Potassium Feldspar Market - Forecast(2023 - 2028)

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, owing to increasing demand for potassium feldspar as a major raw material in the manufacture of ceramics used in bathroom fixtures, kitchen fixtures, floor tiles and so on. The demand for potassium feldspar is expected to rise during the forecast period due to several industrial applications of potassium feldspar, such as its use as a raw material in the glass industry, as extenders and fillers in the paint industry, and as a coating for welding rods. The upsurge in the need for glasses in the automotive manufacturing sector is another prime factor driving the potassium feldspars market growth. Furthermore, growth opportunities exist for the Potassium Feldspar market as there has been a growing initiative such as investments in the field of potassium feldspar to incorporate in the manufacturing sector.

During the Covid-19 pandemic, there was a sudden decline in the growth of many key-use industries which widely uses potassium feldspar as a raw material, which further affected the growth of potassium feldspar market. For instance, the export of ceramic products in the year 2020 in Indonesia stood at US$47.70, a decrease of 6.23% from the year 2019 owing to the Covid-19 pandemic. The exports of ceramic products from New Zealand decreased by 1.69% to US4.06 million from US$4.13 million in the year 2019. According to United Nations COMTRADE, the exports of glass and glassware during the year 2020 in Japan was valued at US$2.97 billion, a decrease of 6.74% compared to the previous year 2019 and the export of ceramic products during the year 2020 was valued at US$1.47 billion, a decrease of 8.71% compared to the previous year 2019. Further the export of glass and glassware from Indonesia also decreased at a rate of 6.71% in the year 2019 to US$283.15 from US$303.52 in the year 2018. Since, during the pandemic, the potassium feldspar market saw a decrease in its demand due to many key-use industries facing challenges during the pandemic, the market revenue of potassium feldspar market significantly decreased.

The report: “Potassium Feldspar Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the potassium feldspar Industry. 

By Type: Microcline, Orthoclase, Sanidine, and Others.

By Application: Fillers and Extenders (Paints, Plastics, Rubber, and Others), Glass (Flat Glass, and Container Glass), Ceramic, Porcelain, Enamel Glazes, Welding, Abrasives, and Others.

By End-Use Industry: Building and Construction (residential Construction, Commercial Construction, Industrial Construction, and Infrastructure), Automotive (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), Electronic Appliances, Medical, 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, 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).

The orthoclase segment held the largest share of 36.7% by revenue in the potassium feldspar market in 2020 and is forecasted to grow at a CAGR of 5.2% during 2021-2026. Glass and ceramics are made from orthoclase, and translucent crystals are occasionally carved into diamonds. The Indian ceramic sector, which is currently the world's third-largest producer, is expected to treble its revenue by 2021. As the country prepares for new development projects, the rising demand for faucets and tiles has resulted in a 7 percent to 8% increase in the construction sector. The ceramics sector will be fueled by rising domestic demand and exports. The Middle East and Europe are two of the most important export markets. Saudi Arabia receives 20% of all ceramic’s exports. The ceramic tile business in India is worth 3.8 billion euros and has a capacity of 955 million square meters according to Messe Muenchen India. The growth in the ceramic industry will propel the demand for orthoclase as it is one of the raw materials for the production of ceramics.

The glass segment held the largest share in the potassium feldspar market in 2020 and is expected to grow at a CAGR of 4.2% during 2021-2026. Potassium feldspar is used as a raw material in the manufacturing of glass. It is a fluxing agent which helps to reduce the viscosity of glass. Glass is widely used in buildings and vehicles window thus, increasing glass production and developments in the glass industry is estimated to grow the consumption of potassium feldspar. In August 2020, Tomakk Glass Partners announced to build a glass manufacturing facility with an investment of US$1.95 million in Shreveport. The company will manufacture tempered glass which is used in vehicle windows. Furthermore, according to the India Brand Equity Foundation (IBEF), affordable housing in urban areas in India is forecasted to grow 1.5 times from an estimated 38 million by 2030 and will grow to US$ 9.30 billion by 2040. Additionally, increasing vehicle production is also estimated to expand consumption of glass which in turn growing demand for potassium feldspars.

The building and construction segment held the largest share in the potassium feldspar market in 2020 and estimated to grow at a CAGR of 4.4% during 2021-2026. Potassium feldspar is used in the production of concrete, aggregates, glass, and ceramic, which are a few of the important materials used in the building and construction industry. This increases the demand for potassium feldspar in the building and construction industry. Glass and ceramics are used in various applications of the building and construction industry like walls, flooring, tiling, window panes, and other applications. This is driving the demand for the potassium feldspar market in the building and construction industry. The increase in the projects and growth of the residential construction sector is increasing the demand for products like glass window panes, ceramic tiles, sanitary ware, glass doors, and other residential construction sector applications. For instance, according to Invest India, the construction industry of India contributed a 30% share in the glass industry during the year 2019. This is increasing the application of glass in the construction industry, which is further driving the demand for potassium feldspar in the construction industry. 

Asia-Pacific held the largest share in the potassium feldspar market in 2020 up to 41.7% and is forecasted to grow at a CAGR of 5.7%. According to the American Chemical Society, in the year 2019, China was the second-largest producer of potash (otherwise called potassium feldspar), at 28% of the total production along with other countries. This is majorly driven by the growing demand from end-use industries like building & construction, automotive, and other industries, which is contributing to the growth of the potassium feldspar market in China. According to Japan Automobile Manufacturers Association (JAMA), the production of cars in February 2021 increased to 5,96,379 units from 5,87,946 units in January 2021, an increase of 1.4%. This will fuel the potassium feldspar market as it is widely used in the production of rubber, which is further used in the manufacture of tires, the main component in the production of the automobile market. According to the Construction Association of Korea (CAK), the revenue generated by Korea’s construction-related industry including public and private infrastructure and civil engineering services was valued at US$148 billion in the year 2019. The increase in the growth of the construction sector is increasing the demand for ceramic, glass, concrete, and aggregates which is further driving the demand for potassium feldspar market in the region.

The global potassium feldspar market is likely to be driven by rising ceramics demand across major end-use sectors such as electrical & electronics, construction, and medical devices throughout the projected period. The global potassium feldspar market is driven by rising demand as a significant raw material in the manufacture of ceramics used in bathroom fixtures, kitchen fixtures, and floor tiles, as well as its widespread use in the glass sector to create glass, fiberglass, and specialty glass (used in the creation of tableware). In 2019, global tile consumption fell by 500 million square metres (-4.1%), from 12,902 to 12,375 million square metres. Asia saw the biggest drop, with demand falling to 7,995 million sqm (-6.3%), accounting for 64.6 percent of global consumption according to a report by the Indian Council of Ceramic Tiles and Sanitaryware (ICCTS). Further, the report states that in Europe consumption increased by 1.2 percent in European Union countries (from 1,009 to 1,021 million sqm), but fell by 10% in non-EU Europe (from 563 to 506 million sqm). In the Americas, consumption was almost unchanged, with volumes of 1,257 million sqm (+0.7%) in Central and South America and 544 million sqm (-3.7%) in North America. Africa's demand increased sharply to 1,002 million sqm (+7.2%), far outstripping the continent's production capacity. 

According to International Trade Administration, Public Authority for Mining (PAM) of Oman Government in Mid of February 2020, PAM announced intentions to tender 15 to 20 pre-approved mining blocks in 2020. The first two pre-approved mining blocks in areas known for marble, limestone, and dolomite deposits were put up for public bidding by PAM. Future pre-approved investment blocks are said to have rich quantities of chromite, silica, gypsum, carbonate, attapulgite, clay, basalt, laterite, and feldspars, according to local press. Minerals Development Oman (MDO), a state-owned conglomerate of four Omani sovereign wealth funds and government investment enterprises, is the dominant participant in Oman's mining industry. As the government's favored partner for mineral concessions, MDO has secured many mining licenses and is investing extensively in probable mineral resources. Such exploration and investment in the field of feldspar is set to accelerate the potassium feldspar market growth.

The presence of a major substitute, such as nepheline syenite, stifles market growth. The increased use of nepheline in glass products due to its increased resistance to breaking and scratching is driving up global demand for nepheline syenite. The minerals nepheline, microcline, and albite make up nepheline syenite, which is a quartz-free aluminum silicate. Nepheline syenite is utilized as a glass phase promoter, a ceramic flux, and a functional filler in paint, plastics, and other materials due to its extremely low melting point and high alumina concentration. Feldspar and nepheline syenite are used as fluxes in pottery and glass. Glass accounted for around 65 percent of domestic feldspar and nepheline syenite end-uses in 2020, while ceramic tile, pottery, and other uses accounted for 35 percent in the United States according to United States Geological Survey (USGS).

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the potassium feldspar market. Major players in the potassium feldspar market are 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).