The global potassium permanganate market is expected to grow at a significant pace over the next seven years. It is an inorganic chemical compound which has strong oxidizing property and easily dissolves in water. Potassium permanganate is added in water to remove the iron content and bacteria. This technique is highly used in water treatment plants. Growing health awareness and government initiatives to develop innovative water treatment methods is anticipated to be beneficial for the overall market growth. Growing population and increasing disposable income in consumers led to increase in demand for food. Potassium permanganate is used in the food preservation process. Once added, it reduces the moisture content of that food product, further reducing the chance of damage and improves shelf life.
Potassium permanganate when mixed with anti freeze agent from car radiators or glycerin reacts to create fire. This chemical is used in fire starter kits in automobiles. Growing automotive industry is thus expected to drive the global market demand. Medicine industry has immense use for potassium permanganate, is expected to witness significant growth over the forecast period. It is used in various medicines for the treatment of canker sores, dermatitis and mild pompholyx. It is also used in hand sanitizers because of high oxidizing and antiseptic characteristics. Growing awareness for cleanliness and knowledge about the benefits of using hand sanitizers regularly is anticipated to be beneficial for the overall market growth. It is also used in histology for bleaching melanin to obscure the tissue detail.
Fish and poultry industry have witnessed brisk growth over the past few years. Potassium permanganate is used for treating certain parasitic diseases in fishes as well as few birds and animals. Other specific potassium permanganate applications include synthesis of various chemical compounds, distress signal chemicals, fruit preservation, fire services, reagent for wood pulp, and raw material for tear gas and antidote for phosphorous poisoning.
Health hazards concerning potassium permanganate such as breathing problems, liver & kidney problems and irritation to eyes & nose may emerge as a major concern for the global market growth over the next seven years. Release of toxic fumes when this chemical is burnt may be another factor that can cause major hindrance to the overall market development. Watery potassium permanganate solution coupled with 80% of hydrogen peroxide is used as a propellant for rocket ships. This is anticipated to create ample lucrative opportunities for the industry participants
Asia Pacific, Middle East & Africa and Latin America are expected to witness fastest growth over the next seven years. Government initiatives and growing end-use industries in countries such as China, Japan, Brazil, Saudi Arabia, India, Vietnam, Malaysia, Indonesia and Argentina is expected to owe to the overall regional market growth. North America and Europe are expected to witness steady market growth over the next seven years. The industry in these regions is gradually recovering from the economic downfall and is predicted to generate significant demand growth in the coming years. Various regulatory associations create ample opportunities for the Europe potassium permanganate market. Air purification, odor control and maintaining oxygen level are some of the favorable applications for the market growth.
Prominent industry participants include Chemicals India Company, Tianjin Chemical Company,Chongqing Changyuan Chemical Corporations Limited, Continental Chemicals, GFS Chemicals Inc., Seidler Chemical Co. Ltd., Milport Enterprises Inc., Carus Chemical and Idea Chemical and Supply Company. There are numerous small scale business players in the industry making it fragmented. Various R&D initiatives are taken by the participants to develop improved product to gain market revenue. Entry barriers for the new entrants are not very strict. The product can be easily availed. However, the major market participants should invest in forward integration to sodium permanganate, diversifying their application sectors and increasing scope for overall market growth.
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Demand across the organic chemicals sector shall register a slump in growth albeit increasing demand for certain chemicals that find end applications in healthcare and food. Furthermore, China, a major supplier of chemicals to the world, registered a considerable decline in manufacturing in the first quarter of 2020, following the trajectory unfolded by COVID-19's escalation to a pandemic. This has led to an imbalance in supply-demand dynamics, forcing manufacturers and customers alike to renegotiate supply agreements. The report will account for Covid19 as a key market contributor.