The global potassium carbonate market is projected to total USD 3.2 billion by 2033, finds Future Market Insights (FMI) in a recent market analysis.
Increasing demand for potassium carbonate from end-use sectors such as food and beverage processing and consumer goods is expected to push sales of potassium carbonate. The market is forecast to grow at a steady 4.6% CAGR over the forecast period. The following are the major growth factors of the potassium carbonate market:
The top 5 major companies for potassium carbonate comprise Oxy (Occidental Petroleum Corporation), Evonik, Zhejiang Juhua Co. Ltd., AGC Chemicals, and Armand Products. Amid soaring competition, these companies are projected to hold approximately 58% of the global potassium carbonate market share.
| Potassium Carbonate Market Value (2023) | USD 2.1 billion |
|---|---|
| Potassium Carbonate Market Forecast Value (2033) | USD 3.2 billion |
| Potassium Carbonate Market CAGR (2023-2033) | 4.6% |
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Demand for potassium carbonate grew at a 2.5% CAGR between 2018 and 2022. Increasing demand for potassium carbonate from chemical industries in East Asia, North America, and Europe is bolstering the sales of potassium carbonate.
In addition to this, the adoption of potassium carbonate in animal feed, potash fertilizers, and food and beverage processing is growing. This is expected to enhance growth opportunities of the potassium carbonate industry, opines FMI.
Further, the continuing increase in the use of potassium carbonate in ceramics and glass manufacturing, rubber, agrochemical, pharmaceutical, and chemical industries is projected to propel market expansion. Additionally, the emerging applications of potassium carbonate in chocolate, wine, and grass jelly is also stimulating market growth. Besides, the use of potassium carbonate as a rubber chemical in the rubber sector is projected to enhance the market growth. These rubber chemicals are used in the manufacturing of tubes and tires to provide elasticity, durability, hardness, strength, and resistance to wear.
Owing to the aforementioned factors, the global potassium carbonate industry is forecast to expand at a 4.6% CAGR through 2033. Further, the revenue forecast for the potassium carbonate market is USD 3.2 billion by 2033.
| Historical CAGR (2017 to 2022) | 2.5% |
|---|---|
| Forecast CAGR (2023 to 2033) | 4.6% |
Glass is a non-organic material. Flat glass, glassware, and fiberglass are some of the highly sought-after products in the glass industry. These are finding applications in the automotive, construction, chemical, and consumer goods industries.
Increasing sales of potassium carbonate in the glass industry can be attributed to the high demand for glass from the construction sector. Glass is extensively used in windows, sliders, and ceilings.
Apart from this, growing demand from the automobile and consumer goods sector is pushing sales of potassium carbonate in the glass industry. Glass products such as glazing films and windows are used in vehicles. Meanwhile, glass vessels, bottles, ornaments, lenses, and glass packaging cover the applications in other end-use sectors.
Potassium glass is used as a flux during glass production. It provides better transparency and resistance to glass, making it a key ingredient for manufacturing glass for end-uses such as TV screens and even spectacles.
As per FMI, these are the factors impacting the potassium carbonate market positively in the forthcoming years.
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Growing demand for animal feed across the globe is expected to boost sales of potassium carbonate over the forecast period. Demand for animal feed is growing at about 2% CAGR globally, and the global consumption was estimated to be more than 1,187.7 million tons in 2023. Potassium carbonate provides nutritive value, vitamins, and minerals that support the well-being of animals.
Further, rising demand for industrial and institutional cleaning products, detergents, and household cleaning agents is also anticipated to fuel the consumption of potassium carbonate. Potassium carbonate is used in the production of cleaning products such as bleach, detergents, soaps, and others, resulting in high demand for potassium carbonate in the consumer goods sector.
Moreover, potassium carbonate compounds are also used in metal cleaner production, which is expected to boost sales of potassium carbonate in the forthcoming years.
Potassium carbonate also finds uses in the preparation of grass jelly, a common ingredient in Asian cuisines. In addition to this, the compound is also applied while preparing thick bread like gingerbread and is used as an additive in food products like chocolate. Besides, potassium carbonate is utilized in wine and bakery products. Since the demand for these products has shown exponential growth in recent years, the market is projected to witness a positive outlook as the demand continues to rise.
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| Country | USA |
|---|---|
| CAGR (2023 to 2033) | 4% |
| Market Size (2033) | USD 500 million |
| Country | United Kingdom |
|---|---|
| CAGR (2023 to 2033) | 3.9% |
| Market Size (2033) | USD 90.6 million |
| Country | China |
|---|---|
| CAGR (2023 to 2033) | 5.1% |
| Market Size (2033) | USD 691.5 million |
| Country | Japan |
|---|---|
| CAGR (2023 to 2033) | 4% |
| Market Size (2033) | USD 169.1 million |
| Country | South Korea |
|---|---|
| CAGR (2023 to 2033) | 4.4% |
| Market Size (2033) | USD 134.9 million |
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 500 million |
| Market Absolute Dollar Growth (USD million/billion) | USD 163.8 million |
The potassium carbonate industry in the USA is expected to reach USD 500 million by 2033, growing at a CAGR of 4% over the forecast period. Across North America, demand for potassium carbonate in the food and beverage processing segment is anticipated to rise at a remarkable pace through 2033.
Strong development in the chemical industry is spurring demand for various types of inorganic and organic chemicals in the USA The country is one of the prominent producers and consumers of chemicals worldwide, including potassium carbonate, which is expected to bode well for the market in the forthcoming years.
| Historical CAGR (2017 to 2022) | 2.2% |
|---|---|
| Forecast CAGR (2023 to 2033) | 4% |
India is expected to emerge as an attractive potassium carbonate industry. A growing consumer base in the country for vehicles and consumer goods is boosting demand for potassium carbonate. Expansion of various end-use sectors such as soaps, detergents & cleaning products, agrochemicals, and food and beverages processing is projected to augment the growth of the potassium carbonate market in India through 2033.
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 691.5 million |
| Market Absolute Dollar Growth (USD million/billion) | USD 272 million |
China is estimated to be a prominent producer and consumer of potassium carbonate across the globe. Sales of potassium carbonate in China are expected to grow at a steady 5.1% CAGR over the forecast period. By 2033, the market is projected to attain a market value of USD 691.1 million.
The strong presence of key market players in China, along with consistent developments in end-use sectors such as glass, water treatment, and personal care products, are expected to continue providing tailwinds to potassium carbonate sales over the forecast period.
| Historical CAGR (2017 to 2022) | 3.3% |
|---|---|
| Forecast CAGR (2023 to 2033) | 5.1% |
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 134.9 million |
| Market Absolute Dollar Growth (USD million/billion) | USD 47.6 million |
South Korea is expected to account for more than 14.2% of the East Asia potassium carbonate market. South Korea is estimated to remain a key producer and exporter of potassium carbonate across the globe. Growing at a CAGR of 4.4%, the market is predicted to attain USD 134.9 million by 2033.
End-use industries like agrochemicals, food and beverage processing, glass, soaps and detergents, and personal care products are rising in South Korea. This is expected to enhance the demand consumption of the potassium carbonate industry in the coming decade.
| Historical CAGR (2017 to 2022) | 2.7% |
|---|---|
| Forecast CAGR (2023 to 2033) | 4.4% |
| Taxonomy | Product Form |
|---|---|
| Top Segment | Powder |
| Forecast CAGR | 4.2% |
| Taxonomy | End Use |
|---|---|
| Top Segment | Soaps, Detergents & Cleaning Products |
| Forecast CAGR | 4% |
The powder segment is expected to enjoy a CAGR of 4.2% over the forecast period, up from the 2.5% CAGR witnessed in the historical period. Applications of the powder form of potassium carbonate include soaps, detergents & cleaning products, pesticides and fertilizers, food and beverage processing, personal care products, glass manufacturing, and dyes & inks. Increasing demand from these industries is expected to boost sales prospects of potassium carbonate over the forecast period.
| Historical CAGR (2017 to 2022) | 2.5% |
|---|---|
| Forecast CAGR (2023 to 2033) | 4.2% |
Potassium carbonate is used extensively in soaps, detergents & cleaning products. The end-user segment is projected to grow at a steady pace of 4% CAGR over the forecast period, a substantial increase from the 2.5% CAGR demonstrated in the historical period. Potassium carbonate is a key ingredient found in potassium soaps. It is a strong alkali that annihilates microorganisms and stabilizes odors. It can substitute chlorine bleach or vegetable-extracted detergents to offer a healthy routine for hair and skin. It can also be utilized as a cleanser for the kitchen and bathroom.
| Historical CAGR (2017 to 2022) | 2.5% |
|---|---|
| Forecast CAGR (2023 to 2033) | 4% |
The glass industry is expected to remain a key end-user of potassium carbonate. The compound acts as a source of potassium oxide during the production of various types of glasses. Growing demand for various types of glasses is expected to augment the growth of the potassium carbonate industry over the forecast period.
Big manufacturers of potassium carbonate are investing in strategic collaborations, mergers, and acquisitions to increase their production capacity. Apart from this, players are investing in research and development to launch new products in the market to gain a competitive edge.
For instance:
The latest study conducted by Future Market Insights covers all the strategies and success factors of key manufacturers of the market.
*The list is not exhaustive and is only for representational purposes. Full competitive intelligence with SWOT analysis is available in the report.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million/billion for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; and Middle East & Africa |
| Key Countries Covered | USA, Canada, Germany, United Kingdom., France, Italy, Spain, Russia, China, Japan, South Korea, India, ASEAN, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa. |
| Key Segments Covered | Product Form, End Use, and Region |
| Key Companies Profiled |
Evonik Industries AG; UNID GLOBAL Corporation; Oxy (Occidental Petroleum Corporation); Gujarat Alkalies and Chemicals Limited; Vynova Group; AGC Chemicals; JSC Pikalevskaya Soda; Esseco Group; Shanghai Wentong Chemicals Co., Ltd.; Foodchem International Corporation; Shanxi Guangyuan Fertilizer Co., Ltd.; Armand products; Zhejiang Dayang; Zhejiang Juhua Co., Ltd.; Hebei Xinjichemical |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The net worth of potassium carbonate sold globally could sum up to USD 2.1 billion in 2023.
The global sales of potassium carbonate is projected to grow at an average 4.6% CAGR through 2033.
The global potassium carbonate market valuation is predicted to reach USD 3.2 billion by 2033.
Use of potassium carbonate in the glass industry generates more than 50% of the global revenue.
Evonik, Vynova, and AGC Chemicals are the leading suppliers in the present market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Product Form 5.1. Granules 5.2. Powder 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Soaps, Detergents & Cleaning Products 6.2. Agrochemicals 6.3. Food & Beverage Processing 6.4. Personal Care Products 6.5. Glass 6.6. Dyes & Inks 6.7. Fire Suppression Products 6.8. Water Treatment 6.9. Others 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. East Asia 7.5. South Asia Pacific 7.6. Middle East & Africa (MEA) 8. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. East Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia Pacific Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Evonik Industries AG 15.2. UNID GLOBAL Corporation 15.3. Oxy (Occidental Petroleum Corporation) 15.4. Gujarat Alkalies and Chemicals Limited 15.5. Vynova Group 15.6. AGC Chemicals 15.7. JSC Pikalevskaya Soda 15.8. Esseco Group 15.9. Shanghai Wentong Chemicals Co., Ltd. 15.10. Foodchem International Corporation 15.11. Shanxi Guangyuan Fertilizer Co., Ltd. 15.12. Armand products 15.13. Zhejiang Dayang 15.14. Zhejiang Juhua Co., Ltd. 15.15. Hebei Xinjichemical 16. Assumptions & Acronyms Used 17. Research Methodology
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Potassium Carbonate Market
