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The potassium hydroxide market is estimated to increase by USD 1.13 billion at a CAGR of 3.2% between 2023 and 2028. The Potassium Hydroxide market is experiencing significant growth due to the increasing demand for its derivative, Potassium Carbonate. This alkaline compound is extensively used in various industries, including glass manufacturing, detergent production, and chemical processing. The surging demand for household and personal care products is a key growth driver, as Potassium Carbonate is a critical ingredient in the production of soaps, shampoos, and other cleaning agents. Furthermore, the agricultural sector's expanding requirement for fertilizers is fueling market growth, as Potassium Carbonate serves as a vital source of potassium in fertilizer formulations.
The market share growth by the segments solid potassium hydroxide segment will be significant during the forecast period. Solid KOH is an inorganic compound that is widely used for various applications. Due to its versatile properties and applications in different industries, there has been an increasing demand for solid caustic potash over the years.
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The solid potassium hydroxide segment was valued at USD 3.62 billion in 2018. It is widely used in the chemical industry as a strong base and alkaline reagent. Some of the key applications include the production of various chemicals, including potassium salts, detergents, fertilizers, and pharmaceuticals. Therefore, the expanding chemical industry has significantly contributed to the growing demand. The increasing demand for personal care and cleaning products and the usage in the production of liquid soaps, detergents, and other cleaning agents, it is expected to drive the market growth of this segment, which in turn will drive the global market during the forecast period.
KOH is widely used in the commercial production of potassium carbonate, which has various applications across multiple industries. This carbonate is produced by reacting caustic potash with carbon dioxide and finds applications in specialty glass manufacturing, detergents, cleaners, photographic chemicals, agriculture, gas purification, rubber additives, the dairy industry, polymer catalysts, cement, textiles, and more. It is particularly important in the production of specialty glass for cathode ray tubes (CRTs) used in televisions and computer monitors. Additionally, it is used in the pharmaceutical industry as a drying agent and in supplements. It is also utilized in the manufacture of printing inks and pigments, glass products, pottery glazing, and as a fertilizer in agriculture. The demand across these industries drives the growth of the global market.
APAC is estimated to contribute 59% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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One of the key reasons for the growth in the region is due to the high demand due to its increasing use in applications, including industrial cleaning, personal care, cosmetics, pharmaceuticals, chemical intermediates, agrochemicals, dyes, inks, and pigments. Factors such as the rising awareness about personal hygiene with the increasing number of government initiatives and campaigns, and the rapid growth of the pharmaceutical and food industries in APAC are driving the demand in the region during the forecast period.
Potassium compounds, including potash lye and solid calcium carbonate, are integral to various industries such as the food sector, drug formulation, and agricultural operations. In food sector applications, potassium compounds serve as stabilizers and thickening agents, enhancing product consistency and quality. They are also utilized in biofuels and biodiesel production, where they act as catalysts in salt metathesis reactions and aid in manufacturing techniques for sustainable energy sources. In agriculture, potassium compounds function as soil conditioners, improving nutrient uptake and crop yield. Lye, a potassium hydroxide (KOH) solution, is pivotal in soft soap making processes, utilizing water to form effective cleansing agents. Across these diverse applications, potassium compounds play a crucial role in modern industrial processes, supporting both traditional practices and innovative developments in chemistry and agriculture.
One of the key factors driving the market growth is the growing demand for potassium carbonate. One of the main uses of KOH is as a raw material or chemical intermediate in the production of various end-use products in industries like detergents, glass, cosmetics, food, pharmaceuticals, and agriculture. The market is experiencing growth, driven significantly by increasing demand from the glass industry.
Furthermore, the global preference for automatic washing machines has been fueling the demand for liquid laundry detergents, which in turn drives the market demand. This trend is particularly notable in industries such as chemical manufacturing, petroleum refining, food & beverages, pharmaceuticals, electronics, agriculture, and glass. The diverse range of applications is expected to propel the growth of the KOH market in the forecast period.
A key factor shaping the market growth is capacity expansions and new plants. Due to the growing demand for caustic potash-based consumer products, potassium salts, pharmaceuticals, and household cleaning products, the global market has been witnessing expansion in production capacities.
In addition, as a result, the markets in North America, APAC, and Europe have developed rapidly due to the continuous expansion of production capacities. For instance, in February 2018, Akzo Nobel and Evonik Industries began production using membrane electrolysis technology at their new joint venture (JV) plant in Ibbenburen, Germany. Hence, the rapid development and expansion of the capacity of plants are expected to significantly drive the market growth during the forecast period.
The presence of less expensive substitutes is one of the key challenges hindering growth. One of the key challenges faced by the market is from less expensive substitutes, including sodium hydroxide and calcium hydroxide. For instance, sodium hydroxide pellets are a less expensive substitute that is widely used as a replacement as they give good results with less quantity of catalyst.
However, sodium hydroxide is less expensive than caustic potash as the cost of sodium hydroxide production (from sodium chloride, common salt, which is inexpensive) can be around 1/3 of the cost of its production. As a result, manufacturers tend to prefer sodium hydroxide over caustic potash as it is cheaper, and often a lesser quantity of sodium hydroxide serves the purpose. Hence, such factors are expected to hinder the market during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
AGC Inc: The company offers potassium hydroxide such as flemion which is a fluorinated ion and it exchanges membranes for the production of caustic soda and caustic potash that achieves substantial energy savings.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Airedale Chemical Co. Ltd., Albemarle Corp., Altair Chimica S.p.A., American Elements, Ercros SA, Gujarat Alkalies and Chemicals Ltd., Haifa Negev technologies Ltd., HAINAN HUARONG CHEMICAL CO. LTD., ICL, INEOS Group Holdings SA, Merck KGaA, Nike Chemical India., Occidental Petroleum Corp., Olin Corp., RAG Stiftung, Superior Plus Corp., Tessenderlo Group NV, UNID Co. Ltd., and Vynova Beek BV
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
1. Potassium Sorbate Market by End-user and Geography - Forecast and Analysis.
2. Calcium Hydroxide Market by End-user, Grade Type, and Geography - Forecast and Analysis
3. Caustic Soda (NaOH) Market Analysis APAC, North America, Europe, South America, Middle East and Africa - China, US, India, Japan, Germany - Size and Forecast
In industrial applications, potassium phosphates and potassium-based fertilizers act as stabilizers and thickening agents, supporting the growth of various sectors, including the agriculture sector and cosmetics industry. High-quality KOH (potassium hydroxide) is crucial for neutralization processes and saponification in the production of personal care goods and cosmetics. It also plays a vital role in pH management for medicinal compounds like antibiotics, antiretrovirals, and analgesics. In manufacturing, KOH is involved in salt metathesis reactions with methanol, ethanol, and glycerin, essential for producing various chemicals and products. The price of KOH influences strategic decisions and investment pockets, especially in times of economic shifts such as during lockdowns. As industrialization drives demand, potassium compounds remain pivotal in sectors ranging from semiconductors to agriculture, guided by projections and strategic steps to optimize production and meet global market needs efficiently.
Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.2% |
Market growth 2024-2028 |
USD 1.13 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.06 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 59% |
Key countries |
China, Japan, US, Germany, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AGC Inc., Airedale Chemical Co. Ltd., Albemarle Corp., Altair Chimica S.p.A., American Elements, Ercros SA, Gujarat Alkalies and Chemicals Ltd., Haifa Negev technologies Ltd., HAINAN HUARONG CHEMICAL CO. LTD., ICL, INEOS AG, Merck KGaA, Nike Chemical India., Occidental Petroleum Corp., Olin Corp., RAG Stiftung, Superior Plus Corp., Tessenderlo Group NV, UNID Co. Ltd., and Vynova Beek BV |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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