H1 2023: In H1 2023, The largest consumer of Potassium Carbonate in H1 2023 was the Asia Pacific region. However, during H1 2023, the Asia Pacific Potassium Carbonate market seemed bearish. The prices of Potassium Carbonate experienced a decline till June in the Asian nations like China. This was attributed to limited consumption while production remained at optimal levels, partly due to subsidized energy and stable feedstock costs. In the middle of the second quarter of 2023, the demand from the fertilizer industry slowed down further, impacted by a heatwave that had adverse effects on the agriculture sector in Southeast Asia. Towards the end of the second quarter of 2023, traders had high inventory levels because the prices of the raw materials, potassium chloride, and carbon dioxide, were on a downward trend. This contributed to the reduction in production costs. In the USA, the cost of Potassium Carbonate experienced a notable decline in February and March 2023. This decline was primarily driven by diminished demand both domestically and internationally. Despite this decrease in demand, the supply of Potassium Carbonate remained consistent, with ample stocks readily available, and the supply chain remained unaffected. The overall economic activity remained sluggish, influenced by factors such as high inflation and elevated interest rates. The supply side of the market remained stable, with no disruptions in production and no reported plant closures. The market conditions were characterized by a pessimistic sentiment in the US till June 2023.
The global Potassium Carbonate market stood at approximately 2000 thousand tonnes in 2022 and is anticipated to grow at a CAGR of 5.3% during the forecast period until 2032.
Potassium Carbonate is a versatile inorganic chemical. It is a crucial ingredient in the production of fertilizers. These fertilizers are necessary to provide plants with potassium, an important nutrient. They enhance the general health of the plants as well as crop yields and quality. In a number of chemical processes, potassium carbonate is employed as a catalyst and chemical reagent. It is used as a pH regulator in chemical reactions as well as in the synthesis of other potassium salts. Potassium carbonate is utilized in the manufacturing of chemicals that are used in the industrial and medicinal industries,. Also, in the process of making ceramics, potassium carbonate is used as a flux to help reduce the firing temperature and enhance the glazing qualities of the finished product. As a food additive, potassium carbonate is mostly employed as a leavening agent in baked goods and as a pH regulator, or acidity regulator. It enhances the flavour and texture of some culinary items, such as gingerbread and biscuits. Potassium carbonate can also be used in water treatment procedures to modify the pH of the water in order to regulate the levels of acidity and alkalinity. Conditions associated with excessive stomach acid production can be treated with potassium carbonate added to antacid formulations.
Glass and ceramics are made with the help of potassium carbonate. It can lower the melting point of ceramics and glass, which facilitates moulding and shaping. The need for glass and ceramics is always growing due to the expansion of the building and automotive industries, and this in turn fuels the demand for potassium carbonate. However, the primary driver of potassium carbonate is its significant role in agriculture as a key component in fertilizers. The demand for more potassium carbonate in agriculture is driven by both the need to boost agricultural output and the world's rising population. Fertilizers based on potassium are in high demand as farmers try to increase crop yields and quality. During the production process of dyes, potassium carbonate helps to regulate the pH, start the precipitation process, and modify the acidity levels in pigments and dyes. The growing demand of potassium carbonate by the textile is another market driving factor. The global Potassium Carbonate market is anticipated to reach nearly 4000 thousand tonnes by 2032.
Based on region, Asia Pacific is the major consumer of Potassium Carbonate. Due to the increased demand for potassium carbonate in this region, geographical study indicates that the market in Asia Pacific would have the highest revenue CAGR over the projection period. Due to its widespread application in the agricultural and textile industries, this area is also anticipated to increase potassium carbonate consumption and revenue growth. Emerging markets have experienced tremendous urbanization and industrialization, particularly in areas like Asia-Pacific. The demand for chemicals, glass and ceramics, and agricultural products is rising in these sectors, which in turn is driving up the consumption of potassium carbonate.
Based on the end-user industry, the global Potassium Carbonate market is segmented into Glass and Ceramics, Dyes and Pigments, Pharmaceutical, Agrochemical, Chemical Intermediate, and Others. Among these, Glass and Ceramics industry is the largest segment and held a market share of roughly 20% in 2022. Potassium carbonate functions as both a reactant and a catalyst in the manufacture of various chemical substances. It is employed in the creation of different potassium-based compounds like potassium bicarbonate and potassium citrate.
Major players in the Global Potassium Carbonate market are Evonik Industries AG, UNID GLOBAL Corporation, Oxy (Occidental Petroleum Corporation), Gujarat Alkalies and Chemicals Limited, Vynova Group, AGC Chemicals Americas, Inc., Esseco Group Srl, Shanghai Wentong Chemicals Co., Ltd., and Shanxi Guangyuan Fertilizer Co., Ltd.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Potassium Carbonate which covers production, demand and supply of Potassium Carbonate market in the globe.
• To analyse and forecast the market size of Potassium Carbonate
• To classify and forecast Global Potassium Carbonate market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Potassium Carbonate market in the globe.
To extract data for Global Potassium Carbonate market, primary research surveys were conducted with Potassium Carbonate manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Potassium Carbonate market over the coming years.
ChemAnalyst calculated Potassium Carbonate demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Potassium Carbonate. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Potassium Carbonate manufacturers and other stakeholders
• Organizations, forums and alliances related to Potassium Carbonate distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Potassium Carbonate manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Potassium Carbonate market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
2000 thousand tonnes
Market size Volume in 2032
3500 thousand tonnes
Growth Rate
CAGR of 5.3% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process.
Segments covered
By End-Use: (Glass and Ceramics, Dyes and Pigments, Pharmaceutical, Agrochemical, Chemical Intermediate, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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What was the net market size of Potassium Carbonate in terms of volume in 2022?
Ans:
The global market size of Potassium Carbonate has reached approximately 60 thousand tonnes in 2022.
Q2.
Which region is the major consumer of Potassium Carbonate?
Ans:
Asia Pacific region is the leading consumer of Potassium Carbonate globally.
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