Potassium Zirconium Fluoride Market size was over USD 939.6 Million in 2023 and is poised to cross USD 1.64 Billion by the end of 2036, witnessing more than 4.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of potassium zirconium fluoride is estimated at USD 976.81 Million. The major factor for market growth during the forecast period is the rising consumption and demand for aluminum. In the recent period, aluminum has been in constant demand from various industries such as automotive, aerospace, construction, and packaging. This factor is estimated to increase the demand for potassium zirconium fluoride as it is an imperative material that is used in the production of aluminum. For instance, it was estimated that global aluminum consumption is projected almost 65 million metric tons in 2021. Furthermore, the total aluminum production from 2021 to 2022 was almost 135,55o thousand metric tonnes of aluminum around the world.
Potassium zirconium fluoride is a crystalline white solid and is marginally soluble in water. Today, potassium zirconium fluoride is a highly effective substance that is used in metal processing, as a catalyst in chemical manufacturing, and for a variety of applications. Moreover, owing to its highly advantageous properties, which include chemical resistance, thermal stability, mechanical strength, and transparency, make potassium zirconium fluoride is a favored commodity in industries such as automobiles, pharmaceuticals, coatings, and others. All these factors are anticipated to couple up to bring lucrative growth opportunities to the market during the forecast period.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
4.4% |
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Base Year Market Size (2023) |
USD 939.6 Million |
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Forecast Year Market Size (2036) |
USD 1.64 Billion |
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Regional Scope |
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Type (Industrial Grade, Consumer Grade)
The global potassium zirconium fluoride market is segmented and analyzed for demand and supply by type into finishing agents, plating agents, intermediates, aluminum, and master alloys. Out of these segments, the plating agent segment is estimated to gain the largest market share of about 38% in the year 2036. Potassium zirconium fluoride salts are mainly used as plating components which have the advantage of high heat concentration during the welding process. Owing to this advantage, potassium zirconium fluoride is being highly used as a plating agent mainly in the automobile and aerospace industries. Also, the rising construction industry is anticipated to bring lucrative growth opportunities for segment expansion as it has a huge number of applications that require plating agents. All these factors couple up to generate favorable opportunities for the growth of the segment during the assessment period.
End-user (Construction, Automotive, Metallurgy, Aerospace & Aviation, Oil & Gas, Manufacturing)
The market is also segmented and analyzed for demand and supply by end-user into construction, automotive, metallurgy, aerospace & aviation, oil & gas, manufacturing, and others. Amongst these segments, the construction segment is expected to garner a significant share of around 32% in the year 2036. The major factor for segment growth during the forecast period is the rapid growth of the real estate sector and the rising favorable initiatives for infrastructure development. As per recent estimates, the revenue generation of real estate companies worldwide stood at approximately USD 10 billion in 2021. Furthermore, the escalation in the number of projects of residential and non-residential buildings along with the rising investments in research and development activities is also estimated to fuel segment growth.
Our in-depth analysis of the global market includes the following segments:
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By Product Type |
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By Application |
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By End User |
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North American Market Forecast
The market share of potassium zirconium fluoride in North America, amongst the market in all the other regions, is projected to be the largest with a share of about 35% by the end of 2036, owing to the rapidly growing construction sector, strong presence of market players in the region. Also, the increasing demand for welding and plating applications is estimated to increase the utilization rate of potassium zirconium fluoride in the region. Along with that, the presence of favorable policies and initiatives by the government and the availability of major key players is also anticipated to create a positive outlook for market growth in the upcoming years.
Europe Market Forecast
The European potassium zirconium fluoride market is estimated to be the second largest, registering a share of about 24% by the end of 2036. 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.
Further, the market in the European region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2036. The favorable initiatives started by the European government for the introduction of potassium zirconium fluoride for various applications in numerous industries are considered to be one of the major reasons for market growth in the region during the forecast period. In addition to the other factors, the growing industrialization is exhibited by augmenting industrial output as well as increasing investment in the research and development sector backed by expanding technical expertise, resources, and competitive edge of the existing electronic manufacturing company in the region.
Author Credits: Rajrani Baghel
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