Potassium Permanganate Market Forecast 2023 - 2031
Report ID : CBI_1354 |
| Published Date:
| Format :
| Base Year: | 2022 |
|---|---|
| CAGR: | 5.3% |
| Forecast Year: | 2023 - 2031 |
| Revenue 2022: | $912.60 Mn |
| Revenue 2023: | $956.61 Mn |
| Revenue 2031: | $1,447.13 Mn |
Potassium Permanganate Market Forecast 2023 - 2031
Market Overview :
Consegic Business Intelligence analyzes that the potassium permanganate market is growing with a CAGR of 5.3% during the forecast period (2023-2031). The market accounted for USD 912.60 million in 2022 and USD 956.61 million in 2023, and the market is projected to be valued at USD 1,447.13 Million by 2031.
Market Definition :
Potassium permanganate is a chemical compound with the formula KMnO4. It is a strong oxidizing agent and is used in a variety of industrial and medical applications. Potassium permanganate is a dark purple or black solid that is soluble in water. When dissolved in water, it forms a strongly alkaline solution with a characteristic purple color. Potassium permanganate is a strong oxidizing agent because it can easily give up its oxygen atoms to other molecules.
The potassium permanganate market is expected to grow significantly in the coming years due to several factors, including growing demand from water and wastewater treatment, wood bleaching and textile dyeing, pharmaceutical and agricultural industries, and emerging markets.
Market Dynamics :
Drivers :
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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 industry. Moreover, potassium permanganate is also used to sterilize medical instruments to avoid the spread of infections, which is significantly benefiting the market growth across the globe. Furthermore, the high prevalence of hospital-acquired infection across the globe is benefiting the market growth. 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 potassium permanganate 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 potassium permanganate for surface disinfection is driving market growth across the globe.
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Increasing demand for potassium permanganate in mining industry.
In the mining industry, potassium permanganate is favorably used in the process of ore floatation. Ore floatation is an important step in extracting valuable minerals from ore deposits and potassium permanganate 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. The increasing demand for better wastewater treatment from the mining industry is increasing the use potassium permanganate to minimize the levels of heavy metals and wastewater disinfections. Thus, the significant growth in the mining sector across various developing economies is further driving the market growth 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 growth in the mining sector is driving the demand for potassium permanganate for water treatment applications which is a key factor driving the market growth.
Restraint :
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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 potassium permanganate 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 potassium permanganate 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, potassium permanganate poses a substantiate risk to the population resulting in allergies and irritations. Thus, many industries are reluctant to use potassium permanganate due to the risk of worker exposure. Additionally, consumers are becoming more aware of the health risks associated with potassium permanganate and are choosing alternative products, which is restraining the global potassium permanganate market growth across the globe.
Opportunities :
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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. Potassium permanganate 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 industry across the globe and it has positively impacted the market for potassium permanganate. With the rise in diversified opportunities being created in the aquaculture industry, 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 is 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 growth opportunities for applications of potassium permanganate and drive the market over the forecast period.
Potassium Permanganate Market Report Coverage :
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 | USD 1,447.13 Million |
| CAGR (2023-2031) | 5.3% |
| By Grade | Free-Flowing Grade, Industrial Grade and Pharmaceutical Grade |
| By End-user Industry | Pharmaceutical & Healthcare, Water Treatment, Food & Beverages, Agriculture, Chemical, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
| Key Players | Carus Group Inc., GFS Chemicals, Inc., Guangdong Hangxin Technology Co., Ltd., Nippon Chemical Industrial Co., Ltd., Magnesia, Milport Enterprises, Inc., Changsha Yonta, Otto Chemie Pvt. Ltd., Univar Solutions Inc., and Libox Chem (India) Pvt. Ltd. |
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Download Sample ReportMarket Segmentation :
By Grade :
The grade segment is categorized into free-flowing grade, industrial grade, and pharmaceutical grade. In 2022, the free-flowing grade segment accounted for the highest market share in the potassium permanganate market. Free-flowing grade potassium permanganate is a type of potassium permanganate that has been specially formulated to flow freely and easily. This is achieved by adding certain additives to the potassium permanganate, which reduces the particle size and increases the surface area of the crystals. Free flowing grade of potassium permanganate is used as a bleaching and coloring agent in the textile industry. For instance, according to the report by the United States Census Bureau in October 2023, U.S. textile and apparel exports to the Western Hemisphere rose 14.9% to reach USD 18 billion in 2022. Thus, the significant growth textile industry is driving the segment growth across the globe.
Moreover, the pharmaceutical grade segment is expected to hold the highest CAGR over the forecast period. Potassium permanganate is used in the manufacture of a variety of pharmaceuticals, including antibiotics, anti-inflammatory drugs, and cardiovascular drugs. Potassium permanganate is used as an oxidizing agent, a bleaching agent, and a purification agent in the manufacture of these pharmaceuticals. The increasing demand for pharmaceutical grade potassium permanganate from the pharmaceutical and healthcare industry is providing lucrative growth opportunities for the segment growth across the globe over the forecast period.
By End-user Industry :
The end-user industry segment is categorized into pharmaceutical & healthcare, water treatment, food & beverages, agriculture, chemical, and others. In 2022, the water treatment segment accounted for the highest market share of 26.55% in the overall potassium permanganate market. Potassium permanganate is a strong oxidizing agent that is used in water treatment to disinfect water, remove organic matter and other impurities, and control algae growth. It is also used to oxidize iron and manganese, which can cause discoloration and taste problems in water. Increasing investments in the development of wastewater treatment facilities are driving the segment growth. For instance, in September 2022, LANXESS, a special chemicals company, commissioned a new biological wastewater treatment plant at its Belgium Kallo/Antwerp site. The plant has a capacity of 260,000 liters per hour. Thus, the increasing launch of wastewater treatment plants is driving the demand for potassium permanganate from the water treatment industry across the globe.
Moreover, the pharmaceutical & healthcare segment is expected to hold the highest CAGR over the forecast period. Potassium permanganate is used to manufacture a variety of pharmaceuticals, including antibiotics, anti-inflammatory drugs, and cardiovascular drugs. It is used as an oxidizing agent, a bleaching agent, and a purification agent in the manufacture of these pharmaceuticals. Significant growth in the pharmaceutical industry across the developing economies is providing lucrative demand from the pharmaceutical & healthcare industry. For instance, according to the report by the National Investment Promotion and Facilitation Agency report in July 2023, the pharmaceutical industry in India is expected to reach USD 65 Bn by 2024 and USD 130 Bn by 2030. The pharmaceutical industry in India is currently valued at USD 50 Bn. The growing demand from pharmaceutical & healthcare sector is creating lucrative growth opportunities for potassium permanganate over the forecast period.
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Download Sample ReportBy Region :
The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Regional Growth Insights
Download Sample ReportIn 2022, Asia Pacific accounted for the highest market share at 43.20% valued at USD 394.24 Million in 2022 and USD 413.73 Million in 2023, it is expected to reach USD 627.62 Million in 2031, and it is also the fastest growing region across the globe, growing with a CAGR of 5.7% over the forecast period. Furthermore, in the Asia Pacific region, China accounted for the dominant market share of 29.03% in the year 2022. The potassium permanganate market across the Asia Pacific region is growing owing to the significant growth of a variety of industries, such as water treatment, pharmaceutical & healthcare, chemical, and others. The growing wastewater treatment industry across the region is driving the market growth. For instance, in September 2023, SUEZ announced two new contracts in the water and waste markets to support China's 2060 carbon neutrality ambition. One of the contracts is in Chongqing, where SUEZ is working with a historical partner to build a new water treatment plant. The new plant will improve the resilience of Chongqing's water supply system.
Furthermore, the significant growth in the pharmaceutical industry across the region is further expected to drive market growth. For instance, according to the report by the Indian Brand Equity Foundation in August 2023, the Indian pharmaceutical industry is currently ranked third in pharmaceutical production by volume after evolving into a thriving industry growing at a CAGR of 9.43% in the past nine years. All these above-mentioned factors are collectively driving the demand for potassium permanganate from various end user industries across the Asia Pacific region and creating lucrative growth opportunities for the potassium permanganate market in the Asia Pacific region.
Details Countries Growth Insights
Download Sample ReportPotassium Permanganate Market Competitive Landscape:
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-
- Carus Group Inc.
- GFS Chemicals, Inc.
- Guangdong Hangxin Technology Co., Ltd.
- Nippon Chemical Industrial Co., Ltd.
- Magnesia
- Milport Enterprises, Inc.
- Changsha Yonta
- Otto Chemie Pvt. Ltd.
- Univar Solutions Inc.
- Libox Chem (India) Pvt. Ltd.
Recent Developments :
- In January 2023, Carus Corporation launched a new potassium permanganate product called CarusPerm® XP. CarusPerm® XP is a high-performance potassium permanganate product that is designed to provide improved water treatment performance.
- In March 2022, GFS Chemicals Inc. announced that it is expanding its potassium permanganate distribution network into Southeast Asia. The expansion is expected to be completed by the end of 2022.
Frequently Asked Question
What was the market size of the potassium permanganate market in 2022?+
In 2022, the market size of potassium permanganate was USD 912.60 million.
What will be the potential market valuation for the potassium permanganate industry by 2031?+
In 2031, the market size of potassium permanganate will be expected to reach USD 1,447.13 million.
What are the key factors driving the growth of the potassium permanganate market?+
High demand for potassium permanganate in surface disinfection application across the globe is fueling market growth at the global level.
What is the dominant segment in the potassium permanganate market for the end-user industry?+
In 2022, the water treatment segment accounted for the highest market share of 26.55% in the overall potassium permanganate market.
Based on current market trends and future predictions, which geographical region is the dominating region in the potassium permanganate market?+
Asia Pacific accounted for the highest market share in the overall market.
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