BANGALORE, India, June 26, 2024 /PRNewswire/ -- Potassium Hydroxide Market is Segmented by Type (Solid, Liquid), by Application (Pharmaceutical, Chemical): Global Opportunity Analysis and Industry Forecast, 2024-2030.
The Global Potassium Hydroxide (KOH) Market was valued at USD 3010.7 Million in 2023 and is anticipated to reach USD 3642.3 Million by 2030, witnessing a CAGR of 2.7% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Potassium Hydroxide Market:
Potassium hydroxide has several uses in a variety of industries, which is what is mostly driving the market's growth. It serves as a potent base in the chemical industry for the synthesis of fertilizers, detergents, and potassium compounds. Given that potassium hydroxide is an essential catalyst in the synthesis of biodiesel, the market is further supported by the growing demand for biofuels. Further driving market expansion is its use as a stabilizer and thickening agent in the food sector as well as in the pharmaceutical industry for drug formulation. In addition, the demand for potassium hydroxide is further driven by the growth in agricultural operations and the requirement for efficient fertilizers and soil conditioners. Finally, improvements in manufacturing techniques and a rise in industrialization in developing nations foster market expansion.
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TRENDS INFLUENCING THE GROWTH OF POTASSIUM HYDROXIDE MARKET:
The potassium hydroxide market is expanding at a substantial rate due to the chemical industry's use of liquid potassium hydroxide (KOH). A multitude of compounds, such as potassium carbonate, potassium phosphates, and different potassium-based fertilizers, are produced using liquid potassium hydroxide (KOH). It is an essential ingredient in the production of biodiesel and plays a key role in chemical synthesis reactions such as neutralization and saponification. The requirement for liquid potassium hydroxide (KOH) is rising due to the increased demand for these chemicals in a variety of industries, including agriculture, pharmaceuticals, and personal care goods. This is driving up the growth of the KOH market as a whole.
The market for potassium hydroxide (KOH) is expanding because of the pharmaceutical industry's substantial usage of the substance in the formulation and production of drugs. KOH is used as a powerful alkaline agent in procedures including pH management, neutralization, and cleaning, as well as a crucial component in the production of many medicinal compounds. It is essential to the synthesis of drugs such as antibiotics, antiretrovirals, and analgesics. The requirement for high-quality KOH for drug production is growing as the pharmaceutical sector continues to expand internationally due to increased healthcare needs and innovation. This is driving up the price of KOH and propelling the potassium hydroxide market.
Because of its many industrial uses and versatility, solid potassium hydroxide (KOH) is propelling the potassium hydroxide market's expansion. Solid potassium hydroxide (KOH) is used widely in the production of detergents, soaps, and biodiesel. It is also necessary for the synthesis of compounds like potassium carbonate and potassium permanganate. It is perfect for a number of procedures, such as chemical synthesis and acid neutralization, because of its strong reactivity and ease of handling. The need for solid potassium hydroxide (KOH) in various applications is growing due to businesses' need for dependable and efficient chemical agents, which is driving the market's overall expansion.
One essential ingredient in the production of alkaline batteries is potassium hydroxide. It improves battery performance and longevity by acting as an electrolyte. The market for batteries is driven by the rising demand for renewable energy storage solutions, electric vehicles, and portable electronic gadgets, which in turn raises the need for KOH. As the world moves more and more toward renewable energy sources and electric cars become more and more common, the need for reliable and long-lasting batteries has increased. This pattern greatly increases the need for KOH in the production of batteries, which supports market expansion.
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POTASSIUM HYDROXIDE MARKET SHARE
Manufacturers of potassium hydroxide with global reach include UNID, OxyChem, and others.The top two businesses own almost 36% of the market.
With a market share of over 50%, Asia Pacific is the largest, followed by the Americas and Europe, with respective shares of roughly 30% and 19%.
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Key Companies:
- OxyChem
- UNID
- Tessenderlo chemie
- Olin Chlor Alkali
- Evonik
- ERCO Worldwide
- Asahi Glass (AGC)
- Potasse and Produits Chimiques SAS (PPC)
- Pan-Americana S.A.
- Ercros
- Albemarle
- ICL
- Altair Chimica
- Inner Mongolia Rida Taifeng Chemical
- QingHai Salt Lake Industry Group
- Chengdu Huarong Chemical
- Tssunfar
- Xinxiang Shenma Zhenghua Chemical
- Chengdu Chemical
- Tianjin Longyuan Chemical
- Jiangxi Zhangfeng Chemical
- Taizhou Mingguang Chemical
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