Potassium Peroxymonosulfate Market Is Estimated To Witness High Growth Owing To Increasing Demand From Water Treatment Applications
Potassium peroxymonosulfate, also known as potassium monopersulfate, is an inorganic compound used as an oxidizing agent and deodorizing agent and exhibits strong antimicrobial, bleaching, and odor control properties. It is widely used as a disinfectant and sanitizer in the agriculture, textile, food processing, and water treatment industries. The compound is effective against fungi, bacteria, algae, and viruses and helps remove unpleasant odors from surfaces.
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 Opportunity:
The increasing demand from water treatment applications offers high growth opportunities for the potassium peroxymonosulfate market. Potassium peroxymonosulfate is increasingly being used in water treatment plants as a disinfectant and oxidizing agent owing to its germicidal properties. It helps remove contaminants such as organic matter, sulfides, ammonia, iron, manganese, and hydrogen sulfide from wastewater. With rising global water stress levels and growing industrial wastewater volumes, water treatment activities are expected to witness significant expansion over the forecast period. The implementation of stringent regulations regarding industrial effluent discharge standards will further drive the consumption of potassium peroxymonosulfate in water treatment applications around the world.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the potassium peroxymonosulfate market is moderate due to the established supply chain and infrastructure required for manufacturing potassium peroxymonosulfate. However, new players can enter the market with minimum capital investments and technical expertise.
Bargaining power of buyers: The bargaining power of buyers in the potassium peroxymonosulfate market is high due to the presence of substitutes and undifferentiated products. Buyers can easily switch to substitutes if suppliers increase their prices.
Bargaining power of suppliers: The bargaining power of suppliers in the potassium peroxymonosulfate market is moderate. The raw materials required for manufacturing potassium peroxymonosulfate have few suppliers globally with differentiated quality products.
Threat of new substitutes: The threat of substitutes in the potassium peroxymonosulfate market is moderate. Alternatives such as sodium chlorite are used. However, potassium peroxymonosulfate has proven efficacy in its applications.
Competitive rivalry: The competitive rivalry in the potassium peroxymonosulfate market is high due to the presence of major global players.
SWOT Analysis
Strength: Potassium peroxymonosulfate has wide applications in textiles, electronics, and surface disinfection. It is an effective and economical bleaching and disinfection agent.
Weakness: Strict regulations regarding the production and transportation of potassium peroxymonosulfate. Additional costs incurred towards safety measures. Potential health hazards if not handled carefully.
Opportunity: Increasing demand for disinfectants and cleaners due to COVID-19 pandemic. Growing textile industry in developing countries.
Threats: Availability of substitutes such as sodium chlorite and hydrogen peroxide. Volatility in raw material prices.
Key Takeaways
The Global Potassium Peroxymonosulfate Market Demand was valued at US$ 624.96 Mn in 2023 and is projected to reach US$ 913.14 Mn by 2030, exhibiting a CAGR of 5.3% during the forecast period. Potassium peroxymonosulfate is widely used in the industrial disinfection of surfaces, equipment, and textiles owing to its bleaching and antimicrobial properties.
Regional analysis for potassium peroxymonosulfate comprises: Asia Pacific dominates the global market and accounted for more than 35% of the total share in 2023. China is the largest producer and consumer of potassium peroxymonosulfate. Growth in the textile industry and strict hygiene regulations are driving the market in the region. North America and Europe are other major markets supported by widespread usage in surface disinfection.
Key players operating in the potassium peroxymonosulfate market are DowDuPont, Inc., Lanxess AG, United Initiators, Ansin Chemical Co Ltd., Shangyu Jie Hua Chemical Co., Ltd. Merck KGaA, and Lonza. Key players are focusing on capacity expansions and new product launches to strengthen their
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