Potassium Silicate in South Korea
- South Korea: 995 USD/MT
In the last quarter of 2023, the price of potassium silicate in South Korea declined. This decrease can be attributed to a reduction in new orders and elevated inflation rates, prompting companies to exercise caution in their purchasing decisions.
The latest report by IMARC Group, titled "Potassium Silicate Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data" delivers a comprehensive analysis of potassium silicate prices on a global and regional scale, highlighting the pivotal factors contributing to price changes. This detailed examination includes spot price evaluations at key ports and an analysis of pricing structures, such as Ex Works, FOB, and CIF, across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Potassium Silicate Prices December 2023:
- South Korea: 995 USD/MT (Potassium Silicate Glass Grade)
- Poland: 1210 USD/MT (Potassium Silicate Glass Grade)
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The study delves into the factors affecting potassium silicate price variations, including alterations in the cost of raw materials, the balance of supply and demand, geopolitical influences, and sector-specific developments.
The report also incorporates the most recent updates from the market, equipping stakeholders with the latest information on market fluctuations, regulatory modifications, and technological progress. It serves as an exhaustive resource for stakeholders, enhancing strategic planning and forecast capabilities.
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Potassium Silicate Price Trend- Q4 2023
The potassium silicate market is driven by robust demand across various industries, including agriculture, construction, and manufacturing. In agriculture, potassium silicate is valued for its role in plant health, enhancing resistance to drought and fungal diseases, which boosts crop yield and quality. This demand is particularly strong as global food security becomes a priority against a backdrop of growing population and climate change. In the construction sector, potassium silicate is used as a durable binder in cement and concrete formulations, benefiting from the ongoing urbanization and infrastructure development worldwide. Additionally, its use in welding rods and protective coatings due to its heat resistance and mechanical strength further stimulates demand. The manufacturing sector also contributes to its market growth through its application in producing detergents, soaps, and adhesives. Moreover, the shift towards sustainable and eco-friendly materials has made potassium silicate a preferred choice in many formulations, tapping into the green building movement and environmentally conscious manufacturing practices.
Potassium Silicate Market Analysis
The global potassium silicate market size reached 459.1 thousand tonnes in 2023. By 2032, IMARC Group expects the market to reach US$ 550.2 thousand tonnes, at a projected CAGR of 2.00% during 2023-2032. During the fourth quarter of 2023, the potassium silicate market experienced varying conditions across different regions. In North America, demand was subdued, particularly in the construction sector, leading to an overall decline in prices despite a moderate supply. The United States saw the most significant price adjustments due to these market dynamics, though a slight uptick in demand at the quarter's end slightly raised prices.
Conversely, the APAC region, particularly South Korea, faced a bearish market with a notable decrease in demand and an oversupply situation, exacerbated by cheaper imports and high interest rates, resulting in a significant drop in prices. In Europe, the market also struggled with low demand from the construction sector and faced price surges towards December due to production cuts and subsequent supply shortages. Despite these challenges, the European market showed signs of recovery towards the end of the quarter due to increased global demand.
Overall, in the last quarter, potassium silicate prices were influenced by volatility in raw material costs, such as potash and silica sand, due to global supply constraints and increased demand. Energy price instability and supply chain disruptions further impacted production costs. Additionally, varying market demand in construction and agriculture, alongside competitive pricing strategies, created a complex pricing environment for potassium silicate.
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Key Points Covered in the Potassium Silicate Pricing Report:
The report delivers the following key findings, alongside a comprehensive breakdown of prices by region:
- Potassium Silicate Prices
- Potassium Silicate Price Chart
- Potassium Silicate Demand & Supply
- Potassium Silicate Market Analysis
- Demand Supply Analysis by Type
- Demand Supply Analysis by Application
- Demand Supply Analysis of Raw Materials
- Potassium Silicate Price Analysis
- Potassium Silicate Industry Drivers, Restraints, and Opportunities
- Potassium Silicate News and Recent developments
- Global Event Analysis
- List of Key Players
Regional Price Analysis:
- Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand
- Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece
- North America: United States and Canada
- Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru
- Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco
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Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.
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