As per Future Market Insights, the potassium zirconium fluoride market is anticipated to attain a value pool of US$ 900 million by 2023-end. Global demand for potassium zirconium fluoride is expected to rise at a CAGR of 4.5% to US$ 1,400 million in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 900 million |
| Projected Market Value in 2033 | US$ 1,400 million |
| Growth Rate (2023 to 2033) | 4.5% CAGR |
According to latest research, Potassium Zirconium Fluoride market is set to witness significant growth during 2021-2031, with CAGR of 4% to 5% during the decade. Potassium Zirconium Fluoride is a crystalline white solid. It is only marginally soluble in water. The substance is used in metal processing, as a catalyst in chemical manufacturing, and for a variety of applications.
Potassium Zirconium Fluoride is a favored commodity in industries such as automobiles, pharmaceuticals, and coatings due to its special properties such as chemical resistance, thermal stability, mechanical strength, and increased transparency.
The product is also used in the building & construction industry, and the global expansion of the construction industry is a key factor driving demand for the Potassium Zirconium Fluoride.
The significant factor which is the expanding market is being driven by lifestyle changes, end-use product demand, renewability, and distribution. The global expansion of the automobile and aerospace industries will accelerate business expansion and demand for the commodity in the coming years. It is used as components of fluxing and plating, as additives in arc welding rods.
Innovations and technological advancements in the automotive industry to meet rising customer demand are expected to drive up demand for welding materials during the forecast period. Major market players are investing heavily in product research and development, as a result of which they are launching new products and driving market growth.
Potassium Titanium Fluoride salts are used as fluxing and plating components, as additives in arc welding rods, in metal treatment, as grain refining agents in aluminum and manganese foundries, as active fillers in resin bonded abrasives, and in the preparation of glazing frits.
Arc welding has the advantage of high heat concentration during the welding process, in which an electric arc is created between the electrode and the base materials, melting the metals.
The main advantage of arc welding is the concentration of heat applied to a large surface, which allows for better welding by providing a depth of penetration, reducing welding time. Because of its low cost and ability to be applied to a wide range of metal surfaces, arc welding is the most popular welding technology.
Welding materials will be in high demand because it is the only joining technique that can be used in space and underwater. Welding is crucial in the repair of ships, pipelines, and offshore oil platforms. Underwater welding is also becoming more popular in marine applications. It is also used in repair and maintenance operations by end-use industries.
North America emerged as the largest geographical market in terms of production and consumption. This is attributed to an increase in the region's demand for welding and plating applications. The automobile industry dominates the demand in North America, but the refining industry still plays a significant role as the leading market.
The region is also witnessing a high growth rate in the construction industries, due to which there is increasing consumption, thus leading to the growth of the Potassium Zirconium Fluoride market in the region.
Asia-Pacific is estimated to be the fastest growing region owing to the factors such as increase in the investment by the major companies in the developing nations, developments in the automobile sector and increase in the demand for welding consumables.
The production facilities are being shifted to the Asia Pacific region owing to favorable manufacturing conditions and favourable regulations. This is supported by the easy availability of raw materials and low-cost & skilled manpower. China and India are expected to remain a key country in the market.
Some of the leading manufacturers and suppliers are
The market is highly concentrated, with only a few players. High production costs and high capital investment due to cutting-edge technology are expected to stymie new market entrants. There is a rapid increase in the investment by the major companies in the developing nations owing to the growing demand.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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