New York, Sept. 19, 2023 (GLOBE NEWSWIRE) -- The global potassium zirconium fluoride market size is projected to grow at a CAGR of over ~4% from 2023 to 2035. The market is expected to garner a revenue of USD 1.4 billion by the end of 2035, up from a revenue of ~USD 900 million in the year 2022.The market growth is mainly backed by the increased use of the products in the automotive, pharmaceutical, and coatings industries owing to their properties such as high thermal stability, chemical resistance, and mechanical strength. Moreover, increasing demand for potassium zirconium fluoride as a component of arc welding rod fluxes and coatings is expected to lead to significant market growth in the coming years.
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Moreover, increasing global automobile production and a rapid increase in urbanization leading to the establishment of new industries are expected to provide ample growth opportunities for the market in the near future. According to international car manufacturers, in the year 2017, 97.302 million cars were produced around the world. Of these, 73.456 million were passenger cars, and 23.846 million were commercial vehicles. Used in the production of thermal shock crucibles, furnace linings, foundry bricks, abrasives, and in the glass and ceramics industries. It is strong enough to make scissors and kitchen knives. It is also used in the production of cosmetics, antiperspirants, food packaging, and microwave filters.
Surge in Production of Heavy Vehicles across the Globe to Boost Market Growth
Heavy vehicles are manufactured on a large scale owing to their advantages in transportation, long-distance travel, and others. However, owing to their rugged nature, heavy raw materials and robust components have created a need for potassium zirconium fluoride to improve road performance. Therefore, increasing production of heavy-duty vehicles is expected to increase the growth of the global potassium zirconium fluoride market during the forecast period. According to the latest report released in the year 2022, North American mid and heavy-duty vehicle production is up almost 5% compared to the year 2021. Potassium zirconium fluoride is a preferred raw material in industries such as automotive, pharmaceuticals, and coatings owing to its special properties such as chemical resistance, thermal stability, mechanical strength, and improved transparency. Zirconium potassium fluoride is a colorless, sandy powder. It is used in the production of metallic zirconium and as a catalyst. Potassium zirconium fluoride occurs in the form of white crystals and colorless monoclinic crystals. Used in the production of metallic zirconium. As a grain refiner for magnesium and aluminum. welding fluxes; catalysts; optical glasses; When polar chemicals or ions are added to water, they break down or dissolve into smaller components and form part of the solution. The partial charge of water attracts certain parts of the molecule, making them water soluble. Potassium Fluoride: The formula for the chemical compound potassium fluoride is KF.
Global Potassium Zirconium Fluoride Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Technological Progress to Drive Market Growth in the Asia Pacific Region
The potassium zirconium fluoride market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The regional growth can be attributed in large part to the growing technological progress in the automotive industry and the growing demand for quality welding products in the region. Moreover, high manufacturing output, especially in China and India, is expected to drive market growth in the region in the coming years. China's manufacturing output in the year 2020 was about USD 4 trillion, compared to USD 3.7 trillion in the year 2019 and USD 3.6 trillion in the year 2018. The presence of market players in this region is expected to account for the largest share during the forecast period. According to statistics released by the International Automobile Organization, total vehicle production in the Asia Pacific region increased from 44,276 549 in the year 2020 to 46,732 785 in the year 2021. In addition, total sales in the region in the year 2021 exceeded almost 43,672,758 units. Up from 40,322,544 in the year 2020. In addition, the presence of major key players and major exporters and importers of automobiles in this region is expected to offer excellent opportunities for regional market growth during the forecast period. For instance, China was noted to export about 400,000 commercial vehicles and 2 million passenger cars in 2021.
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Continuously Spiking Automotive Sector to Propel Growth in the North American Region
The potassium zirconium fluoride market in the North America region is estimated to garner the highest CAGR by the end of 2035. The growth of the market in this region can primarily be attributed to the continuously growing automotive sector coupled with increasing vehicle production in the region. For instance, in the year 2021, approximately 10 million cars were produced in the United States. In addition, large-scale adoption of electric vehicles is another key factor expected to further drive market growth throughout the forecast period in the region. Potassium zirconium fluoride materials help make vehicles more powerful. A more powerful vehicle makes less noise and vibration, making driving more comfortable and enjoyable. This reduces fatigue on long trips. However, it is not just about designing quieter cars for quieter journeys; it is about controlling noise and also optimizing the infotainment experience. Cars are fast becoming an extension of our homes and offices, with an increasing emphasis on in-vehicle technology and communications. This increases the importance of synchronizing the entire in-vehicle experience with these areas.
Potassium Zirconium Fluoride, Segmentation by End User
- Construction
- Automotive
- Metallurgy
- Aerospace & Aviation
- Oil & Gas
- Manufacturing
- Others
Amongst these seven segments, the automotive segment in potassium zirconium fluoride market is anticipated to hold the largest share over the forecast period. The growth in this segment is a result of increased sales owing to increased production of passenger cars across the world. According to the Organization of International Automobile Manufacturers (OICA), 49 million passenger cars were noted to be sold worldwide in the year 2021, with 57 million passenger cars produced. In addition, rising living standards in emerging markets along with rapid urbanization are another key factor expected to drive potassium zirconium fluoride market growth over the forecast period. Passenger car means any road motor vehicle other than a moped or a motorcycle intended to transport passengers and capable of carrying up to nine persons (including the driver). A passenger car is any vehicle designed to carry less than 10 people. SUVs are three times more likely to overturn than passenger cars, and they are designed to be both practical passenger cars and cargo vehicles for multiple purposes.
Potassium Zirconium Fluoride, Segmentation by Product Type
- Industrial Grade
- Consumer Grade
Amongst these two segments, the industrial grade segment in potassium zirconium fluoride market is anticipated to hold a significant share over the forecast period. Industrial-grade products offer controlled bills of materials (BOM) and longer lifecycles. A managed bill of materials, or bill of materials, is an important feature for industrial products. This means that controllers, firmware, flash chips, and other memory card components will not be changed without notice and will not be part numbered, giving the developer and OEM the necessary upgrades for a seamless transition. Adjustments can be made. The long lifecycle also minimizes the number of times you need to change memory cards. Industrial-grade products can withstand harsher conditions than consumer-grade products encountered in transportation, factory automation, gaming, and more. Industrial-grade memory has an extended temperature range and can operate in high shock and vibration environments. The segment growth can be attributed to the increasing value of the industrial sector in the world's GDP. As per the data of the World Bank, as of 2021, industry (including construction) added 27.6% to the world GDP.
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Potassium Zirconium Fluoride, Segmentation by Application
- Finishing Agents
- Plating Agents
- Intermediates
- Aluminum Master Alloys
Few of the well-known industry leaders in the potassium zirconium fluoride market that are profiled by Research Nester are Ambinter SARL, abcr GmbH, Alfa Chemistry, Fluorochem Ltd., ArrakisTek Inc., Finetech Industry Limited, Aurora Fine Chemicals LLC, 3B Scientific GmbH, AK Scientific Inc., and other key market players.
Recent Development in the Global Potassium Zirconium Fluoride Market
- Ambinter SARL aims to identify novel nonsteroidal selective GR agonists (SEGRAs) that promote transrepression of NF-kB target genes over transactivation of genes associated with adverse effects. Their virtual screening protocol was driven by a pharmacophore model based on pyrrolidinone amide analogs bound to the extended binding pocket of the GR ligand-binding domain (GR-LBD).
- Arrakis Therapeutics, a biopharmaceutical company pioneering the discovery of a new class of small molecule drugs that directly target RNA, announced that CEO Michael Gilman, PhD, presented a company profile at the Jefferies Healthcare Conference on June 9, 2022.
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