Growing Investment in the Field of Construction is Influencing the Market Growth. Potassium Feldspar Market size is forecast to reach US$1,098.2 million by 2026, after growing at a CAGR of 4.3% during 2021-2026.
Potassium feldspar is a significant component in the production of different types of glasses. Since it serves as a fluxing agent, it is an essential raw material. The addition of feldspar increases the melting temperature of quartz and assists in the maintenance of glass viscosity. Rising government investments and growth of the residential sector is one of the major factors increasing the usage of glass and henceforth driving the growth of the potassium feldspar market. In 2019, China government invested US$1.9 billion on 13 public housing projects. Furthermore, construction projects such as ‘100 smart cities’ and ‘Housing for All by 2022 in India are influencing residential sector growth, thus supporting potassium feldspar market growth.
Potassium feldspar lowers the melting temperature of glasses and reduces production costs. Flat glass is majorly applied on car mirrors, car window screens, and others areas. According to the U.S. Census Bureau, building permits in the United States increased 0.3 percent to an adjusted annual rate of 1.76 million in April from 1.75 million in March 2021. As per data retrieved from the federal statistical office, the annual turnover in building completion work in 2020 was 6.2 % more than the previous year's completion work. The organization for economic cooperation and development also stated that the government of Germany announced a scheme for developing 1.5 million dwellings between the period 2018 to 2022. The increasing construction activities are estimated to grow the demand for flat glass which, in turn, will increase the consumption of potassium feldspar for the manufacturing of glasses. According to The Brazilian Association of Flat Glass Distributors and Processors (Abravidro) the nominal production capacity of flat glass per day in Brazil was valued at 7530 tonnes/day in the year 2019 as compared to 6680 tonnes/day in the year 2018, an increase of 12.72%. This is also increasing the demand for potassium feldspar in Brazil.
The COVID-19 outbreak wreaked havoc on the residential and commercial sectors, posing significant economic concerns. The government announced strict measures to slow the spread of the coronavirus, owing to which the construction output growth slowed down causing widespread concern and economic hardship for the glass and ceramic industry. Construction was temporarily suspended in a number of countries. Construction output in the United Kingdom, for example, fell by a record 35.0 percent in Quarter 2 (April to June) 2020, compared to Quarter 1 (January to March) 2020, due to the coronavirus epidemic. According to the Office for National Statistics, in July 2020, the construction industry remained 11.6 percent below the level of February 2020. With the temporary decrease in residential and commercial construction activities, the demand for ceramic and glass had significantly fallen, which had an immediate impact on the potassium feldspar market in 2020. Furthermore, potassium feldspar manufacturers across regions had to shut down their production facilities and services as countries adopted partial or absolute lockdown policies to deal with the pandemic, which hindered the production of potassium feldspar. Manufacturers were stranded on raw material orders due to a major effect on the logistics industry due to the lockdown in the COVID-19 area. However, governments are taking the initiative to gain the construction momentum back by heavily taking initiatives to accelerate the growth of construction activities. For instance, the Australian government launched the HomeBuilder initiative to keep the residential building industry afloat during the coronavirus outbreak. HomeBuilder offers a US$25,000 grant to qualifying owner-occupiers to construct a new home or substantially renovate an existing home. Thus, the COVID-19 pandemic outlook of the potassium feldspar market in 2021 is set to gradually gain momentum.
Asia-Pacific holds a major share of the potassium feldspar market owing to the growing construction activities in the region. The government of New Zealand announced a housing plan of US$3 billion during the May 2020 budget, which will drive the country’s urban infrastructure development over the next 5 years. This will widen the scope for the potassium feldspar market in the country as it will be used in the production of various raw materials used in the construction industry such as concrete, ceramic and other products. Furthermore, according to the India Brand Equity Foundation (IBEF), affordable housing in urban areas in India is forecasted to grow 1.5 times from an estimated US$38 million by 2030 and will grow to US$9.30 billion by 2040. With the establishment of new construction activities in APAC, the market for potassium feldspar is estimated to rise during the forecast period in the region.
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Potassium Feldspar Market Drivers:
Rising Investment in Commercial and Residential Construction
With the world's population expected to grow by 2.5 billion people by 2050, new buildings will have a significant impact on future building-related energy consumption and emissions. Sustainable (low-emissions, efficient, and resilient) new buildings can be achieved through several essential policies, funding, and design initiatives. Fitch Ratings Inc. attributed the positive outlook on residential construction in India to strong government support at the national level, as evidenced by the allocation of significant funding for housing in the national 2021 Budget, which included Rs 50,000 crore ($6,750 million) for the Ministry of Housing and Urban Development (MoHUA) and the creation of a US$ 3.5 billion (roughly Rs 25,300 crore) fund to support the sector. The US government has revealed a rejuvenation plan that includes a US$2 trillion investment in America's infrastructure with an emphasis on stimulating the economy, employment growth, and green development to rebuild the country's outdated and failing roads, bridges, trains, and other infrastructure. Transportation infrastructure accounts for US$621 billion of the US$1.3 billion set aside for construction-related infrastructure, with US$115 billion for roads and bridges, US$85 billion for public transportation, US$17 billion for ports and waterways, and US$25 billion for airports and others according to RSM US LLP. Construction output in Europe is predicted to expand 4.1 percent in 2021, reaching 1.73 trillion Euros (US$2.1 trillion) in 2023, surpassing the pre-coronavirus level of 28 billion Euros (US$34.4 billion) in 2019. Euroconstruct, a group representing 19 European countries, pointed out that the overall results mask considerable disparities across countries.
Research and Development departments are continually improving existing product performance, optimizing manufacturing efficiencies, and developing the next generation of potassium feldspar with newer applications. For instance, according to the Massachusetts Institute of Technology’s (MIT) publication published in February 2019, the Department of Materials Science and Engineering has focused its study on finding alternative fertilizer materials. The researchers discovered a potash alternative that is derived from potassium feldspar which is commonly found across the globe in abundant nature. The Department of Materials Science and Engineering (MIT) developed a hydrothermal procedure to transform K-feldspar rocks into new fertilizing material in collaboration with two Brazilian businesses, Terrativa and EMBRAPA (the Brazilian Agricultural Research Corporation).
The Major Players in this Market Include
The major companies in the potassium feldspar market include Pacer Minerals LLC, Quarzwerke Group, Minerali Industriali S.r.l, Mudgee Dolomite & Lime Pty Ltd, The Quartz Corporation, Gebruder Dorfner GmbH & Co, Kaolin, Snow White Minerals Pvt. Ltd., Global Minechem Corporation (GMC), Ceraclique Mining India Pvt. Ltd., and National Mining Company (NMCO). The key focus of the companies has shifted towards expansion and agreement.
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