New York, March 23, 2020 (GLOBE NEWSWIRE) — The global potassium hydroxide market is expected to reach USD 2.79 Billion by 2027, according to a new report by Reports and Data. The growth of the market is attributed to growing applications of potassium hydroxide.
A significant portion of potassium hydroxide produced globally is used in the production of potassium carbonate, which is used for many chemical synthesis process. Several organic and inorganic and organic potassium salts are produced from potassium carbonate as well as it is a raw material for condensation agents and drying neutralization. It finds application as a fertilizer for acidic soil as well as the printing and textile industry. Potassium carbonate solutions are utilized as cooling brines and fire retardants, along with its usage as a leavening agent in baked goods, and an additive in drying raisins, among others. Moreover, potassium carbonate is applied 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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The phosphates, derived from potassium hydroxide, have buffering chelating and cleansing effects and finds usage in primarily as builders in industrial cleaners and detergents, and in water treatment chemicals, owing to their exceptional solubility. Potassium phosphates are also implemented in solubilized casein products and food applications, among others.
Growing demand for potassium hydroxide is likely to fuel the growth of the market in the forecast period. In veterinary medicine, this chemical is deployed to disbud calves horns and dissolve hair and scales, and in humans, it may be used in the diagnosis of fungal infections as well as dissolve warts and cuticles.
Further key findings from the report suggest
- By product type, solid potassium hydroxide held a larger market share in 2018. It finds usage in petroleum, gas purification, industrial soaps, potassium chemicals drugs, pharmaceuticals, alkaline batteries, flavors and fragrances, and dyestuffs, among others.
- By distribution channel, offline distribution channel contributed to a larger market share in 2018 and is likely to grow at a rate of 0.7% in the forecast period. The offline channel dominated the market in 2018. Offline channel is the most preferred channel for distribution as it includes the opportunity for customers to create personal connections with business, which is beneficial in building loyalty.
- By application, the pharmaceutical industry is estimated to grow at a rate of 1.7% in the forecast period.
- The market in the Asia Pacific region contributed to the largest market share in 2018 and is likely to experience a growth rate of 1.8% in the period 2019-2027. Rapid urbanization and industrialization, as well as the growing population in countries such as China and India, are causative of the high demand in the region.
- Key participants include 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.
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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, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Liquid Potassium Hydroxide
- Solid Potassium Hydroxide
Distribution Channel Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
Applications Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Chemical
- Pharmaceutical
- Agriculture
- Others
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Regional Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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