The global persulfates market will derive growth from the increasing applications of the product in recent years. The efforts taken to increase production capacities of petrochemicals will have a massive impact on the growth of the overall market. According to a report by Fortune Business Insights, the market will benefit from the increasing investment in product R&D by major companies across the world.
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Persulfates are a class of chemical compounds that contain oxysulfate anions. These products are used for applications in the chemical industry for coating process. They are categorized as the most chemically active subsets in the peroxygen bracket. The substance is widely used in numerous industrial as well as commercial applications, owing to their exceptional properties. The increasing investments in the research and development of efficient persulfates will emerge in favor of the growth of the overall market in the coming years. The rising emphasis on maximization of persulfates for applications, other than the predefined ones, will create several growth opportunities for the companies operating in the global market. The presence of several large scale companies will subsequently affect the growth of the overall persulfates market in the foreseeable future.
Increasing Focus on Maximizing Production will Bode well for Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the growing efforts taken to maximize the production as well as increase production capacities in manufacturing units, has made the highest impact on the growth of the overall market in recent years. Accounting to the increasing applications of the product, several companies are looking to invest more at the manufacturing side; a factor that can help these companies cater to the rising demand. In October 2019, United Initiators announced that it has increased the production capacity in its persulfate manufacturing plant. The company announced that it has successfully completed the expansion project through which it will produce an additional 10 kilo-tonnes of sodium persulfate by the end of 2019. This step has encouraged other companies in this sector and subsequently contributed to the growth of the global market.
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Asia Pacific Held the Highest Market Share; Increasing Plastic use has Benefited Petrochemical Manufacturers
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific currently dominates the market. The increasing use of petrochemicals in developing plastics, packaging, and cosmetics will create several growth opportunities for the regional manufacturers. The excessive use of plastic will also emerge in favor of the growth of the regional market. It is observed that countries such as India, China, Thailand, and South Korea are among the leading consumers of petrochemicals in the global market. The presence of several large scale manufacturers in this region will also contribute to market growth.
List of companies profiled in the report:
- MITSUBISHI GAS CHEMICAL COMPANY, INC.
- VR PERSULFATES PVT. LTD.
- PeroxyChem
- United Initiators
- Ak-Kim Kimya
- ADEKA CORPORATION
- Yatai Electrochemistry Co., Ltd.
- Hebei Jiheng Group Co., Ltd.
- Fujian ZhanHua Chemical Co., Ltd.
- YOYO Group of Companies
Industry Developments:
August, 2019, – The Federal Trade Commission announced that it has filed a lawsuit to block the acquisition of PeroxyChem, a manufacturer of peroxy compounds, by Evonik Industries, a manufacturer of variety of specialty chemicals and materials.
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