(MoneyNewsWire.Net, August 23, 2019 ) According to the latest report by IMARC Group, titled “Caustic Potash Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global caustic potash market size reached 2.4 Million Tons in 2018. Caustic potash, also known as potassium hydroxide (KOH) or potash lye, is an alkaline compound produced by the electrolysis of the brine prepared from potassium chloride and water. It is white in color, highly reactive, corrosive, and non-volatile and non-flammable at room temperature. Over time, caustic potash has emerged as an essential industrial chemical across the globe and is widely used as a cleaning agent and sanitizer in wineries, mainly to clean the biofilms of bacteria and yeast inside the tanks.
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Global Caustic Potash Market Trends:
Caustic potash finds application in the manufacturing of numerous products ranging from food additives to soaps and detergents, and agrochemicals to alkaline batteries. In the food industry, it is used as a stabilizer, thickening agent and pH adjuster. Apart from this, it is widely utilized in wet mount preparation of various clinical specimens for microscopic visualization of fungi and fungal elements in skin, hair, nails and vaginal secretions. Topical KOH solution is also considered safe and effective in the treatment of warts. Besides this, there has been a rise in the demand for caustic potash in the agriculture industry as KOH-based fertilizers are extensively being utilized to increase crop yield and improve productivity. Owing to these factors, the market volume is projected to exceed 3 Million Tons by 2024, at a projected CAGR of 4.1% over the forecast period (2019-2024).
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Market Breakup by Form:
Based on the form, the market has been segmented into solid and liquid caustic potash. The liquid form currently represents the most popular segment, holding the largest market share.
Market Breakup by Grade:
On the basis of the grade, the report finds that industrial grade dominates the market, accounting for the majority of the global share. The other segments include reagent and pharma grades.
Market Breakup by End Use:
The market has been segregated based on the end use into potassium carbonate, potassium phosphate, potassium soaps and detergents, liquid fertilizers, agricultural chemicals and others. Amongst these, potassium carbonate is the largest end use segment.
Market Breakup by Key Regions:
Region-wise, Asia Pacific enjoys the leading position in the market. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been analyzed with some of the key players being UNID Company Ltd., Oxy Chemical Corp, Tessenderlo Group, Olin Corporation, Erco Worldwide (USA) Inc. and Chengdu Huarong Chemical Company Limited.
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