Potassium Peroxymonosulfate Is Estimated To Witness High Growth Owing To Increasing Demand For Water Treatment Chemicals
Potassium peroxymonosulfate, also referred to as potassium monopersulfate, is an inorganic compound used as a strong oxidizing agent in various industrial applications such as etchant and bleach in electronic industry, sterilizer in medical equipment, and disinfectant in water treatment. It works by forming strong active oxygen species such as sulfate radical anions and hydroxyl radicals which are effective at removal of bacteria, viruses and other microorganisms.
The global Potassium Peroxymonosulfate Market is estimated to be valued at Us$ 624.96 Mn in 2023 and is expected to exhibit a CAGR Of 5.3% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing demand for water treatment chemicals from industries such as power, pharmaceuticals, chemical processing and mining is a key driver propelling growth of the potassium peroxymonosulfate market. Potassium peroxymonosulfate is very effective in disinfecting water by dissolving impurities and killing microorganisms including e-coli, cryptosporidium and giardia. It produces strong oxidizing radicals without forming any disinfection by-products thereby ensuring water safety. In addition, preference towards usage of eco-friendly disinfectants over chlorine is also contributing to the rising adoption of potassium peroxymonosulfate in water treatment. Furthermore, potassium peroxymonosulfate is widely utilized as an etching agent in the production of electronic components such as circuits and semiconductors devices. Growth of the electronics industry is thereby supplementing growth of the market.
SWOT Analysis
Strength: Potassium peroxymonosulfate has strong bleaching and disinfecting properties. It has a wide range of applications in industries such as chemicals, water treatment, and specialty chemicals. These factors are expected to drive its adoption. It is an environment-friendly oxidizing agent and does not form any toxic residues when used.
Weakness: Potassium peroxymonosulfate is moisture sensitive and unstable in its pure form. Strict safety measures need to be followed during manufacturing, transportation, storage, and handling. This increases production costs. Its shelf life is limited once the packaging is opened.
Opportunity: Increasing demand from major end-use industries such as paper and pulp, chemicals, mining, and water treatment is expected to offer growth opportunities. Growing awareness about water and wastewater treatment in developing countries will boost usage of disinfectants and oxidants.
Threats: Fluctuations in raw material prices affect the costs of potassium peroxymonosulfate. Stringent regulations related to environmental protection and worker safety pose compliance challenges. Developments of alternative technologies can threaten its market position.
Key Takeaways
The Global Potassium Peroxymonosulfate Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis shows that Asia Pacific region currently dominates the market and is expected to grow at the fastest rate owing to rising industrialization and growing end-use industries in countries like China and India. Major players in the region are expanding their production capacities to cater to the rising local demand.
Key players operating in the potassium peroxymonosulfate market include DowDuPont, Inc., Lanxess AG, United Initiators, Ansin Chemical Co Ltd., Shangyu Jie Hua Chemical Co., Ltd. Merck KGaA, and Lonza. These players are focusing on new product launches, capacity expansions, and mergers and acquisitions to strengthen their presence in the industry. For instance, in 2022, United Initiators opened a new production facility for inorganic peroxides in Ningbo, China to expand its capacity for potassium peroxymonosulfate and other products.
Get more insights on this topic :
English
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Romaian