Global Potassium Methoxide Market: Overview
Potassium methoxide, also referred to as potassium methanolate or potassium methylate, is potassium salt of methanol. Akin to white crystalline odorless salt, it tends to react with water and is available in different concentrations. The compound is usually stored and transported as a solution of 25% to 35% potassium methylate in methanol or ethanol. Potassium methoxide finds application as an intermediate and catalyst for agricultural and pharmaceutical syntheses. It is also widely used in trans-esterification of organic fats, namely vegetable oil or animal fats into biodiesel and glycerol.
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Further, potassium methoxide is used in the production of detergents and glycerol. It plays the role of a catalyst for polymerization and isomerization reactions as well. A report by Transparency Market Research furnishes crucial information on the global market for potassium methoxide by examining its historical and current data and the current competitive dynamics. It presents a qualitative analysis of the growth drivers and restraints affecting the trajectory of the market and also attempts to gauge its future prospects.
Global Potassium Methoxide Market: Drivers and Restraints
One of the major drivers of growth in the global market for potassium methoxide is the increasing production and consumption of biodiesel. This is because biodiesel has lesser impact on the environment – it produces 85% less greenhouse gases – compared to diesel made from crude oil. Made from cooking oil (vegetable oil) or animal fats, biodiesel is considered a potential substitute for diesel. Another factor stoking growth in the market is the increasing consumption of fuels. Potassium methoxide is used as a fuel additive. Additionally, the compound is also finding widespread application in chemical processes such as condensation and esterification.
Countering the growth in the global market for potassium methoxide is the tendency of the compound to react easily with water and with the moisture present in the air.
Depending upon application, the global market for potassium methoxide can be divided into pharmaceuticals, biodiesel production, agrochemicals, and chemical synthesis, among others. Among them, biodiesel production segment is at the forefront of driving growth as substantial amount of potassium methoxide is employed to manufacture biodiesel or is used as a fuel additive.
Global Potassium Methoxide Market: Geographical Segmentation
Based on geography, the key segments of the global market for potassium methoxide are Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa. North America, among them leads the market in terms of consumption, followed by Latin America. The regions are also are main producers of biofuels.
Europe is another key market for potassium methoxide, mainly on account of the immense thrust on the use of alternative fuels in this region. Asia Pacific and the Middle East and Africa, on the other hand, produce and consume lesser amounts of biodiesel. Asia Pacific, however, makes substantial use of potassium methoxide as intermediate and catalyst for manufacturing of chemicals. The demand for potassium methoxide as a trans-esterification agent is expected to increase in developed regions such as North America and Europe during the forecast period because of focus on cleaner fuels.
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Global Potassium Methoxide Market: Competitive Landscape
To assess the competition prevailing in the global market for potassium methoxide, the report profiles prominent participants such as Evonik Industries AG, Biofuel Solutions Limited, BASF SE, GELEST, INC., and Gelsenchem Chemical Products GmbH. The report sheds light on their revenues, market shares, and prospects in the foreseeable future.