As per a recent market survey by ESOMAR-certified consulting firm Future Market Insights (FMI), the global potassium carbonate market is projected to reach US$ 1.9 Bn in 2021. Expanding at a 4.4% CAGR, the market valuation is expected to top US$ 2.9 Bn by 2031.
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In 2020, the COVID-19 pandemic negatively impacted demand for potassium carbonate. Nationwide lockdown restrictions and disrupted supply chains further dampened sales prospects of potassium carbonate. However, FMI has projected the market to recover at a steady pace, as sales are anticipated to grow by 4.1% year-over-year between 2020 and 2021.
Increasing demand from various end-use industries such as agrochemicals, food and beverages, glasses, and cleaning products are anticipated to boost sales of potassium carbonate over the forecast period.
In addition to this, rising adoption of potassium carbonate in fire suppression products, personal care products, inks and dyes and water treatment are also bolstering growth of the market. Strong development in the chemical sector in East Asia, North America and Europe are expected to continue pushing sales of potassium carbonate.
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As per FMI’s in-depth regional analysis, the U.S. is expected to lead the North America potassium carbonate market. Growth can be attributed to increasing sales of packaged food products in the country, along with robust presence of key automotive companies in the country.
“Increasing applications of potassium carbonate in the automotive industry, coupled with rapid expansion of the construction centre driven by urbanization is expected to bode well for the global potassium carbonate market through 2031,” says an FMI analyst.
- Based on product form, the powder segment is expected to expand at a 4.2% CAGR in 2021.
- In terms of application, sales of potassium carbonate in the glass segment are projected to rise at a 3.7% CAGR through 2031.
- The U.S. will continue exhibiting high demand for potassium carbonate, with demand rising at a 3.8% CAGR in 2021.
- Sales of potassium carbonate in India are expected to grow by 5.0% year-over-year between 2020 and 2021.
- China will emerge as a lucrative potassium carbonate market, expanding at a 5.1% CAGR over the forecast period.
- Japan and South Korea will account for 17.6% and 13.2% of the total potassium carbonate market share respectively.
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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. (Wentong Group), Foodchem International Corporation, Shanxi Guangyuan Fertilizer Co., Ltd., Armand products, Zhejiang Dayang, Zhejiang Juhua Co., Ltd., and Hebei Xinjichemical are among the key players operating in the global potassium carbonate market.
Top 5 players comprising Oxy (Occidental Petroleum Corporation), Evonik, Zheijang Juhua Co. Ltd., AGC Chemicals and Armand Products are anticipated to account for approximately 58% of the total potassium carbonate market share over the forecast period.
As a part of their growth strategies, leading players are investing in strategic collaborations, mergers, and acquisitions to expand their production capacity. Players are also focusing on digitalization to improve production and sales by introducing AI, machine learning, automation, and block chain. For instance:
- In 2016, Evonik and AkzoNobel commenced a joint venture in Germany and set up a manufacturing unit for the processing of chlorine and potassium hydroxide solution into several products including potassium carbonate.