The Global Market for Caustic Potash is Projected to Reach 2.3 Million Tons by 2024
Critical Importance of
Potassium Salts in a Plethora of Applications to Drive Global Demand for Caustic
Potash (Potassium Hydroxide), According to a New Report by Global
Industry Analysts, Inc.
GIA launches comprehensive analysis of industry segments, trends,
growth drivers, market share, size and demand forecasts on the global Caustic
Potash (Potassium Hydroxide) market. The global market for Caustic
Potash is projected to reach 2.3 million tons by 2024, driven by the critical
importance of Potassium Carbonate and other Potassium Salts in wide ranging
applications including fertilizers.
Caustic potash, technically referred to as Potassium Hydroxide (KOH),
is one of the main compounds of Potash. Produced through the reaction between
sodium hydroxide with impure potassium, KOH displays properties such as
exothermic dissolution in water, resistant to dehydration, and hygroscopic
nature. Caustic Potash gains traction in
plethora of applications, in diverse forms including pellets, flakes, liquid,
and hydrate, and in various grades including technical grade, optical grade,
food grade military grade, pharmaceutical grade, agricultural grade, and
reagent. Due to its properties, Potassium hydroxide can act as a dehydrating
agent, preservative, bleaching agent, melting agent, absorbing agents gas, and a
chemical desiccant. The compound is a base material for the production of
potassium salts and fertilizers and is widely used in making dyestuffs,
pharmaceutical compounds, and petroleum refining catalysts.
Healthy growth is projected for the caustic potash market in the coming
years driven by the rising need to increase crop productivity to feed the
expanding global population that is driving strong demand for KOH-based fertilizers. Potassium
carbonate, a major derivative of potassium hydroxide, represents another high
growth application area that is expected to augur well for market expansion in
the coming years. Growing demand for potassium hydroxide for the production of
biodiesel through the ‘transesterification of triglycerides’ process is especially
poised to benefit market prospects in the near term. World KOH market is also
expected to benefit from recent investments made by leading KOH producers
towards launch of new plants and expansion of existing facilities. KOH
suppliers - Evonik (in joint venture with AkzoNobel), Ercros, INOVYN,
Spolchemie and VYNOVA Group have expanded their KOH capacity, amid increasing
demand for the chemical from various end-use domains. Although there has been
steady increase in volume sales, the market continues to reel under immense
pressure due to sluggish trend in KOH prices.
KOH market is guided by regulations and legislations that postulate
stringent production and usage requirements with focus on reducing the harmful
impact of the chemical on production floor workers, downstream users and
end-consumers and also the environment. Strict regulations have seen phasing
out of mercury cell method of KOH production, which involves release of
hazardous mercury into environment, in several parts of the world.
As stated by the new market research report on Caustic Potash (Potassium
Hydroxide), China-led Asia-Pacific represents the largest and
the fastest growing market worldwide with a CAGR of 4.2% over the analysis
period. Increasing demand for high-quality potassium hydroxide manufactured
using the ionic membrane technique, rising need for food security in China and
India, and expanding applications of KOH in photography, catalysts and
pharmaceuticals markets represent key growth drivers in the region.
Key players in the market include Airedale Chemical Company, Altair
Chimica SpA, American Elements, Ashta Chemicals Inc., Chengdu Huarong Chemical
Company, ERCO Worldwide, Ercros SA, Evonik Industries AG, Inovyn, International
Chemical Investors Group, MP Biomedicals LLC, Nachurs Alpine Solutions Corp.,
Occidental Petroleum Corporation, Olin Corporation, Pan-Americana S.A
Industrias Quimicas, Potasse and Produits Chimiques SAS, Qinghai Salt Lake
Industry Co. Ltd., Sigma-Aldrich Co. LLC, Superior Plus Corp., Taixing Xiangyun
Chemical Co. Ltd., Taizhou Mingguang Chemical Co. Ltd., Tangshan Sunfar Silicon
Industries Co. Ltd., Tessenderlo Chemie SA, Thermo Fisher Scientific, UNID Co.
Ltd., and Vynova Group among others.
The research report titled “Caustic Potash (Potassium
Hydroxide): A Global Strategic Business Report” announced by
Global Industry Analysts Inc., provides a comprehensive review of market trends,
issues, drivers, and strategic industry activities of global companies. The
report provides market estimates and projections in volume (Tons) for major
geographic markets including the US, Canada, Japan, Europe (France, Germany,
Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, and Rest of
Asia-Pacific), Latin America, and Rest of World.
For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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