the supply side fluctuations as well as decrease in the demand from the key end use industries impacted the market of potassium carbonate across the globe.

Country-wise Insights

How will Potassium Carbonate Sales Fare Across the U.S.?

In 2021, sales of potassium carbonate in the U.S. are expected to grow by 3.8% year on year, finds FMI. Across North America, demand for potassium carbonate in the food and beverage processing segment is anticipated to rise at a remarkable pace through 2031.

Strong development in the chemical industry is spurring demand for various types of inorganic and organic chemicals in the U.S. The country is one of the prominent producers and consumers of chemicals worldwide, including potassium carbonate, which is expected to bode well for the market in the forthcoming years.

Why is Demand for Potassium Carbonate Increasing in India?

India is expected to emerge as an attractive potassium carbonate market, with sales growing at 5.0% year-over-year in 2021.

Growing consumer base in the country for vehicles and consumer goods is boosting demand for potassium carbonate. Expansion of various end-use sectors such as soaps, detergents & cleaning products, agrochemicals, and food and beverages processing is projected to augment growth of the potassium carbonate market in India through 2031.

How China’s Strong Industrial Sector is Spurring Demand for Potassium Carbonate?

China is estimated to be a prominent producer and consumer of potassium carbonate across the globe. Sales of potassium carbonate in China are expected to grow at a steady 5.1% CAGR over the forecast period.

Strong presence of key market players in China, along with consistent developments in end-use sectors such as glass, water treatment and personal care products are expected to continue providing tailwinds to potassium carbonate sales over the forecast period.

Will South Korea Emerge as a Lucrative Potassium Carbonate Market?

South Korea is expected to account for about 14.2% of the East Asia potassium carbonate market. South Korea is estimated to remain a key producer and exporter of potassium carbonate across the globe.

Growing end use industries like agrochemicals, food and beverage processing, glass, soaps and detergents, personal care products are expected to enhance the industry of potassium carbonate in the coming decade.

Category-wise Insights

Powder Form Potassium Carbonate to Remain Highly Sough-After

The powder segment is expected to enjoy year-on-year growth of 4.2% in 2021. Applications of powder form of potassium carbonate include soaps, detergents & cleaning products, pesticides and fertilizers, food and beverage processing, personal care products, glass manufacturing, and dyes & inks. Increasing demand from these industries is expected to boost sales prospects of potassium carbonate over the forecast period.

Which End-Use Sector is Enhancing Sales Prospects of Potassium Carbonate?

Demand for potassium carbonate in the food and beverage processing segment is estimated to grow by 4.7% year-over-year in 2021. The glass industry is expected to remain a key end user of potassium carbonate. The compound acts as a source of potassium oxide during production of various types of glasses. Growing demand for various types of glasses is expected to augment growth of the global potassium carbonate market over the forecast period.

Competitive Landscape

Key market players are investing in strategic collaborations, mergers and acquisitions to increase their production capacity. Apart from this, players are investing in research and development to launch new products in the market to gain a competitive edge. For instance:

  • In July 2021, Vynova, a leading PVC and Chlor-alkali manufacturer in Europe, announced that it is going to set a manufacturing unit in Belgium to increase expand its production capacity.

The latest study conducted by Future Market Insights covers all the strategies and success factors of key manufacturers of the market.

*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.

Scope of Report

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

USD Million for Value and Kilo Tons for Volume

Key Regions Covered

North America, Latin America, Europe, East Asia, South Asia & Pacific and Middle East & Africa

Key Countries Covered

US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, ASEAN, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa.

Key Segments Covered

Product Form, End Use and Region

Key Companies Profiled

  • 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

Report Coverage

Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Key Questions Answered in the Report

  • What is the current potassium carbonate Market value?

    The potassium carbonate market is projected to reach a valuation of US$ 1.9 Bn in 2021.

  • At what rate did the potassium carbonate market grow between 2016 and 2020?

    The potassium carbonate market experienced moderate growth, exhibiting a 2.0% CAGR between 2016 and 2020.

  • What are the key trends driving potassium carbonate sales?

    Increasing adoption of potassium carbonate in end use industries including glass, automotive and construction is projected to drive potassium carbonate sales.

  • Who are the leading players in the potassium carbonate market?

    Leading players operating in the potassium carbonate market include Oxy (Occidental Petroleum Corporation), Evonik, Zheijang Juhua Co. Ltd., AGC Chemicals and Armand Products

  • What will be the demand outlook for North America potassium carbonate market?

    North America potassium carbonate market is projected to grow at a steady 4.0% CAGR during the forecast period.

  • What is the market share of leading players in potassium carbonate market?

    Leading players in the global potassium carbonate market are estimated to account for approximately 58% of the total market share.

  • What will be the potassium carbonate market share in Europe?

    The potassium carbonate market in Europe is anticipated to expand at a 3.7% CAGR between 2021 to 2031.

  • What is the current market share of Japan and South Korea in the global potassium carbonate market?

    Japan and South Korea are anticipated to hold 17.6% and 13.2% of the global potassium carbonate market share respectively.

Potassium Carbonate Market by Category

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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Potassium Carbonate Market