The global Potassium Peroxymonosulfate Market is estimated to be valued at USD 119.31 million in 2023 and is expected to exhibit a CAGR of 3.21% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Potassium peroxymonosulfate is a strong oxidizing agent used in various applications such as water treatment, wastewater treatment, swimming pool maintenance, and as a bleaching agent. It offers advantages like rapid oxidation, high purity, and ease of handling. The increasing need for clean and safe drinking water along with the growing awareness about waterborne diseases is driving the demand for potassium peroxymonosulfate in the water treatment industry. Additionally, the rising consumption of potassium peroxymonosulfate in the swimming pool maintenance industry to maintain optimal water quality further contributes to the market growth.
Market Key Trends:
One key trend in the potassium peroxymonosulfate market is the increasing use of the product in the electronics industry. Potassium peroxymonosulfate is utilized in various electronic applications like PCB manufacturing, electronic component cleaning, and solder mask removal. The growing demand for electronics and technological advancements in the industry are driving the need for efficient cleaning agents and surface treatments, thereby boosting the demand for potassium peroxymonosulfate. Moreover, the rising adoption of electronic devices in sectors such as automotive, healthcare, and consumer electronics is further propelling the market growth.
Segment Analysis:
The Potassium Peroxymonosulfate market can be segmented based on application, end-use industry, and region. In terms of application, the market can be divided into disinfectants, oxidizing agents, bleaching agents, and others. Among these, the disinfectants segment is expected to dominate the market during the forecast period. This can be attributed to the increasing demand for effective disinfectants across various industries such as healthcare, food and beverage, and water treatment. The COVID-19 pandemic has further driven the demand for disinfectants, thereby fueling the growth of this segment.
Based on end-use industry, the market can be categorized into healthcare, water treatment, food and beverage, pulp and paper, and others. The healthcare industry is anticipated to be the largest consumer of potassium peroxymonosulfate. This can be attributed to its wide application in hospitals, clinics, and other healthcare settings for disinfection purposes. With the rising number of hospital-acquired infections and the increasing focus on infection prevention, the demand for potassium peroxymonosulfate in the healthcare industry is expected to witness significant growth.
Key Takeaways:
The Global Potassium Peroxymonosulfate Market Size is expected to witness high growth, exhibiting a CAGR of 3.21% over the forecast period. This growth can be attributed to several factors. Firstly, the increasing awareness regarding hygiene and sanitation, especially in healthcare settings, is driving the demand for disinfectants, thereby boosting the market growth. Additionally, the rising concern for water pollution and the need for efficient water treatment solutions are also contributing to market growth.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the potassium peroxymonosulfate market. This can be attributed to the stringent regulations and guidelines for disinfection and water treatment in the region. Furthermore, the presence of major healthcare facilities and the growing demand for clean and safe water are driving the market growth in North America.
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. These key players play a significant role in shaping the market dynamics through their technological advancements, product innovations, and strategic collaborations. They focus on expanding their product portfolios and maintaining strong distribution networks to cater to the growing demand for potassium peroxymonosulfate in various industries.
