(MENAFN- The Express Wire) Posted on Nov 25 2021 6:51 AM
'Companies covered in the potassium methylate market are Biosynth Carbosynth, TradeIndia, Brenntag NV, GELSENCHEM Chemical Products GmbH, Himtek Engineering, RONAS CHEMICALS IND.CO. LTD., Fisher Scientific UK Ltd, SRS International, Evonik, BASF SE and more players profiled.'
The global potassium methylate market size is expected to gain considerable momentum owing to the heightened need for increasing biodiesel utilization worldwide, states Fortune Business Insights™ in its report, titled“ Potassium Methylate Market Size, Share & Industry Analysis, By Type (Solution, Powder), By Application (Biodiesel, Personal Care, Agriculture, Pharma & Healthcare, Others) and Regional Forecast, 2020-2028 ”. According to the International Council on Clean Transportation (ICCT), diesel vehicles accounted for 47% of the premature deaths that occurred in 2015, with the figure estimated to be as high as 66% in India, Italy, Germany, and France. Furthermore, the ICCT estimates that 11% of the 3.4 million annual pollution-related deaths across the globe are caused by the transportation sector, where diesel engines are primarily used. These staggering numbers have created a dire need to produce and adopt diesel derived from organic sources and potassium methylate is playing a key role in the formulation of biodiesel products. K-methylate facilitates the production of biodiesel from waste materials such as animal fat or vegetable oil, leading to a substantial reduction in greenhouse gas emissions. The criticality of this chemical will ensure the stable growth of this market in the foreseeable future.
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Restraining Factor
Contracting Demand for Biodiesel amid COVID-19 to Hinder Market Growth
The potassium methylate market growth is likely to be hampered as the demand and production of K-methylate have undergone multiple shocks due to the COVID-19 pandemic. According to Purdue University, in the US, the demand for biodiesel may reduce to 219 million gallons in 2020, shrinking by 122 million gallons from 2019 levels. In Canada, biodiesel production entered a period of massive disruptions because of the coronavirus. A report released by the USDA Foreign Agricultural Service's Global Agricultural Information Network revealed that biofuel plants in Canada have been operating at 50%-70% capacity since the outbreak of the pandemic, while one biodiesel plant closed its operations entirely in the month of April. The lack of demand for biodiesel and other biofuels was further compounded by the stalled transportation activities worldwide on account of lockdowns and cross-border trade restrictions imposed by several countries. These developments will inevitably affect the adoption of potassium methylate as the compound plays an essential role in the formulation of biodiesel.
Regional Insights
Asia Pacific to Dominate Market Dynamics Backed by China's Robust Chemicals Industry
Among regions, Asia Pacific is expected to dominate the potassium methylate market share in the forthcoming years owing to the strong, well-entrenched chemicals manufacturing industry in China. In addition, growing investments by India and China in the development of biofuels using organic waste will further augment the regional market. In Europe, the demand and uptake of potassium methylate is speedily expanding in the region's pharmaceutical and healthcare industries. Meanwhile, the market in North America is anticipated to be driven by the increasing stringency of regulations on vehicular emissions, especially for the transport sector.
Competitive Landscape
Production Expansion to be the Chief Growth Strategy for Key Players
With a view to enlarge their market share, leading companies are aggressively expanding their production capacities across geographies as well as strengthening their operations in emerging markets. For example, in April 2019, BASF announced its plans to enhance its production capacity at its biodiesel catalyst plant in Brazil. This move by the company is aimed at capturing the rapidly growing market for biofuels in South America, where Brazil is emerging as a dominant player. Besides capacity expansion, competitors are also ramping up their investments in R&D to formulate new products and broaden their business horizons.
List of Key Players Covered in the Potassium Methylate Market Report:
- Biosynth Carbosynth
- TradeIndia
- Brenntag NV
- GELSENCHEM Chemical Products GmbH
- Himtek Engineering
- RONAS CHEMICALS IND.CO. LTD.
- Fisher Scientific UK Ltd
- SRS International
- Evonik
- BASF SE
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