Potassium Bicarbonate Market Size, Share, and Industry Analysis, By Type (Food Grade, Pharmaceutical Grade, Industrial Grade), By Application (Chemical Industry, Agriculture Food, Pharmaceutical Industry, Extinguishing Agent, Others) Regional Forecast To 2022-2028

Updated On: 15 May 2023

REPORT OVERVIEW

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The global potassium bicarbonate market size was USD 139 million in 2021 and the market is projected to touch USD 178.6 million by 2028, exhibiting a compound annual growth rate (CAGR) of 3.6% during the projected period. The global COVID-19 pandemic has been unprecedented and staggering, with potassium bicarbonate market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

Potassium bicarbonate is encountered rarely in its natural state as kalicinite, a mineral. It can also be discovered in humans, vegetation, animal life, and nearly all living organisms. The compound is required for several bodily functions, most notably heartbeat. Causticity of the chemical or advanced material is lower than that of carbonates and hydroxides. It is categorized as a secure ingredient by FDA. The product is liquid and quickly dissolves. The chemical supplements are commonly used to treat or prevent low potassium levels in the blood. It promotes the proper functioning of the kidneys, cells, muscles, nervous system, and heart. Several other conditions, including such diarrhoea and vomiting, as well as hormonal imbalances, can cause a decrease in potassium levels in the body.

The chemical is allowed in organic agriculture in the United States, as well as by IFOAM standards. It is an extremely important plant and microbial nutrient with a natural cycle of uptake and use by both microbes and plants in the soil.

COVID-19 Impact: Supply and Lockdown Limitations to Impede Market Advancement

Coronavirus has had a negative impact on the growth of many businesses, including the industries of potassium bicarbonate. Regional governments around the world levied shutdown, causing business owners to see a decline in the demand for the chemical in the second and third quarters of 2020.

With the decrease or decline in the demand, manufacturers or industrialists reached the pharmaceuticals and agricultural sector and government concessions in order to increase their product sales in the third and fourth quarters of 2020. The reopening of initiatives and agricultural products manufacturing and pharmaceuticals has cleared the way for the chemical manufacturers in the market, and growing demand for the potassium bicarbonate market is anticipated to reach at greater levels during the estimated timeframe.

LATEST TRENDS 

"Rise in Health Abnormalities and Shift Towards Organic Farming to Stimulate Market Development "

Potassium bicarbonate's antifungal properties, the shift toward organic farming, rising health abnormalities such as osteoporosis, particularly in women, increased utilization of potassium bicarbonate in multiple biomedical applications, and a variety of other applications are expected to boost demand and utilization of the chemical in the forthcoming years.

SEGMENTATION 

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• By Type

Based on type; the market is divided into food grade, pharmaceutical grade, industrial grade

Food grade type is the leading part of the type segment.

• By Application

Based on the application; the market is divided into chemical industry, agriculture, food, pharmaceutical industry, extinguishing agent, others

Chemical industry is the leading part of the application segment.

DRIVING FACTORS

"Increasing Usability of the Chemical to Aid Market Expansion "

Potassium bicarbonate is encountered rarely in its natural state as kalicinite, a mineral. It can also be discovered in humans, vegetation, animal life, and nearly all living organisms. The compound is required for several bodily functions, most notably heartbeat. Causticity of the chemical is lower than that of carbonates and hydroxides. It is categorized as a secure ingredient by FDA. The product is liquid and quickly dissolves. The chemical supplements are commonly used to treat or prevent low potassium levels in the blood. It promotes the proper functioning of the kidneys, cells, muscles, nervous system, and heart. Several other conditions, including such diarrhoea and vomiting, as well as hormonal imbalances, can cause a decrease in potassium levels in the body.

"Requirement in Agricultural Applications to Foster Industry Progress "

In baking, the chemical may be used as an efficient source of carbon dioxide. Furthermore, the chemical or advanced material is employed as a convenient potassium source as well as a corrosion inhibitor. The chemical or advanced material has numerous applications. In fire extinguishers, it is employed as a dry powder. Furthermore, the chemical is utilized in a variety of agricultural applications, including soil pH correction and acidification reduction.

RESTRAINING FACTORS

"High-Cost Issues of the Chemical to Hinder Market Advancement "

Moreover, potassium carbonate as well as potassium bicarbonate have similar medicinal applications. For instance, these two compounds are employed to cure hypokalaemia, a condition characterized by a low stage of potassium in the blood. Furthermore, this chemical or advanced material is more expensive than potassium carbonate. Both of these factors may act as a restraint on the global growth of the market.

REGIONAL INSIGHTS

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"Growing Medical Applications to Foster Market growth in Asia Pacific "

Asia Pacific is expected to continue to lead the global potassium bicarbonate market in terms of value. Potassium bicarbonate market share in the coming years will be primarily fuelled by rapid advancements in the upcoming future. The global consumption and utilization of potassium bicarbonate in a variety of medical applications in addition to the beverage and food industries is propelling the market forward. Furthermore, rising applications in relatively new industrial verticals in evolving nations such as India and China are opening up new market opportunities. Therefore, propelling the potassium bicarbonate market growth.

KEY INDUSTRY PLAYERS

"Notable Players in the Industry to Promote Market Expansion "

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the potassium bicarbonate market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market size features, and market growth by type, industry, and customer sector. Furthermore, it presents a complete examination of commercialization factors prior to and following the Covid-19 pandemic. The report examines factors influencing the market both from demand and supply sides, as well as market dynamics influencing the market during the forecast period, such as drivers, constraints, possibilities, and development outlook. The report also includes an in-depth porter's five forces analysis emphasizing factors that influence the market within those regions.

List of Market Players Profiled 

• Shandong Lunan Chemical (China)
• Evonik (Germany)
• Wentong Potassium Salt Group (China)
• Baoding Runfeng (China)
• Armand Products (U.S.)
• Hebei Xinji Chemical Group (China)
• Shanxi Wencheng Chemical (China)
• Toagosei Group (Japan)
• Shijiazhuang Runhong Technology (China)

REPORT COVERAGE

The industry report examines the global market, geographic and country-level market sizes, categorization market expansion, market share, competitor analysis, sales trends, influence of domestic and international market players, supply chain enhancement, trade laws, latest developments, possibilities analysis, business strategy market expansion analysis, product releases, area competitive landscape expanding, and technological advancements.