Potassium Permanganate Market Size & Industry Share - Growth Trends & Forecasts (2023 - 2031)

Potassium Permanganate Market Dynamics - (DRO) :

Key Drivers :

High demand for potassium permanganate in surface disinfection application

Potassium Permanganate is widely known in the healthcare sector for its remarkable disinfectant and antiseptic characteristics. It is effectively used to treat wound infections and skin conditions that occur among patients in the healthcare sector. Moreover, it is also used to sterilize medical instruments to avoid the spread of infections, which is significantly benefiting the market expansion across the globe. Furthermore, as per the analysis the high prevalence of hospital-acquired infection across the globe is benefiting the market. For instance, according to the report by the Journal of Infection in Developing Countries in February 2023, In Southeast Asia, 21.6% of patients in hospitals contract infections, with Indonesia having the highest rate at 30.4%. Moreover, the outbreak of Covid-19 situation is is also driving the use of this compound in the healthcare and pharmaceutical sectors across the globe. For instance, according to the report by the World Health Organization, there are around 771 million confirmed cases of the Covid-19 pandemic to date. The pandemic resulted in growing awareness about infections among people and the importance of sterilization to avoid such instances. Thus, the growing demand for this compound for surface disinfection is driving potassium permanganate market growth and trends across the globe.

Increasing demand for potassium permanganate in mining sector

In the mining sector, this compound is favorably used in the process of ore floatation. Ore floatation is an important step in extracting valuable minerals from ore deposits and this compound performs a crucial role in the entire process by acting as an effective depressants and selectively preventing the flotation of unwanted minerals. There is a significant rise in the use of sustainable and effective practices among industries like mining and environment management. As per the analysis, the increasing requirement for better wastewater treatment from the mining sector is increasing the use this compound to minimize the levels of heavy metals and wastewater disinfections. Thus, the significant rise in the mining sector across various developing economies is further driving the market expansion across the globe. For instance, according to the report by Press Information Bureau in July 2023, mineral production increased by 10.7%. Coal production was 693 lakh tonnes, lignite production was 32 lakh tonnes, natural gas utilization was 3062 million cubic meters, and crude petroleum production was 25 lakh tonnes. Hence, the significant development in the mining sector is driving the demand for this compound for water treatment applications which is a key factor driving the potassium permanganate market trend.

Key Restraints :

Hazardous health concerns associated with the potassium permanganate

Potassium permanganate brings various health problems with its use as it possesses prolonged side effects. The presence of this substance in the air can severely affect the majority of the population when breathed in. It harms the skin and eyes, resulting in serious damage. Breathing this substance causes shortness of breath as well as the possibility of severely damaging organs like the nose, throat, and lungs. When used in undiluted forms during various processes, this compound poses a substantiate risk to the population resulting in allergies and irritations. Thus, many industries are reluctant to use this compound due to the risk of worker exposure. Additionally, consumers are becoming more aware of the health risks associated with this compound and are choosing alternative products, which is restraining the global potassium permanganate market growth across the globe.

Future Opportunities :

Growing fisheries and aquaculture businesses across the globe

The market has witnessed a significant spike in the initiatives and investments made by government authorities in emerging economies across Asia-Pacific and MEA regions. The compound is used as an effective disinfectant to clean water and maintain favorable water conditions for aquatic organisms. There has been a substantiate boom in the aquaculture sector across the globe and it has positively impacted the potassium permanganate industry. Based on the analysis, with the rise in diversified prospects being created in the aquaculture sector, the global potassium permanganate market is expected to witness an increase in applications. For instance, according to the 2022 edition of SOFIA (State of Fisheries and Aquaculture), there are around 214 million tonnes of production of fisheries and aquaculture in 2020 and it is anticipated to grow in the future. Thus, the growing fisheries and aquaculture businesses are expected to create lucrative potassium permanganate market opportunities for applications and trends that drive the market over the forecast period.

Top Key Players & Market Share Insights:

The potassium permanganate market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-