Albany, NY -- (SBWIRE) -- 09/06/2018 -- Global Potassium Permanganate Market: Snapshot
The growth of the global potassium permanganate market is largely supplemented by the flourishing growth of the end-use industries including chemical, waste and water treatment, and textile. Rising consumer awareness and increasing initiatives by governments worldwide to supply well-treated and soft water to the masses are stoking the growth of the market. A report by Transparency Market Research (TMR) indicates that the global potassium permanganate market is estimated to exhibit a CAGR of 3.0% from 2015 to 2023, reaching a valuation of US$368.1 mn by 2023.
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However, the growth of the market is hampered by the presence of substitutes such as sodium permanganate, which are more promising in terms of availability and solubility. Nevertheless, the growing popularity of aquaculture is opening new avenues for market participants.
Demand for Potassium Permanganate to Remain High Across Waste and Water Treatment Sector
On the basis of grade, the free flowing segment will account for the lion's share in terms of volume in the global arena throughout the forecast period. The strong demand from the waste and water treatment sector is fuelling the growth of the segment. However, the free flowing grade cannot be used in pharmaceutical applications as it cannot fulfil the 99% assay requirement. TMR analysts state that this is where the pharmaceutical grade come into play and therefore, the pharmaceutical segment will expand at a noteworthy CAGR during the same period.
Based on application, the global potassium permanganate market is divided into industrial, water and water treatment, and others. The waste and water treatment segment commands the dominant share in the market. Potassium permanganate is a widely used oxidant for removing hardness of water and also manganese and iron from water due to their high effectiveness and efficiency. The others (includes chemical and food processing) segment is expected to register a considerable CAGR during the forecast period, owing to the surging demand from the chemical industry in Europe and Asia Pacific.
Strong Demand from Textile and Processing Industry Puts Asia Pacific at Forefront
The key regions reviewed in the research report are North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Asia Pacific will be the most prominent destination for global participants. The demand for potassium permanganate stems from the textile and processing industry in India, China, and other emerging countries in ASEAN. Favorable government initiatives play an important role in the development of the market in the region. Owing to these factors, APAC will post a growth rate faster than any other region during the review period.
By volume, North America is next in line in terms of CAGR. The end-use industries in this region are gradually recovering from the economic downturn in 2008 and are expected to render the regional market highly opportunistic. Europe is also likely to emerge as a strong contender during the same period, thanks to conducive regulatory framework. The growth of the Middle East can be attributed to soaring demand for potassium permanganate from the water treatment industry. In Latin America, the robust growth of the paper and pulp industry will be responsible for driving the market for potassium permanganate.
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Some of the prominent companies operating in the global potassium permanganate market are Chongqing Chagyuan Group Limited, Universal Chemicals & Industries Pvt. Ltd., Groupstars Chemical (Yunnan) China L.L.C, Libox Chem Pvt Ltd., Carus Corporation, Organic Industries Pvt Ltd, Zunyi Shuangyuan Chemical Group Co. Ltd., and Guangdong Meixian Hanghai Manganese Chemical Plant.