Global Potassium Permanganate Market: Asia Pacific to Retain Dominance due to Booming Textile and Chemical Industries, says TMR
The information in this preview is taken from a Transparency Market Research report titled ‘Potassium Permanganate Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.’ According to Transparency Market Research (TMR), the global potassium permanganate market’s valuation was US$291.5 mn in 2014. Exhibiting a steady CAGR of 3% from 2015 to 2023, the market’s valuation is expected to rise to US$368.1 mn.
Free Flowing Grade Dominates, Pharmaceutical Grade to Exhibit Rapid Growth
There are three key grades of potassium permanganate available in the global market: free flowing, pharmaceutical, and technical. Of these, free-flowing-grade potassium permanganate was the leading contributor to the global market in 2014, followed by the technical grade. The segment held a strong share of 65% in the global potassium permanganate market in 2014 and is likely to remain similarly dominant through the forecast period.
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Even though pharmaceutical grade potassium permanganate accounted for a low share in the global market in 2014, it is expected to exhibit a rapid growth rate over the 2015-2023 forecast period. “The expanding healthcare sector across the world is the key factor driving the demand for pharmaceutical grade potassium permanganate. This factor is likely to remain crucial for the global market in the coming years due to the increasing support being provided by governments across the world to their healthcare sector,” said TMR’s lead analyst.
Geographically, Asia Pacific is the leading regional market for potassium permanganate and is likely to remain so in the coming years due to the booming chemical processing and textiles industries in India, China, and Southeast Asia. The Asia Pacific potassium permanganate market accounted for a whopping 45% of the global market’s volume in 2014. Following Asia Pacific, North America and Europe are likely to witness steady growth in the coming years.
Rapid Urbanization in Emerging Countries Leads to Rising Demand in Water Treatment
The key driver for the global potassium permanganate market is the rapid urbanization in developing regions. This is leading to a rising demand for water treatment operations, which is the leading application segment of the potassium permanganate market. Potassium permanganate is an excellent oxidant and also helps remove minerals such as iron and manganese. As a result, it is used in industrial as well as sanitary wastewater treatment, which is likely to provide steady revenue to the potassium permanganate industry in the coming years.
On the other hand, the easy availability of alternatives in most applications of potassium permanganate is a key restraint on the global market. Many of the alternatives are also safer to store and transport than potassium permanganate and aren’t prone to dusting. Nevertheless, the global potassium permanganate market is likely to get a reprieve in the form of the rising adoption of aquaculture.
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The global potassium permanganate market is dominated by leading players such as Universal Chemicals & Industries Pvt. Ltd., Groupstars Chemical (Yunnan) China L.L.C., Carus Corporation, Zunyi Shuangyuan Chemical Group Co., Ltd., Organic Industries Pvt. Ltd, Chongqing Chagyuan Group Limited, Guangdong Meixian Hanghai Manganese Chemical Plant, and Libox Chem Pvt. Ltd.
The global potassium permanganate market is segmented as follows:
Global Potassium Permanganate Market – Grade Analysis
Global Potassium Permanganate Market – Application Analysis
Water & waste treatment
Others (Including Chemical processing, etc.)
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