Green Signal from Regulatory Bodies Reinforces Consumer Belief in Potassium Carbonate
The Western Europe potassium carbonate market is anticipated to witness steady growth in the upcoming years, due to increasing demand from various end-use industries. The burgeoning usage of potassium carbonate in the production of coating and anti-freeze products is expected to remain one of the major factors contributing to the growth of the Western Europe potassium carbonate during the forecast period. In several pockets of Western Europe, researchers are focusing on finding additional applications of potassium carbonate across various industrial domains. In the wake of the swelling levels of carbon dioxide in the atmosphere and rising emission levels, considerable investments are being made toward the development of carbon dioxide absorption technologies wherein potassium carbonate is used.
As the demand for potassium carbonate for use in gas purification application continues to grow, the Western Europe potassium carbonate market is likely to grow at a consistent rate in the forthcoming years. The increasing usage of potassium carbonate activated solutions to capture carbon dioxide is one of the most promising avenues wherein players operating in the current Western Europe potassium carbonate market landscape are expected to show considerable interest. While R&D teams of various players operating in the current Western Europe potassium carbonate market continue to explore potential applications of potassium carbonate in technologies that contain carbon dioxide levels in the atmosphere, the demand for potassium carbonate for manufacturing of specialty glasses for cathode ray tubes (CRT) is projected to remain key for the growth of the Western Europe potassium carbonate market.
At the back of these factors, the Western Europe potassium carbonate market is anticipated to cross a market value of ~US$ 140 Mn by the end of 2030.
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High Demand from Food & Beverages Sector to Aid Market Growth
Over the past couple of decades, the demand for potassium carbonate across the food & beverages sector has witnessed steady growth. In the current scenario, potassium carbonate is extensively being used as an acidity regulator and buffering agent in various food products, including soft drinks, bakery goods, custard powder, wine, mead, and cocoa. Moreover, regulatory bodies across the European Union have given the green signal for the usage of potassium carbonate as a food additive. While potassium carbonate is an approved additive across the Western European region, it is also approved in several developed regions, including the U.S., Australia, and New Zealand. Due to this, export volumes of potassium carbonate from Western Europe have increased.
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Although there were concerns that the chemical may be mutagenic or carcinogenic, recent research activities have indicated that potassium carbonate is safe for external use. Moreover, the U.S. FDA recognizes potassium carbonate as a safe chemical (GRAS) due to which, the demand for several applications continues to grow. The demand for food-grade potassium carbonate has increased at a commendable pace over the past few years and the trend is expected to continue during the forecast period.
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Market Players Focus on Strategic Alliances to Strengthen Market Position
Several players operating in the current Western Europe potassium carbonate market are eyeing potential partnerships and strategic alliances with other domestic and international players to gain a competitive edge. For instance, in July 2019, Potasse et Produits Chimiques SAS joined the Vynova Group– a move that is set to reinforce Vynova’s market position and improve its potassium derivatives manufacturing capabilities. Similarly, in February 2018, Evonik Industries and AkzoNobel Specialty Chemicals entered into a strategic partnership to manufacture potassium hydroxide, which is expected to be converted into other products, such as potassium bicarbonate, potassium carbonate, etc.
Moderate Impact of COVID-19 Pandemic on Global Market
The outbreak of the COVID-19 pandemic is expected to have a moderate impact on the Western Europe potassium carbonate market, particularly in the first few years of the forecast period. Stringent lockdown regulations in several nations across Western Europe and temporary shutdown of industries coupled with restrictions on trade and transportation have put forward a number of barriers across the supply chain– an area that market players are expected to focus on in the upcoming months.
Furthermore, the arrival of the second wave of the pandemic in several Western European nations, including Germany, Italy, France, and Spain, has played a key role in negatively influencing the demand for potassium carbonate.
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The Western Europe potassium carbonate market is expected to expand at a CAGR of ~4% during the forecast period. The market growth can be primarily attributed to factors, including increasing demand for potassium carbonate from the food & beverages sector, high usage of potassium carbonate in the production of anti-freeze products, and approval from regulatory bodies to be used as an additive. Market players should focus on collaborating with other players in the market and forge strategic alliances to strengthen their position in the current Western Europe potassium carbonate market landscape.
Western Europe Potassium Carbonate Market: Overview
- In terms of value, the potassium carbonate market is expected to cross US$ 140 Mn by 2030
- Rise in demand for potassium carbonate, owing to its wide usage in glass manufacturing and food and beverages applications, is anticipated to propel the potassium carbonate market in Western Europe during the forecast period
- Food & beverages is projected to be a highly lucrative application segment of the potassium carbonate market in Western Europe in the near future
Western Europe Potassium Carbonate Market: Key Drivers and Restraints
- Growth of the glass industry in Europe is expected to propel the demand for potassium carbonate in the region during the forecast period. Key glass consuming regions and countries across the world are Europe, followed by China and North America. Together, these regions/countries account for more than 74% share of demand for glass across the globe. Europe is a mature glass market, followed by Japan and North America. Potassium carbonate is largely used in the production of specialty glass, which is further employed in electronic gadgets and other applications.
- Potassium carbonate is used as a raw material in the chemical industry to make other chemical compounds. For instance, it is used in the manufacture of potassium silicate, which is a common chemical compound. Potassium carbonate is also used as a mild drying agent where other drying agents, such as calcium chloride and magnesium sulfate, may be incompatible. It is mixed with distilled water to make a safer electrolyte for oxy-hydrogen production than potassium hydroxide, the more commonly used electrolyte. Demand for potassium carbonate is expected to rise due to the increase in usage of chemicals for various applications. Sales of chemicals in Europe stood at US$ 632.75 Bn in 2018. Increase in usage of chemicals in Europe is projected to boost the demand for potassium carbonate, as it is employed in various chemical processes as an intermediate. This is estimated to create lucrative opportunities for the potassium carbonate market in the near future.
- Consumption of potassium carbonate leads to various harmful effects. If ingested, potassium carbonate causes irritation in the gastrointestinal tract, resulting in burns to the lips, tongue, mouth, esophagus, or even stomach. This causes vomiting and nausea, intense abdominal pain and, in extreme cases, difficulty in breathing due to swollen glottis. Thus, health hazards of potassium carbonate are expected to restrain the potassium carbonate market in Western Europe in the near future.
Western Europe Potassium Carbonate Market: Major Types
- Based on type, the potassium carbonate market in Western Europe has been bifurcated into aqueous solution and solid crystal
- In terms of value, solid crystal was a major segment of the potassium carbonate market in Western Europe in 2019. This trend is expected to continue during the forecast period. The aqueous solution segment has also been expanding at a significant pace since the past few years.
Western Europe Potassium Carbonate Market: Prominent Applications
- Based on application, the potassium carbonate market in Western Europe has been divided into glass manufacturing, home care & personal care products, dyes & pigments, food & beverages, pharmaceuticals, chemical manufacturing, agrochemicals, gas purification, and others
- The glass manufacturing segment is projected to dominate the potassium carbonate market in Western Europe during the forecast period. Potassium carbonate is primarily used as a valuable ingredient in glass making. It helps enhance the fluxing properties of glass.
Germany to be Highly Lucrative Country in Western Europe Potassium Carbonate Market
- In terms of demand, Germany has been a lucrative country of the Western Europe potassium carbonate market since the past few years. The country accounts for a significant value share of the potassium carbonate market in Western Europe.
- Germany is expected to dominate the Western Europe potassium carbonate market during the forecast period. The potassium carbonate market in Spain expanded considerably in 2019. The country is anticipated to exhibit a lucrative trend for the potassium carbonate market in the near future.
Western Europe Potassium Carbonate Market: Competition Landscape
- Key manufacturers operating in the potassium carbonate market in Western Europe include
- Evonik Industries AG
- AGC Inc.
- Dr. Paul Lohmann GmbH & Co. KGaA
- Vynova Group
- ESSECO UK LIMITED