The global market for potassium permanganate has witnessed the emergence of a number of small, medium, and large scale players in recent times. The wide applicability of potassium permanganate across a wide array of industries is the driving force behind the entry of several new players in the market. The market players are expected to concentrate on innovating their approach towards marketing the products in order to gain a larger market share.
Furthermore, making the production process more agile and nimble is also expected to prove advantageous for the market players. The leading market players have acquired expertise in the manufacture of potassium permanganate which is expected to strengthen their position in the market. The small and medium-sized players are projected to associate with better distribution channels in order to make their way into the market. The competitive landscape for the global potassium permanganate market is highly fragmented, and no single major has an unusual clear lead in the market.
The market players that have attained recognition in the market are projected to acquire smaller players in order to penetrate into local markets. Furthermore, strategic alliances and partnerships are also expected to be a key highlight of the competitive landscape over the coming years. Some of the key players in the global market for potassium permanganate are Chongqing Chagyuan Group Limited, Carus Corporation, Zunyi Shuangyuan Chemical Group Co., Ltd., Groupstars Chemical (Yunnan) China L.L.C., and Organic Industries Pvt. Ltd.
A report published by Transparency Market Research (TMR) predicts that the global potassium permanganate market is expected to grow at a sluggish CAGR of 3.0%. The global market accumulated revenues worth US$291.5 mn in 2014 and is expected to gross in revenues worth US$368.1 mn by 2023.
Application of Potassium Permanganate across Multiple Industries to Drive Demand
Potassium permanganate comes in handy for a wide range of applications across a multitude of industries. Potassium permanganate is extensively used for the treatment for waste water across towns and cities. Since the government has initiated several operations for the treatment of sewage and canal water, the demand within the global market for potassium permanganate has reached unprecedented levels. Furthermore, the growth of aquaculture across several regions has also aided the growth of the market and has created lucrative opportunities for market players. The chemical industry is virtually the largest consumer of potassium permanganate for several processes, reactions, and experiments. Metal processing has emerged as an important industry that has driven economic growth of regions. Since potassium permanganate is widely used across the metal processing industry, the demand within the global market has grown by leaps and bounds.
Availability of Substitutes to Hamper Market Growth
Despite the utility served by potassium permanganate to several industries, the availability of substitutes is expected to alleviate the popularity of the chemical. Substitutes such as sodium permanganate are economical, effective, and easily available across the market, which takes away a huge consumer base away from the market for potassium permanganate. However, the substitutes do not fare as well as sodium permanganate in waste treatment and aquaculture. This factor is anticipated to keep soaring demand within the global market for potassium permanganate.