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.
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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.
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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.
The
review is based on TMR’s report titled, “Potassium
Permanganate (Free Flowing, Technical, and Pharmaceutical) Market for Water
& Waste Treatment, Industrial, and Other Applications - Global Industry
Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”
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