Global Potassium Fluoride Market - Forecast(2023 - 2028)

Global Potassium Fluoride Market Overview

The global potassium fluoride market size is forecast to reach US$470.0 million by 2027 after growing at a CAGR of 3.5% during 2022-2027. Potassium fluoride is a chemical compound obtained by reacting hydrofluoric acid with potassium carbonate and then evaporating the subsequent solution to form crystals of potassium bifluoride. Potassium fluoride finds its use in a wide range of applications such as metal finishing, agrochemicals, alkali halides polymers, and food additives. The chemical compound is extensively used as a catalyst in the production of organic chemicals and for increasing the rate of chemical reactions. The organic chemicals application is exhibiting tremendous growth with increasing production and processing of chemicals globally and this is expected to influence the market’s growth during the forecast period. For instance, as per the December 2021 report by American Chemical Council, the production volume of total chemicals in the US is expected to witness a positive 4.3% change in 2022. Furthermore, potassium fluoride is broadly used in the production of agrochemicals such as insecticides, fungicides, and pesticides. The demand for agrochemicals is expanding globally with increasing investments and production in the agriculture sector and this is expected to drive the market’s growth during the forecast period. For instance, as per the report by InvestIndia, exports in India’s agriculture sector recorded a growth of 17.37% during 2020-21 compared to exports during 2019-20. The strict regulations regarding the adverse impact of potassium fluoride on human health might affect the market’s growth.

COVID-19 Impact

The global potassium fluoride market was hit hard due to the impact of the COVID-19 pandemic. Challenges such as supply chain scarcity and the shutdown of factories affected the market’s growth. Market players came up with new working patterns to withstand the unpreceded circumstance amid the pandemic. Moreover, the stagnant growth in several end use applications further downgraded the growth of the market. As per the December 2020 report by American Chemical Council, chemical production fell in the US at the start of 2020. The global potassium fluoride market regained momentum towards the end of 2020. Going forward, the market is projected to have significant growth during the forecast period.

Report Coverage

The report: “Global Potassium Fluoride Market Report - Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Potassium Fluoride Industry.

By Form: Liquid and Solid

By Purity: 98% Purity and 99% Purity

By Packaging: Bottle, Sack, and Others

By Grade: ACS, Reagent, and Technical

By Application: Metal Finishing, Batteries, Coatings, Photographic Chemicals, Food Additive, Agrochemicals, Organic Chemicals, Etching Glass, and Others

By Geography: North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of Asia Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), and RoW (Middle East and Africa).

Key Takeaways:

• Reagent grade is leading the potassium fluoride market. This grade type comes with ease of handling and cost-effective properties, making it a suitable option in the market.
• The agrochemicals application is influencing the market’s growth. According to the stats by the United States Department of Agriculture, imports in US agriculture stood at USD 143.42 billion dollars in 2020 compared to USD 141.44 billion dollars in 2019.
• The Asia-Pacific region is expected to witness the highest demand for potassium fluoride owing to the increasing chemical production in the region. According to the 2020 Chemical Industry Outlook Report by BASF, chemical production in Asia is projected to have a growth of 5.3% between 2021-2023.

  Figure: Asia Pacific Global Potassium Fluoride Market Revenue, 2021-2027 (US$ Billion)

  
  

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Global Potassium Fluoride Market Segment Analysis - By Grade

Reagent grade dominated the global potassium fluoride market in 2021 and is expected to grow with a CAGR of around 3.7% during the forecast period. Reagent grade is the most commonly used grade type in the market owing to the high use of potassium fluoride as a reagent. Potassium fluoride is utilized as a reagent in several end-use applications ranging from the production of agrochemicals to measuring electronic polarizabilities of ions in alkali halides polymers. Such broad use of potassium fluoride as a reagent stimulates the demand for reagent grade. As per the January 2019 journal by the American Chemical Society (ACS), potassium fluoride is used as an ideal reagent material for the fluorination process as it is safe and low cost. Such high use of potassium fluoride as a reagent is expected to increase the demand for reagent grades during the forecast period.

Global Potassium Fluoride Market Segment Analysis - By Application

The organic chemical application segment dominated the global potassium fluoride market in 2021 and is growing at a CAGR of 3.8% during the forecast period. The hydrofluoric acid based chemical compound is massively used in the synthesis of organic chemicals and increasing the rate of chemical reactions. Potassium fluoride is used in finkelstein reaction for converting chlorocarbons to fluorocarbons, knoevenagel condensation, michael condensation, and several other chemical production processes. The production of chemicals is increasing globally and this is expected to drive the market’s growth during the forecast period. For instance, as per the December 2021 report by American Chemistry Council, chemical production in the US which witnessed a drop in 2020 expanded in 2021 owing to the post-lockdown spending surge. Similarly, according to BASF’s February 2021 Chemical Industry Outlook Report, chemical production in European Union is projected to have a growth of 2.3% between 2021-2023. Such massive growth in the production of chemicals globally is expected to bolster the use of potassium fluoride, in turn driving the market’s growth during the forecast period.

Global Potassium Fluoride Market Segment Analysis - By Geography

The Asia-Pacific region held the largest share in the potassium fluoride market, up to 32%. The high demand for potassium fluoride is attributed to the expanding chemical sector in the region. Potassium fluoride is used in large quantities in the synthesis and preparation of organic chemicals and increasing the chemical reaction rates. The chemical sector is exhibiting outstanding growth in the region and this is expected to increase the demand for potassium fluoride in the market. For instance, according to the stats by India Brand Equity Foundation, the chemical sector in India is anticipated to reach US$ 304 billion by 2025, growing at a CAGR of 9.3%. Similarly, as per the 2020 Chemical Industry Outlook Report by BASF, Japan will have an increase in chemical production of 1% between 2021 to 2023. Such massive growth in the region’s chemical sector is expected to stimulate the demand for potassium fluoride during the forecast period.

Global Potassium Fluoride Market – Drivers

Increasing demand for agrochemicals is driving the market’s growth

The agrochemicals segment is an important application area for potassium fluoride. The chemical compound is used in the production of agrochemicals such as insecticides, fungicides, and pesticides. The demand for agrochemicals is on the rise owing to the high investments and production in the agriculture sector and this is expected to influence the market’s growth during the forecast period. For instance, as per the 2021 stats by India Brand Equity Foundation, India’s agriculture sector is expected to stay on a progressive track in the coming years due to increased investment in the agricultural sector.  Similar, as per the OECD-FAO Agricultural Outlook 2021-2030 report, agricultural production globally is projected to increase by 1.4% p.a. over the coming decade. Such high growth in the agriculture sector is expected to stimulate the demand for agrochemicals, which in turn will increase the demand for potassium fluoride, ultimately contributing to the growth of the market.

Expanding organic chemicals application is driving the market’s growth

Potassium fluoride finds its use in multiple applications such as metal finishing, agrochemicals, alkali halides polymers, and food additives. Among all these applications, potassium fluoride is used extensively in the synthesis process of organic chemicals and amplifying the chemical reaction rates. The production of chemicals is expanding globally with the expansion of the chemical sector and this is expected to augment the market’s growth during the forecast period. For instance, as per the report by India Brand Equity Foundation, the domestic chemical sector's small and medium enterprises will exhibit 18-23% revenue growth in FY22. Similarly, according to the June 2021 Mid-Year US Chemical Industry Outlook report, the US chemical volumes and shipments will increase by 3.2% and 8.2% respectively in 2022. Such massive expansion in the chemical sector is expected to increase the higher synthesis of organic chemicals, increasing the demand for potassium fluoride which in turn will propel the market’s growth during the forecast period.

Global Potassium Fluoride Market – Challenges

The strict regulations regarding the adverse impact of potassium fluoride on human health might hamper the market’s growth

The use of potassium fluoride is closely monitored by various governing bodies owing to the hazardous impact of potassium fluoride on human health and this might hinder the market’s growth during the forecast period. Potassium fluoride is a toxic substance and excessive exposure to potassium fluoride leads to skin irritation and eye damage. Accordingly, regulatory authorities strictly monitor the use of potassium fluoride. The Occupational Safety and Health Administration implements a permissible exposure limit of 2.5 mg/m3. Such strict regulations owing to the hazardous nature of potassium fluoride might affect the market’s growth during the forecast period.

Global Potassium Fluoride Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the Potassium Fluoride Market. Global Potassium Fluoride top 10 companies include:

1. Morita Chemical Industries
2. Aarti Industries Limited
3. S.B. Chemicals
4. Solvay S.A.
5. Harshil Industries
6. Stella Chemifa Corporation
7. Nantong Jinxing Fluorides Chemical
8. Yellow River Fine Chemical
9. WeylChem Group of Companies
10. Merck

Recent Developments

• In April 2021, WeylChem Group announced that it is building the western world’s largest potassium fluoride plant for halogen exchange reactions. Through this, WeylChem aims to create complex intermediates in high degrees of purity.

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