Albany, NY -- (SBWIRE) -- 01/02/2018 -- Transparency Market Research has published a new market report titled "Potassium Permanganate Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." According to the report, the global potassium permanganate market was valued at US$291.5 mn in 2014 and is anticipated to reach US$368.1 mn by 2023, at a CAGR of 3.0% between 2015 and 2023.
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Potassium permanganate is an excellent oxidizing agent employed in waste treatment, aquaculture, metal processing, chemical manufacturing & processing, and air & gas purification. It is also used as a bleaching and coloring agent in tanning and textile industries. Potassium permanganate is available in three grades: free flowing, technical, and pharmaceutical.
Increasing need for water treatment is estimated to propel the demand for potassium permanganate in the near future. Large number of substitute products compete with potassium permanganate for usage in its primary applications. These substitute products are relatively economical and easily available. For instance, sodium permanganate offers higher solubility and can be used readily in the liquid form vis-à-vis potassium permanganate. This helps avoid handling problems such as dusting. Thus, presence of substitutes is expected to hamper the demand for potassium permanganate in the near future. Nonetheless, increasing demand for aquaculture is anticipated to open new avenues for the potassium permanganate market.
In terms of volume, free flowing grade was the largest segment of the potassium permanganate market, accounting for more than 65% in 2014. The segment was followed by the technical grade. However, pharmaceutical potassium permanganate grade is projected to be the fastest-growing grade of the potassium permanganate market during the forecast period, due to expansion in the health care industry across the globe.
Major applications of potassium permanganate include water & waste treatment, industrial, and others (chemical processing, etc.). In terms of volume, water & waste treatment held more than 60% share of the global potassium permanganate market in 2014. However, others (such as chemical processing food processing) is likely to be the fastest growing application segment, owing to the significant demand for potassium permanganate in the chemical industry in Asia Pacific and Europe.
In terms of volume, Asia Pacific dominated the global potassium permanganate market, constituting around 45% share in 2014. China offers immense potential for the chemical sector. Thus, growth in the chemical sector in China and other emerging countries in Asia Pacific is anticipated to fuel the potassium permanganate market in the next few years. In terms of volume, North America is estimated to be the second-fastest regional segment of the global potassium permanganate market during the forecast period.
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Key players in the potassium permanganate market include Carus Corporation, Chongqing Chagyuan Group Limited, Groupstars Chemical (Yunnan) China L.L.C., Zunyi Shuangyuan Chemical Group Co., Ltd., Organic Industries Pvt. Ltd, Libox Chem Pvt. Ltd., Guangdong Meixian Hanghai Manganese Chemical Plant, and Universal Chemicals & Industries Pvt. Ltd.