Potassium Ferrocyanide Market size was valued at USD 417.57 million in 2024 and is expected to reach USD 1.16 billion by 2037, registering around 8.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of potassium ferrocyanide is assessed at USD 474.15 million.
The growth of the market can be attributed to the increasing application of potassium ferrocyanide in glucose meters. The increasing applications in the laboratory for determining the concentration of potassium permanganate are also estimated to drive market growth in the coming years. The rising consumption of wine across the world is also estimated to propel market growth as potassium ferrocyanide is widely used in the production of wine. The wine export raised more than 10% from 2020 to 2021 which also increased by 2% in 2020 from 2019 in the U.S. as per the reports.
The growing textile industry that uses potassium ferrocyanide in silk and wool dye is estimated to drive the growth of the market during the forecast period. The worth of the global textile industry in the year 2022 was more than USD 1 trillion as per the estimations. Also, the increasing applications in the extraction of metals across the world are expected to hike market growth. Potassium ferrocyanide is also used in fire retardants, computer electronics, dyes, nylon, inks, and plexiglass. According to the reports, worldwide more than 60 billion tons of metal ores, nonmetallic minerals, and fossil energy is extracted from the earth every year as of 2020.
Growth Drivers
Spiking Utilization in Cosmetics Manufacturing with Rising Beauty Standards - As of 2022, the revenue generated by the cosmetics segment was estimated to drop to approximately USD 5 billion globally. Potassium ferrocyanide has a wide range of uses to offer and one of its significant utilization is associated with cosmetics manufacturing. Potassium ferrocyanide is used in cosmetics since it contains properties such as antibiotic, anti-allergic, and others. It also helps remove certain skin problems.
Higher Demand for Adhesives in the Manufacturing of Metal, Plastic, Composites, Elastomers, Wood, and Glass - For instance, the demand for adhesives across the globe was estimated to be about 15 million tonnes in 2020.
Increment in the Spending on Medicine with Rising Healthcare Expenditure - In 2021, the spending on medicine in the United States was anticipated to hit around USD 500 billion.
Rising Requirements in Iron & Steel Production with Rising Construction Sector - The total production of crude steel across the globe was estimated to be more than 1.5 billion metric tons in 2020.
Growing Consumption of Wine and Alcohol across the World – According to the estimations, the sales of alcohol in the year 2020 increased by more than 50% from 2019 in America.
Challenges
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
8.2% |
|
Base Year Market Size (2024) |
USD 417.57 million |
|
Forecast Year Market Size (2037) |
USD 1.16 billion |
|
Regional Scope |
|
End-User (Wine, Fertilizers Production)
The global potassium ferrocyanide market is also segmented and analyzed for demand and supply by end-user into wine, fertilizers production, and others. Amongst these three segments, the fertilizers production segment is expected to garner a significant share of around 36% in the year 2037. The increasing field crop cultivation across the world and growing demand for agriculture are estimated to propel market segment growth. The increasing deficiency in soil minerals is also estimated to drive the growth of the market segment across the world. The market segment growth is attributed to the increasing need for food crops with a growing population. The decrease the agricultural land with growing urbanization is also expected to rise the demand for fertilizers to improve the crop yield during the forecast period. The shortage of manpower and lack of adequate food supply is anticipated to hike the market segment growth. As per the estimations, The total global demand for fertilizers was expected to reach 200 million metric tons in 2021.
Industry Type {Food & Beverages (Seasoning & Condiments, Bakery & Confectionery, Soups & Sauces), Personal Care (Detergents, Cosmetics)}
The global potassium ferrocyanide market is segmented and analyzed for demand and supply by industry type into food & beverages and personal care. Out of these, the personal care segment is estimated to gain the largest market share of about 58% in the year 2037 globally. The growth of the segment can be attributed to the escalated utilization of potassium ferrocyanide in cosmetics manufacturing. For instance, the revenue generated by the personal care segment is projected to be around USD 42.18 billion in 2023 in United States. The increasing change in the lifestyle of people with growing grooming standards is estimated to propel market segment growth. The increasing grooming and skincare of men consumers to improve their social appearance is estimated to propel the market growth. The increasing preference of adults to maintain healthier hair, beard, and skin is also expected to have a positive impact on the market segment growth. The growth of the market is also attributed to the increasing investment in R&D to enhance the quality and shelf life of the products.
Our in-depth analysis of the global market includes the following segments:
|
By Industry Type |
|
|
By Product Type |
|
|
By End-User |
|
North American Market Forecast
North America industry is estimated to dominate majority revenue share of 39% by 2037. The growth of the market can be attributed majorly to the increasing use of personal and skin care products across the region. The rising number of people using makeup on daily basis to improve their glow is estimated to propel the market growth. As per the statistics, more than 105 million women use concealer or foundation makeup in the U.S. as of 2020. The growing sales in e-commerce platforms with increasing adoption of digitalization are also estimated to hike the market growth. The rising preference of people for health and beauty products with rising living standards is also anticipated to have a positive impact on market growth. The increasing consumption of wine in the region owing to the cultural habits is estimated to rise the demand for potassium ferrocyanide during the forecast period. The increasing use of fertilizers in gardening and indoor farms is driving the growth of the market in the coming years. The increasing number of beauty pageants in the region with growing models is escalating the demand for the market.
APAC Market Statistics
The Asia Pacific potassium ferrocyanide market is estimated to be the second largest, registering a share of about 24% by the end of 2037. The growth of the market can be attributed majorly to the increasing population across the region as well as the growing demand for food crops. The rising need for food with increasing urbanization and loss of agricultural land is estimated to propel the consumption of fertilizer additives thereby hiking the growth of the market in the coming years. The rising requirement for wine in the region as it is incorporated in many dishes is estimated to drive market growth. The growing use of potassium ferrocyanide in the bakery sector is also estimated to rise the market growth during the forecast period. The increasing utilization in the cosmetic sector to treat various skin disorders is propelling the growth of the market. The increasing presence of prominent players in the region with the expansion of business is estimated to drive market growth. The growing number of industries in the region with growing urbanization is estimated to drive market growth.
Europe Market Forecast
Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the increasing development in the industrial sector. The increasing textile industries in the region are also estimated to propel market growth in the coming years. The rising research and development to discover new applications are estimated to drive market growth. The increasing awareness among people regarding the number of benefits of potassium ferrocyanide is estimated to propel market growth. The growth is also attributed to the presence of key players increasing the distribution of the product in the market. Increasing use in food and beverages, personal care products, and the pharmaceutical sector is estimated to hike market growth. The growing application in the chemical industries for manufacturing of pulp, textiles, leather, and footwear sector is anticipated to drive the market growth. The rising use of medicinal products across the region is also estimated to hike market growth.
Columbus Chemical Industries, Inc. became a 100% Employee Stock Ownership Plan owned company after 44 years of business. The founder conveyed his gratitude to the employees and CCI team for their help to grow a strong, and prosperous company.
Food and Drug Administration exempted the potassium ferrocyanide from certification and removed them permanently from the list of cosmetics. Potassium ferrocyanide is no longer authorized to use as color additives that are applied near the area of the eye.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?