H1 2023: Regionally, Asia Pacific region was the largest consumer of Potassium Silicate during H1 2023. During the first three months of 2023, the Asian market saw a rising trend in potassium silicate. China witnessed a significant hike in prices from January 2023 to April 2023. Despite obstacles including limited capital and expensive operating expenses, market activity in China was high during this period. However, in April 2023, market momentum went a downward spiral in China. Because of the sluggish demand in the South Korean market, the price of potassium silicate displayed a bearish trend in South Korea. The downstream construction industry saw a dip as a result of higher interest rates, low demand, and high inflation rate. Potassium Silicate demand from the building industry relieved pressure on supply chains. However, US witnessed a bearish market pricing trend for potassium silicate. Prices for potassium silicate in the US fell steadily starting off in January 2023 as a result of unfavorable downstream market sentiment. Because of the country's inflationary pressure, sellers were not receiving any new orders from the downstream industries like construction and detergent industries. The weak performance of the downstream construction sector was the main cause of the low potassium silicate demand in the US. Also, the massive bank collapses also had a severe impact on the housing and construction sectors of US and the entire American economy in H1 2023.
H1 2022: Geographically, Asia Pacific held the position of the biggest consumer of Potassium Silicate during H1 2022. It was approximately 52% in H1 2022. However, the Asian Potassium Silicate market was on the higher side in H1 2022. There was a sharp increase in potassium silicate price across Asian markets. Since the start of the holiday season, demand fundamentals for the product were stabilized in Asia's major economies. With the rising freight rates, coupled with rising oil prices, the prices of Potassium Silicate began to rise. After the conflict between Russia and Ukraine escalated, commodities prices across the regional market also began to rise as major Asian countries imported large amounts of raw material potassium carbonate from Russia and Europe. In addition, rising oil prices also impacted global freight rates, making most products more expensive in Asia’s market. These reasons caused the sellers to increase their bids to get better margins on potassium silicate in the market. Countries like South Korea and India faced a hike in Potassium silicate prices in May 2022 due to turmoil in market sentiment and sharp increases in raw material costs. On the other side, In China, the demand in the market declined. Multiple construction material manufacturers had to cut production due to reduced purchases. Despite these market scenarios and supply disruptions, the prices were high in China. Europe faced a disruptive potassium silicate market. In the beginning of H1 2022, the prices rose in the German market with major demands from the detergent sector. However, in May 2022, potassium silicate market was bearish across as an effect of Russo Ukrainian war.
H2 2022: In Asia Pacific region, the price trend of Potassium Silicate slagged during H2 2022. Market sentiment was slanting in the Chinese market for majority of H2 2022, and demand for potassium silicate has remained sluggish with the ongoing pandemic in the country. Additionally, a slight price increase was observed in September 2022 in China. A slowdown in economic activity across Asia due to the pandemic and global recession fears had pushed potassium silicate prices down in December 2022. Moreover, the drop in prices benefited major importers such as South Korea, with traders getting cheaper cargo from international sellers during the terminal months of 2022. However, the European potassium silicate market faced a downward spiral throughout H2 2022. European nations such as Germany and Poland face similar market fundamentals to Asia. The major cause behind the sluggish demand from Europe was the downstream construction industry amid heightened tensions from a renewed natural gas crisis in the area. Europe faced an imminent threat of a natural gas crisis which changed the price dynamics of potassium silicate in September 2022. Europe continued to face the repercussions of the Russo Ukrainian war, in the remaining months of H2 2022. There was a decline in the demand for potassium silicate by the numerous downstream industries like construction and detergent industries which significantly impacted the product pricing in the European market in H2 2022.
The global Potassium Silicate market had reached approximately 450 thousand tonnes in 2022 and to grow at a CAGR of 2.03% during the forecast period until 2035.
Potassium silicate is an alkali silicate with chemical formula of K₂SiO₃. Silica is dissolved in molten potassium carbonate to form potassium silicate as the final product. This process is known as calcination and occurs in temperature range of 1100-2300°F. It can also be synthesized in a reactor by using hot steam to treat a combination of caustic soda, water, and quartz sand silica. Potassium Silicate has fine properties which makes it an important component for manufacturing concrete. Due to solubility, miscibility, and dust resistance properties, potassium silicate is widely used for manufacturing of detergents and soap.
The primary market driver of Potassium Silicate is the Construction Industry. The underlying reason is that adding potassium silicate works as an excellent sealant and strengthens the concrete quality. In 2022, approximately 48% of global Potassium Silicate was utilized by the Construction Industry. Owing to the rapid construction activities, this sector is expected to dominate the Potassium Silicate in the coming years as well.
Based on demand across regions, the Asia Pacific is the largest consumer. This region reported to consume the highest percentage of Potassium Silicate market in 2022 held a market share of more than 50% in 2022. In the forecasted time, the market for potassium silicate is anticipated to be driven by the rising demand for potassium silicate in fertilizers and industrial applications in countries like India and China. North America and Europe stand behind APAC in terms of consumption. The global Potassium Silicate market is expected to expand to reach from approximately 580 thousand tonnes in 2035.
Based on the end-user industry, the global Potassium Silicate market is segmented into different industrial sectors that include Construction, Welding, Detergents, Molecular Sieves, and others. The Construction industry is dominating as a consumer for Potassium Silicate market. In this sector, Potassium Silicate is employed as a binding agent in cement, concrete floor polish, and binder for coatings. Welding and Detergents industries also hold prominent shares of the global Potassium Silicate market.
Major players in the global Potassium Silicate market are C. Thai Chemicals, Shanti Chemical Works, PQ Corporation, Kiran Global Chem, Nippon Chemical Industrial CO., LTD, Noble Alchem Pvt. Ltd., IQE Group, Zaclon LLC, Ingessil Srl, Baoding Runfeng Industrial Co., Ltd., and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2035
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Objective of the Study:
• To assess the demand-supply scenario of Potassium Silicate which covers production, demand and supply of Potassium Silicate market in the globe.
• To analyse and forecast the market size of Potassium Silicate
• To classify and forecast Global Potassium Silicate market based on end-use
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Potassium Silicate market in the globe.
To extract data for Global Potassium Silicate market, primary research surveys were conducted with Potassium Silicate 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 Silicate market over the coming years.
ChemAnalyst calculated Potassium Silicate demand in the globe by analyzing the historical data and demand forecast which was carried out considering the historical extraction and supply and demand of Potassium Silicate across the globe. 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 Silicate manufacturers and other stakeholders
• Organizations, forums and alliances related to Potassium Silicates 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 Silicate 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 Silicates market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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Attribute
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Details
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Market size Volume in 2022
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450 thousand tonnes
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Market size Volume by 2035
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580 thousand tonnes
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Growth Rate
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CAGR of 2.03% from 2023 to 2035
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Base year for estimation
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2023
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Historic Data
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2015 – 2022
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Forecast period
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2024 – 2035
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Quantitative units
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Demand in thousand tonnes and CAGR from 2023 to 2035
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Report coverage
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Industry Market Size, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap,
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Segments covered
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By End-Use: (Construction, Welding, Detergents, Molecular Sieves, and others)
By Sales Channel: (Direct Sale and Indirect Sale)
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Regional scope
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North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Pricing and purchase options
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With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
