Potassium Hydroxide Market Size – USD 2.46 Billion in 2018, Market Growth – 1.3% CAGR, Market Trends – Rapidly Growing Population
NEW YORK CITY, NY, UNITED STATES, November 11, 2021 /EINPresswire.com/ – The increasing demand for Potassium Hydroxide from end-use industries is one of the important factors influencing the growth of the market.
The global potassium hydroxide market is expected to reach $ 2.79 billion by 2027, according to a new report from Reports and Data. The growth of the market is attributed to the increasing applications of potassium hydroxide.
A significant portion of the potassium hydroxide produced worldwide is used in the production of potassium carbonate, which is used for many chemical synthesis processes. Several organic and inorganic and organic potassium salts are produced from potassium carbonate as well as it is a raw material for condensing and neutralizing agents in drying. It finds application as a fertilizer for acidic soils as well as in the printing and textile industry. Potassium carbonate solutions are used as cooling brines and flame retardants, as well as as a leavening agent in baked goods and as an additive in drying raisins, among others. Additionally, potassium carbonate is used in the production of video glass and various other specialty glasses, photographic chemicals, detergents and cleaners, gas purification, dairy industry, rubber additives, polymer catalysts, potassium bicarbonate, textiles and cement.
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Phosphates, derived from potassium hydroxide, have chelating and cleaning buffering effects and are primarily used as builders in industrial cleaners and detergents and in water treatment chemicals, due to their exceptional solubility . Potassium phosphates are also used in solubilized casein products and food applications, among others.
Main key players:
INEOS, Olin Corporation, Inovyn Chlorvinyls Limited, Occidental Petroleum Corporation, UNID, Haifa Chemicals Ltd., Potash Corp., ICL Fertilizers, The Mosaic Company and Armand Products, among others.
Rising demand for potassium hydroxide is expected to fuel the market growth during the forecast period. In veterinary medicine, this chemical is used to disbud the horns of calves and dissolve hair and scales, and in humans, it can be used in the diagnosis of fungal infections as well as to dissolve warts and cuticles.
The materials and chemicals industry has experienced rapid revenue growth in recent years due to the constant need for materials and chemicals in various sectors including agriculture, pharmaceuticals and biotechnology, paper, health care, food and beverage, and manufacturing, among others. The rapid demand for products such as perfumes, soaps, everyday detergents, the increasing adoption of green energy and organic products, the increase in investment in research and development activities and the growing support of various Public and private sectors are key factors fueling the growth of the global Potassium Hydroxide market. In addition, factors such as increased disposable income, increased efforts to reduce carbon footprint, and consumers’ shift to environmentally friendly and sustainable products are expected to fuel the overall market growth in the future.
Other key findings from the report suggest
By product type, solid potassium hydroxide held a larger market share in 2018. It finds use in petroleum, gas purification, industrial soaps, potassium chemical drugs, pharmaceuticals, alkaline batteries , flavors and fragrances, and colorings, among others.
By distribution channel, offline distribution channel contributed to greater market share in 2018 and is expected to grow at a rate of 0.7% during the forecast period. The offline channel dominated the market in 2018. The offline channel is the most preferred distribution channel because it offers the customers the opportunity to make personal connections with companies which is beneficial for retention.
By application, the pharmaceutical industry is expected to grow at a rate of 1.7% during the forecast period.
The Asia-Pacific region market contributed the largest market share in 2018 and is expected to experience a growth rate of 1.8% in the period 2019-2027. Rapid urbanization and industrialization, along with population growth in countries like China and India, are driving the high demand in the region.
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For the purpose of this report, reports and data have segmented the global Potassium Hydroxide market on the basis of product type, distribution channel, applications, and region:
Product Type Outlook (Volume, Kilotons; 2016-2027 and Revenue, USD Million; 2016-2027)
Liquid potassium hydroxide
Potassium hydroxide, solid
Distribution Channel Outlook (Volume, Kilotons; 2016-2027 and Revenue, USD Million; 2016-2027)
Application Outlook (Volume, Kilotons; 2016-2027 and Revenue, USD Million; 2016-2027)
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Regional Outlook (Volume, Kilotonnes; 2016-2027 and Revenue, USD Million; 2016-2027)
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