Global Potassium Fluoride Market - Forecast(2023 - 2028)

Report Code: CMR 99805 Report Format: PDF + Excel

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.

Relevant Reports
Report Code: CMR 0445
Report Code: CMR 0446
Report Code: CMR 0521
For more Chemicals and Materials related reports, please click here

1. Global Potassium Fluoride Market- Market Overview
    1.1 Definitions and Scope
2. Global Potassium Fluoride Market- Executive Summary
    2.1 Key Trends by Form
    2.2 Key Trends by Purity
    2.3 Key Trends by Packaging
    2.4 Key Trends by Grade
    2.5 Key Trends by Application
    2.6 Key Trends by Geography
3. Global Potassium Fluoride Market- Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Global Potassium Fluoride Market- Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Global Potassium Fluoride Market– Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis - Major companies
6. Global Potassium Fluoride Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of substitutes
7. Global Potassium Fluoride Market-Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Product/Market life cycle
    7.4 Distributors Analysis - Major Companies
8. Global Potassium Fluoride Market Segment Analysis – By Form (Market Size -US$ Million, Billion)
    8.1 Liquid
    8.2 Solid
9. Global Potassium Fluoride Market Segment Analysis – By Purity (Market Size -US$ Million, Billion)
    9.1 98% Purity
    9.2 99% Purity
10. Global Potassium Fluoride Market Segment Analysis – By Packaging (Market Size -US$ Million, Billion)
    10.1 Bottle
    10.2 Sack
    10.3 Others
11. Global Potassium Fluoride Market Segment Analysis – By Grade (Market Size -US$ Million, Billion)
    11.1 ACS
    11.2 Reagent
    11.3 Technical
12. Global Potassium Fluoride Market Segment Analysis – By Application (Market Size -US$ Million, Billion)
    12.1 Metal Finishing
    12.2 Batteries
    12.3 Coatings
    12.4 Photographic Chemicals
    12.5 Food Additive
    12.6 Agrochemicals
    12.7 Organic Chemicals
    12.8 Etching Glass
    12.9 Others
13. Global Potassium Fluoride Market Segment Analysis - By Geography (Market Size -US$ Million / Billion)
    13.1 North America
        13.1.1 USA
        13.1.2 Canada
        13.1.3 Mexico
    13.2 Europe
        13.2.1 UK
        13.2.2 Germany
        13.2.3 France
        13.2.4 Italy
        13.2.5 Netherlands
        13.2.6 Spain
        13.2.7 Russia
        13.2.8 Belgium
        13.2.9 Rest of Europe
    13.3 Asia Pacific
        13.3.1 China
        13.3.2 Japan
        13.3.3 India
        13.3.4 South Korea
        13.3.5 Australia and New Zealand
        13.3.6 Indonesia
        13.3.7 Taiwan
        13.3.8 Malaysia
        13.3.9 Rest of Asia Pacific
    13.4 South America
        13.4.1 Brazil
        13.4.2 Argentina
        13.4.3 Colombia
        13.4.4 Chile
        13.4.5 Rest of South America
    13.5 ROW
        13.5.1 Middle East
            13.5.1.1 Saudi Arabia
            13.5.1.2 UAE
            13.5.1.3 Israel
            13.5.1.4 Rest of Middle East
        13.5.2 Africa
            13.5.2.1 South Africa
            13.5.2.2 Nigeria
            13.5.2.3 Rest of Africa
14. Global Potassium Fluoride Market-Entropy
    14.1 New Product Launches
    14.2 M&A’s, Collaborations, JVs and Partnerships
15. Global Potassium Fluoride Market- Industry/Segment Competition Landscape Premium
    15.1 Company Benchmarking Matrix- Major Companies
    15.2 Market Share at Global Level- Major companies
    15.3 Market Share by Key Region- Major companies
    15.4 Market Share by Key Country- Major companies
    15.5 Market Share by Key Application - Major companies
    15.6 Market Share by Key Product Type/Product category- Major companies
16. Global Potassium Fluoride Market- Key Company List by Country Premium Premium 
17. Global Potassium Fluoride Market Company Analysis- Business Overview, Product Portfolio, Financials, and Developments
    17.1 Company 1
    17.2 Company 2
    17.3 Company 3
    17.4 Company 4
    17.5 Company 5
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global Potassium Fluoride Market, by Type Market 2019-2024 ($M)
2.Global Potassium Fluoride Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
3.Global Potassium Fluoride Market, by Type Market 2019-2024 (Volume/Units)
4.Global Potassium Fluoride Market Analysis and Forecast by Type and Application Market 2019-2024 (Volume/Units)
5.North America Potassium Fluoride Market, by Type Market 2019-2024 ($M)
6.North America Potassium Fluoride Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
7.South America Potassium Fluoride Market, by Type Market 2019-2024 ($M)
8.South America Potassium Fluoride Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
9.Europe Potassium Fluoride Market, by Type Market 2019-2024 ($M)
10.Europe Potassium Fluoride Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
11.APAC Potassium Fluoride Market, by Type Market 2019-2024 ($M)
12.APAC Potassium Fluoride Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
13.MENA Potassium Fluoride Market, by Type Market 2019-2024 ($M)
14.MENA Potassium Fluoride Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)

LIST OF FIGURES

1.US Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
2.Canada Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
3.Mexico Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
4.Brazil Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
5.Argentina Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
6.Peru Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
7.Colombia Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
8.Chile Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
9.Rest of South America Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
10.UK Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
11.Germany Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
12.France Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
13.Italy Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
14.Spain Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
15.Rest of Europe Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
16.China Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
17.India Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
18.Japan Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
19.South Korea Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
20.South Africa Global Potassium Fluoride Industry Market Revenue, 2019-2024 ($M)
21.North America Global Potassium Fluoride Industry By Application
22.South America Global Potassium Fluoride Industry By Application
23.Europe Global Potassium Fluoride Industry By Application
24.APAC Global Potassium Fluoride Industry By Application
25.MENA Global Potassium Fluoride Industry By Application