Potassium Permanganate Market Size
|Study Period||2018 - 2028|
|Market Size (2023)||USD 0.89 Billion|
|Market Size (2028)||USD 1.09 Billion|
|CAGR (2023 - 2028)||4.11 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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Potassium Permanganate Market Analysis
The Potassium Permanganate Market size is expected to grow from USD 0.89 billion in 2023 to USD 1.09 billion by 2028, at a CAGR of 4.11% during the forecast period (2023-2028).
The COVID-19 outbreak brought several short-term and long-term consequences in various industries, such as agriculture, water treatment, and other end-user industries, affecting the potassium permanganate market. The agriculture industry was widely impacted due to supply chain disruption and a halt in the production of chemical manufacturing companies. It is due to lockdown and workforce shortages, thus, adversely affecting the potassium permanganate market. For instance, worldwide, the lockdowns in Europe greatly disrupted food supply chains. According to Syngenta, about 46% of large European farming businesses were impacted by the COVID-19 pandemic. Hence, the negative impact of the COVID-19 lockdown on the operations and growth of the industries mentioned above declined the demand for potassium permanganate in these industries.
- Over the long term, the growing need for high-quality water treatment and the increasing usage as an intermediate in chemicals are driving the market growth.
- The associated health risks of using potassium permanganate are expected to hinder market growth.
Potassium Permanganate Market Trends
Growing Demand from Pharmaceutical Industry
- Potassium permanganate is increasingly used in medicine, particularly for antiseptic purposes. Potassium permanganate treats various skin illnesses, including dermatitis, eczema, acne, and other fungal infections.
- Doctors recommend potassium permanganate for those who include gushing wounds and blisters. The oxidizing action of potassium permanganate destroys the growing fungus. Hence athletes typically use it on their feet for pain alleviation.
- According to AstraZeneca, the projected pharmaceutical sales in 2024 are expected to be USD 633 billion for North America, holding the major share. It is followed by the European Union (excluding the United Kingdom) with USD 287 billion at the second position, and then Southeast and East Asia is expected to register USD 232 billion.
- Germany is one of the world's largest locations in the pharmaceutical industry, with nearly 400 companies. Furthermore, as of 2022, according to the European Federation of Pharmaceutical Industries and Associations, Germany led the way in terms of pharma industry R&D spending, ahead of Switzerland, the United Kingdom, and France, with EUR 8,466 million (~USD 8,921 million) spend on research.
- The pharmaceutical market in Germany is identified as a top-prospect sub-sector by world-leading pharmaceutical manufacturing companies, which are expanding into the country to strengthen their position in the global market. For instance, in August 2022, the key global pharmaceutical player, Bayer, underwent the development of the Solida-1 pharmaceutical production facility at its site in Leverkusen for an investment of EUR 275 million (~USD 287 million). The facility is expected to come on stream in 2024.
- Pfizer, a global pharmaceutical company, revealed that its total revenue exceeded USD 100 billion in 2022 for the first time in its history, a record among global drug manufacturers. The company estimated a total revenue of approximately USD 100,330 million in 2022.
- Therefore, the continuously expanding pharmaceutical production capabilities and the high demand for pharmaceuticals are expected to drive the potassium permanganate forward during the forecast period.
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Asia-Pacific to Dominate the Market
- Asia-Pacific will likely dominate the global market due to the region's highly developed healthcare sector and ongoing investments in the water treatment and agriculture sectors over the years.
- Potassium permanganate used in the region's textile sector increased in recent years. Potassium permanganate spray is mostly used to brighten denim textiles by decolorizing and bleaching them.
- Potassium permanganate is used in water treatment applications to remove toxins and algae rose. The Asia-Pacific region's growing need for clean water and expanding water treatment facilities are projected to support potassium permanganate used in the future.
- According to the Director General of the Pharmaceutical Export Promotion Council of India (Pharmexcil), India exported INR 1,75,040 crore (~USD 24.62 billion) worth of pharmaceutical products, including bulk drugs/drug intermediates, in FY 2021-22. Furthermore, India's pharmaceutical exports increased by 4.22% from April to October 2022, reaching USD 14.57 billion. The exports were valued at USD 13.98 billion during the same period in the previous fiscal.
- As per the data revealed by the All-Indian Origin Chemists and Distributors, the sales of the Indian pharmaceutical industry delivered a healthy growth of 17.3% y-o-y in November 2022 and 10.4% y-o-y in December 2022. In December 2022, the production volume registered 1.5% y-o-y growth while prices of the pharma products climbed 6.8%. The growth figures in the pharmaceutical industry during the remaining 3 months of FY 2022-23 are expected to stay up by 9-10%. They are in line with the average growth rate of 9.1% y-o-y in the first nine months of FY 2022-23.
- Moreover, according to the National Bureau of Statistics of China, the gross production value in crop production is projected to amount to USD 1.23 trillion in 2023. The revenue from crop production in China accounted for USD 1.13 trillion in 2021 and USD 1.18 trillion in 2022. It is estimated that the revenue will reach USD 1.30 trillion in 2025.
- The factors above are expected to drive the market in the region during the forecast period.
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Potassium Permanganate Industry Overview
The potassium permanganate market is partially fragmented, with several players. Some major companies are Chongqing Changyuan Group Limited, Carus Group Inc., Organic Industries Pvt Ltd., GFS Chemicals, Inc., and Guangdong Hangxin Technology Co., Ltd.
Potassium Permanganate Market Leaders
Carus Group Inc.
GFS Chemicals, Inc.
Guangdong Hangxin Technology Co., Ltd
Nippon Chemical Industrial CO., LTD.
*Disclaimer: Major Players sorted in no particular order
Potassium Permanganate Market News
Recent developments in the market studied will be covered in the complete report.
Potassium Permanganate Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Growing Need for High-Quality Water Treatment
4.1.2 Increasing Usage in the Pharmaceutical Industry
4.1.3 Other Drivers
4.2.1 Associated Health Issues
4.2.2 Others Restraints
4.3 Industry Value Chain Analysis
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 By End-user Industry
5.1.2 Water Treatment
5.1.3 Food and Beverage
5.1.5 Other End-user Industries
5.2 By Geography
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.2.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.2.4 South America
18.104.22.168 Rest of South America
5.2.5 Middle-East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Carus Group Inc.
6.4.2 Changsha Yonta
6.4.3 Chongqing Changyuan Group Limited.
6.4.4 GFS Chemicals, Inc.
6.4.5 Guangdong Hangxin Technology Co., Ltd
6.4.6 Libox Chem (India) Pvt. Ltd.
6.4.8 Milport Enterprises, Inc.
6.4.9 Nippon Chemical Industrial CO., LTD.
6.4.10 Otto Chemie Pvt. Ltd.
6.4.11 Univar Solutions Inc.
6.4.12 Universal Chemicals & Industries Pvt. Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Government Initiatives Focusing on the Supply of Treated Soft Water
7.2 Other Opportunities
Potassium Permanganate Market Research FAQs
What is the current Potassium Permanganate Market size?
The Potassium Permanganate Market is projected to register a CAGR of 4.11% during the forecast period (2023-2028).
Who are the key players in Potassium Permanganate Market?
Carus Group Inc., GFS Chemicals, Inc., Guangdong Hangxin Technology Co., Ltd, Nippon Chemical Industrial CO., LTD. and Magnesia are the major companies operating in the Potassium Permanganate Market.
Which is the fastest growing region in Potassium Permanganate Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Potassium Permanganate Market?
In 2023, the Asia Pacific accounts for the largest market share in the Potassium Permanganate Market.
Potassium Permanganate Industry Report
Statistics for the 2023 Potassium Permanganate market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Potassium Permanganate analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.