Global Potassium Zirconium Fluoride Market Highlights Over 2022 - 2031
The global potassium zirconium fluoride market is estimated to garner a substantial revenue by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the growing usage of the product in automobile, pharmaceuticals and coatings industries as a result of its properties such as high thermal stability, chemical resistance and mechanical strength. Along with this, increasing demand for potassium zirconium fluoride as a component of fluxing and plating in arc welding rods is also expected to drive significant growth to the market in the forthcoming years. Moreover, rise in the production of vehicles around the world, and rapid upsurge in urbanization leading to the establishment of new industries are projected to offer ample growth opportunities to the market in the near future. According to the International Organization of Motor Vehicle Manufacturers, 97.302 million vehicles were produced in the world in the year 2017. Among these, 73.456 million units were cars, whereas 23.846 million were commercial vehicles.
The market is segmented by end user into construction, automotive, metallurgy, aerospace & aviation, oil & gas, manufacturing, and others, out of which, the automotive segment is anticipated to hold the largest share in the global potassium zirconium fluoride market. This can be accounted to the increasing demand for high-performance welding materials in the automotive industry, and rising use of the product to make aluminum alloys for automobile components. Apart from this, rapidly expanding automotive industry worldwide is also predicted to boost the growth of the market segment in the future. Additionally, on the basis of application, the plating agents segment is assessed to acquire the largest share during the forecast period owing to the escalating utilization of the product as an additive in welding rods for industrial purposes all around the world. CLICK TO DOWNLOAD SAMPLE REPORT
Global Potassium Zirconium Fluoride Market Regional Synopsis
Regionally, the global potassium zirconium fluoride market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing technological advancements in the automobile industry, and rising demand for premium-quality welding products in the region. In addition, high manufacturing output, especially in China and India, is also expected to drive market growth in the region in the coming years. In 2020, China’s manufacturing output was about USD 4,000 billion, up from USD 3,700 billion in 2019 and USD 3,600 billion in 2018, respectively. Moreover, the market in North America is projected to grab the largest share over the forecast period owing to the rapidly growing construction sector, and strong presence of market players in the region.
The global potassium zirconium fluoride market is further classified on the basis of region as follows:
Our in-depth analysis of the global potassium zirconium fluoride market includes the following segments:
By Product Type
By End User
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing usage of the product in automobile, pharmaceuticals and coatings industries, and increasing demand for potassium zirconium fluoride as a component of fluxing and plating.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022-2031.
The major players in the market are Ambinter SARL, abcr GmbH, Alfa Chemistry, Fluorochem Ltd., ArrakisTek Inc., Finetech Industry Limited, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, application, end user, and by region.
The plating agents segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
Volatility in the prices of raw materials is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing technological advancements in the automobile industry, and rising demand for premium-quality welding products in the region.
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