Western Europe Potassium Carbonate Market: Introduction
In terms of value, the potassium carbonate market in Western Europe is anticipated to expand at a CAGR of more than 4% from 2020 to 2030 and cross US$ 140 Mn by 2030. Germany dominated the potassium carbonate market in Western Europe in terms of volume in 2019. It is estimated to be the leading country of the potassium carbonate market in Western Europe during the forecast period. The food & beverages industry is projected to offer lucrative opportunities for the potassium carbonate market in Germany in the near future.
Western Europe Potassium Carbonate Market: Major Drivers and Restraints
The increase in usage of potassium carbonate in the manufacture of glass is expected to drive the potassium carbonate market in Western Europe during the forecast period. Purified potassium carbonate is employed as an ingredient in glass making. It enhances the fluxing properties of glass.
Potassium carbonate is used to make specialty glasses such as television screens, cathode ray tubes, and optical lenses. Potassium carbonate is more compatible with the required lead, barium, and strontium oxides, which is a major reason why relatively expensive potassium carbonate is used in place of soda ash in glass applications. Potassium carbonate and potassium bicarbonate play an important role during chemical reactions in the pharmaceutical industry.
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Potassium carbonate is used as an agent for medicines to maintain a specific pH. The demand for potassium carbonate is expected to rise due to the growth of the pharmaceutical industry. Europe represents the second-largest pharmaceutical market in the world. The pharmaceutical market in the region was valued at US$ 221.09 Bn in 2019. The pharmaceutical market in Europe is projected to expand at a CAGR of 4.5% between 2020 and 2030.
Potassium carbonate is known to be a strong irritant to the eyes and skin. It is harmful if swallowed; and may scald the mouth and the stomach. If ingested in large amounts, it can lead to ulcerations, vomiting, and can cause sudden shock. Thus, health hazards of potassium carbonate is projected to hamper the potassium carbonate market in Western Europe in the near future.
Western Europe Potassium Carbonate Market: Prominent Segments
Based on type, the solid crystal segment held major share of the potassium carbonate market in Western Europe in 2019. This trend is anticipated to continue during the forecast period.
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Solid crystal potassium carbonate is obtained by crystallization (under vacuum and with cooling) from liquors or through the fluidized-bed process.
It is used in diverse applications including glass manufacturing, agrochemicals, and chemical synthesis. Based on application, the glass manufacturing segment constituted large share of the potassium carbonate market in Western Europe in 2019. This trend is estimated to continue during the forecast period. On the other hand, the food & beverages segment is likely to expand at a rapid pace during the forecast period.
Competition Landscape of Western Europe Potassium Carbonate Market
Key manufacturers operating in the potassium carbonate market in Western Europe include Evonik Industries AG, AGC Inc., INOVYN, Dr. Paul Lohmann GmbH & Co. KGaA, Vynova Group, and ESSECO UK LIMITED.
Western Europe Potassium Carbonate Market: Segmentation
Western Europe Potassium Carbonate Market, by Type
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Western Europe Potassium Carbonate Market, by Application
Western Europe Potassium Carbonate Market, by Country and Sub-region
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