Potassium Carbonate Market Overview
Potassium Carbonate market size is forecasted to reach US$655.4 million by 2027, after growing at a CAGR of 3.2% during the forecast period 2022-2027. The inorganic compound potassium carbonate has the formula K2CO3. It's a white salt that dissolves in water but not in alcohol or acetone. It is a deliquescent solid that often appears damp. The potassium carbonate market is primarily driven by the increasing demand for potassium carbonate from the glass and ceramic industries. In addition, sales of potassium carbonate are being boosted by rising demand from chemical process industries in various regions. Furthermore, the rising adoption of potassium carbonate in animal feed, potash fertilizers, and food and beverage processing is expected to boost the potassium carbonate market's growth prospects.
The COVID-19 epidemic hampered the potassium carbonate market growth as glass demand was negatively impacted in a variety of end-use industries, including automotive, aerospace, construction, and more. Due to the closure of non-essential businesses, the outbreak had a significant impact on the aerospace, automotive, and construction industries. As demand for automobiles and aircrafts dwindled, production was abruptly halted. For instance, according to the International Organization of Motor Vehicle Manufacturers, global automotive production will fall by 16 percent in 2020. Due to the impact of the COVID-19 pandemic, Toyota Motor Corporation's global vehicle manufacturing in 2020 was flat at 12.6 percent year over year. Furthermore, during the pandemic, construction output was drastically decreased. According to the Office for National Statistics, the construction industry in the United Kingdom was 11.6 percent lower in July 2020 than it was in February 2020. In August 2020, the level of project construction in the United Kingdom was 10.8% lower than in February 2020. Due to this the demand for glass significantly reduced, which impacted the potassium carbonate market revenue in 2020.
The report: “Potassium Carbonate Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Potassium Carbonate market.
By Form: Solid, and Liquid
By Grade: Food Grade, Technical Grade, Reagent Grade, and Others
By Manufacturing Process: Electrolysis Method, Ion Exchange Method, Ash Method, and Others
By Packaging Type: Bags, Drums, Bottles, and Others
By Application: Glass, Ceramics, Adhesives, Fertilizers, Dyes & Inks, Cleaners, Gas Purification, Tanning Leathers, Rubber Additives, Fire Suppressants, and Others
By End-Use Industry: Food & Beverage (Chocolates, Beers, Wines, Mineral Waters, Animal Feeds, and Others), Chemicals (Inorganic Chemicals, Potassium Salts, Oxalic Acid, and Others), Agrochemicals, Pharmaceuticals, Building and Construction (Residential, and Commercial), Transportation (Automotive, Aerospace, Locomotive, and Marine), Hone & Industrial Cleaning (Soaps, Detergents, Bleach, and Others), and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa)
- Asia-Pacific dominates the potassium carbonate market, owing to the increasing food & beverage, and glass industry in the region. The increasing per capita income and evolving lifestyle of individuals coupled with the rising population are the major factors expanding the food & beverage industry in APAC.
- Earnings of potassium carbonate in the glass industry are being pushed by rising demand for automobiles, aerospace, and buildings.
- Furthermore, increased government support and a well-developed pharmaceutical industry are expected to boost the potassium carbonate market's growth.
- Potassium carbonate consumption is also expected to increase as demand for industrial and institutional cleaning products, detergents, and household cleaning agents rises.
- During the forecast period, however, various health risks associated with potassium carbonate, as well as the availability of substitutes, are expected to act as major restraints on the potassium carbonate market's growth.
Figure: Asia-Pacific Potassium Carbonate Market Revenue, 2021-2027 (US$ Million)
Potassium Carbonate Market Segment Analysis – By Application
The glass segment held the largest share in the potassium carbonate market in 2021 and is forecasted to grow at a CAGR of 4.8% during the forecast period 2022-2027. In the glass industry, potassium carbonate is primarily used as a flux. It improves the resistance, transparency, and refractive coefficient of glass, resulting in excellent clarity in spectacles, glassware, television screens, and computer monitors. It also looks stunning in glass sculptures and other works of art. Potassium carbonate is also used to make other specialty types of glass, such as potash glass, borosilicate glass, optical glass for telescopes and microscopes, and lead crystal, in addition to making glass stronger. Thus, potassium carbonate is a vital component of the glass industry, owing to which the segment holds the largest share.
Potassium Carbonate Market Segment Analysis – By End-Use Industry
The building & construction segment held the largest share in the potassium carbonate market in 2021 and is forecasted to grow at a CAGR of 5.1% during the forecast period 2022-2027, owing to the increasing usage of glass in the building & construction industry. In domestic housing, glass is used for smaller windows. Glass reduces solar heat gain and reduces glare. It also reduced the harmful UV radiation that entered the interiors, which is why laminated and toughened glass is commonly used in residential construction. Governments are taking steps to increase residential building construction to meet the growing demand for housing in the Asia-Pacific region. For instance, Thailand's government has set aside THB4 billion ($125.6 million) to fund five low-cost housing developments throughout the country. The Indian government has also launched a project called "100 smart cities" to boost the country's housing market. In addition, the Pradhan Mantri Awas Yojana (PMAY) program aims to provide affordable housing to all urban poor by 2022 through initiatives such as financial assistance. Such government initiatives are set to increase the demand for glass in the residential construction sector, and further drive the potassium carbonate market growth in the Asia-Pacific region during the forecast period.
Potassium Carbonate Market Segment Analysis – By Geography
Asia-Pacific region held the largest share in the potassium carbonate market in 2021 up to 43%, owing to the bolstering growth of the building and construction sector in APAC countries. For instance, to help with rising air traffic, the Indian Union Budget proposed in February 2020 that 100 new airports be constructed by 2024 underneath the Centre's Udan scheme. China's total hotel construction pipeline stood at 3,693 projects/700,567 rooms at the end of the fourth quarter, according to Lodging Econometrics' (LE) Q4 2021 China Construction Pipeline Trend Report, up 9% in projects and rooms year over year (YOY). In December 2021, the Government of Odisha, India, awarded L&T Construction, a construction subsidiary of Indian conglomerate Larsen & Toubro (L&T), a contract to construct clinical blocks and allied infrastructure for an advanced hospital in Cuttack. The construction company has classified the contract as 'large,' meaning it could be worth anywhere from INR25 billion (US$329 million) to INR50 billion (US$658 million). The Japanese government and A'ana No.1 College celebrated the completion of the new school hall and toilet block at A'ana No.1 College in March 2022. The project was partially funded by the Grant Assistance for Grass-Roots Human Security Projects (GGP) program in Japan, which provided a grant of up to US$218,136. And with the increasing commercial construction activities, it is anticipated that glass installation in commercial buildings will significantly increase, which will accelerate the demand for potassium carbonate. As a result, the growing building and construction industry in APAC will be a major driver of market growth over the forecast period.
Potassium Carbonate Market Drivers
Growing Food & Beverage Industry
Potassium carbonate is used in the food industry for a variety of purposes, including chocolate production, dried fruit production, bakery, and more. It's used in cooked products, alfalfa drying, beer brewing, oriental noodles, and as an additive in drying raisins. It's also used in the production of fruit and wine as a buffer. Food & beverage production is on an upsurge in various regions. For instance, according to the Brewers Association, overall U.S. beer volume sales increased 1% in 2021, while craft brewer volume sales increased 8%, bringing small and independent brewers' volume share of the U.S. beer market to 13.1%. Craft beer retail dollar sales increased by 21% to US$26.8 billion, accounting for just under 27% of the US$100 billion (previously US$94 billion) beer market. The government of Uttar Pradesh has included provisions for the promotion of wine production units in the state's Excise Policy 2021-22 to promote fruit wines in a big way. In February 2022, according to the All India Wine Producers Association (AIWPA), wine sales in Maharashtra, India, could increase by 25-30% as a result of the state cabinet's decision to allow wine sales in supermarkets and shelf-in shops. Such government initiatives are bolstering the growth of the wine industry. Because beer and wine production are booming, there is a significant increase in demand for potassium carbonate. Thus, the increasing food & beverage sector acts as a driver for the potassium carbonate market during the forecast period.
Flourishing Automotive and Aerospace Industry
The automotive and aerospace industries both rely heavily on glass. It is generally used for the vehicle's front and rear windshields. Various countries' automotive and aerospace industries are thriving. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), automotive production in Malaysia and Vietnam increased by 1.2 percent and 5.5 percent, respectively, in 2019, to 5,71,632 and 2,50,000 units. Brazil's passenger vehicle production increased by 2.5 percent from 2,387,967 units in 2018 to 2,448,490 units in 2019, according to the International Organization of Motor Vehicle Manufacturers. In November 2020, Boeing forecasted that China's airlines would spend US$1.4 trillion on 8,600 new planes and US$1.7 trillion on commercial aviation services over the next 20 years. According to the Boeing Commercial Market Outlook 2021-2040, North America will require 9,160 new airplane deliveries by 2040, while Latin America will require 2,530. Between 2019 and 2040, North America's airline fleet is expected to grow by 1.7 percent, while South America's will grow by 3.4 percent. With the increasing production of automobiles and aircraft, the demand for glasses will also exponentially increase, which will aid the potassium carbonate market growth, thereby acting as a market driver.
Potassium Carbonate Market Challenges
Side Effects of Potassium Carbonate
Potash can cause inflammation of the eyes, skin, stomach, and throat, among other things. It can also irritate the respiratory system, as well as the skin and eyes. Potassium carbonate irritates the skin when it comes into contact with it, especially after prolonged exposure. Potassium carbonate irritates the eyes and mucous membranes severely. Long-term exposure can result in permanent corneal damage and vision loss. Potassium carbonate irritates the gastrointestinal tract, causing burns on the lips, tongue, mouth, oesophagus, and stomach if consumed. A sharp drop in blood pressure, causes vomiting and nausea, severe abdominal pain, and, in severe cases, difficulty breathing. Coughing, difficulty breathing, and chest pain may occur in patients who inhale large amounts of potassium carbonate. The stimulation of the respiratory tract and its mucous membranes causes this. Thus, all these side effects of potassium carbonate are anticipated to hinder the market growth during the forecast period.
Potassium Carbonate Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the potassium carbonate market. potassium carbonate market top 10 companies are:
- AGC Chemicals
- Zhejiang Dayang Biotech Group Co. Ltd.
- Wentong Potassium Salt Group Co. Ltd.
- Evonik Industries AG
- Vynova Group
- Pikalevskaya Soda
- Altair Chimica S.p.A.
- Esseco USA LLC
- Merck KGaA
- TCI Chemicals
- In July 2021, Vynova announced that it will construct a state-of-the-art liquid potassium carbonate (K2CO3) production plant at its Tessenderlo, Belgium, facility. The new, larger facility will replace Vynova's existing potassium carbonate plant in Tessenderlo and will be built to keep up with the company's growth, bolstering its position as Europe's leading potassium derivatives supplier.
- In April 2021, On the premises of Hydrochem Italia s.r.l. in Pieve Vergonte, a new processing facility for the manufacturing of chlorine and potassium hydroxide was started up. With a capacity of 80,000 tonnes of potassium hydroxide per year. Potassium hydroxide is frequently made from potassium carbonate.
- In April 2020, Potassium carbonate from Evonik has been approved for use in food. The FSSC22000 certification for the plant in Lülsdorf, near Cologne, confirms the highest standards in potassium carbonate production and packaging.
Report Code: CMR 45150
Report Code: CMR 0837
Report Code: CMR 0521
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