The market for potassium carbonate is poised to witness a healthy growth rate on account of emerging uses of the compound in foods and pharmaceuticals. This is in addition to the established uses of potassium carbonate in the manufacturing of ceramics, glass, potassium salts, and agrochemicals. Persistent efforts into the R&D activities of potassium carbonate are projected to propel market expansion over the forthcoming years.
The Potassium Carbonate Market is predicted to grow at a CAGR of 4.6% over the forecast period, according to FMI’s analysis. The industry’s value is anticipated to increase from US$ 2.1 Billion in 2023 to US$ 3.2 Billion by 2033 end.
For instance, the European Federation of Pharmaceutical Industries and Association has observed the intensification of investments by numerous research institutes and manufacturers in America and Europe. These investments are aimed at developing and innovating new pharmaceutical products, which are forecast to lead the way for upcoming applications of potassium carbonate.
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Besides, the mounting demand for potassium carbonate from multiple industries and the strong presence of major market players are catalyzing market development. For instance, the demand for this compound is springing up in the field of agriculture as it assists in the better development of plants and absorbs water from the environment. Farmers utilize potash to fortify the stems and roots of plants.
Key Takeaways from the Potassium Carbonate Market:
- China is projected to rule the potassium carbonate market, as was the case in the historical period, with US$ 691.5 Mn to be attained by 2033. The market is projected to accelerate at the fastest CAGR of 5.1% in the meantime. Rapid growth in the country can be credited to the surging application of food-grade potassium carbonate.
- The U.S. potassium carbonate market is forecast to be next in line, with a market value estimated at US$ 500 Mn by 2033. The market is projected to grow at a CAGR of 4% between 2023-2033. The market expansion can be attributed to the wide presence of key players in the nation.
- The United Kingdom is being propelled by research-led potassium carbonate innovations and developments in the region. The U.K. market is predicted to stand at US$ 90.6 Mn by 2033, expanding at a CAGR of 3.9%.
- Potassium carbonate is widely used in powder form. Powdered potassium carbonate is convenient to use and finds wide applicability in many industries. The segment is projected to grow at a CAGR of 4.2%, a significant increase from the 2.5% witnessed in the historical period.
- The compound is broadly utilized in the manufacture of soaps, detergents, and cleaning products. This end use is predicted to grow at a CAGR of 4%, up from the 2.5% exhibited in the past assessment period.
News Featuring Market Developments by Companies Providing Potassium Carbonate Solutions
- In July 2021, a leading European Chlor-alkali and PVC company, Vynova, announced that it is set to build a production unit for liquid potassium carbonate (K2CO3) in Tessenderlo, Belgium. With this new and larger facility, the company will further its growth in Europe as the leading supplier of potassium derivatives.
- Recently, the company launched the world’s first series of low-carbon potassium (K) derivatives in February 2022. These are advertised under the VynoEcoSolutions brand and will address the sustainable needs of customers dispersed across various industries.
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Potassium Carbonate Market by Category
By Product Form:
- Granules
- Powder
By End Use:
- Soaps, Detergents & Cleaning Products
- Agrochemicals
- Food & Beverage Processing
- Personal Care Products
- Glass
- Dyes & Inks
- Fire Suppression Products
- Water Treatment
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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