Persulfates Market Overview
The Persulfates Market size is estimated to reach US$750.6 million by 2027, after growing at a CAGR of 3.5% during the forecast period 2022-2027. The growth of the electrical and electronics industry is the primary factor driving the growth of the market. According to Japan Electronics and Information Technology Industries Association (JEITA), in 2020, global electrical and electronics production was US$3,033.7 billion and in 2021 it reached US$3,330.6 billion, an increase of about 9.8%. A persulfate is a substance that contains the peroxide group. Persulfates, including sodium persulfate and potassium persulfate, have various beneficial properties, including current density, low temperature, strong oxidants and moderate shelf life using an acidic solution. In 2020, the supply chain disruption, restriction on movement and other similar measures adopted due to the Covid-19 pandemic restricted the growth of the persulfates industry. In 2021, the ease of regulations fueled industrial production activities, including electronics, polymers and more. This, in turn, accelerated the growth of the persulfates industry. The growth of the electrical & electronics industry, surging production of polymers and more will expand the persulfates market size growth in the upcoming years.
The "Persulfates Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Persulfates Market.
- Asia-Pacific dominated the Persulfates Market, owing to the growth of the electrical & electronics industry in the region. According to Invest India, in 2014-15, India’s electronics production was US$29 billion and in 2020-21 it reached US$67 billion, an increase of more than double.
- The ongoing research & development for the advancement of the Persulfates will create an opportunity for market growth in the coming years.
- The surging adoption of Persulfates as a peroxymonosulfate in water treatment projects is driving market growth.
- The health concerns associated with the use of Persulfates will restrict the market growth during the forecast period.
Persulfates Market Segment Analysis – by Type
The sodium segment held the significant Persulfates Market share in 2021 and is expected to grow at a CAGR of 3.7% during the forecast period 2022-2027. The sodium persulfate decomposition to release oxygen and produce sodium pyrosulfate can occur slowly at room temperature, after heating, or quickly in ethanol. Thus, it is frequently employed in polymers as an oxidizing agent. Additionally, sodium persulfate is also used in the production of printed circuit boards (PCBs) as an etchant and cleaning agent. Also, potassium persulfate is less soluble and may cost more compared to sodium persulfate. Thus, due to the above-mentioned benefits of sodium persulfate, its adoption is increasing in various end-use industries, including polymers, electronics and more. This factor is accelerating the persulfates market growth.
Persulfates Market Segment Analysis – by End-use Industry
The electrical and electronics segment held a significant Persulfates Market share of more than 20% in 2021. Sodium persulfate is deployed in the electrical & electronics industry since it is an efficient microetchant in the manufacturing of printed circuit boards. The surging technological advancements, expanding facilities related to electronics and more are key determinants for the growth of the electrical and electronics industry. For instance, according to Growth from Knowledge (GRK) in September 2021, in the first quarter of 2021, the value of the global consumer electronics market increased by 18% to US$42.8 billion. The increase in electronic production was the cause of this expansion. Hence, the surge in electronics production is expected to boost the demand for persulfates. This, in turn, will propel the market growth in the coming years.
Persulfates Market Segment Analysis – by Geography
Asia-Pacific is the dominating region as it held the largest Persulfates Market share in 2021 up to 35.5%. The sectoral growth of Asia-Pacific economies is been fueled by the growth of various industries such as electrical & electronics, polymers and more. Factors such as government policies aiding the electronics industry, emerging economies, technological advancement and more factors are vital to the electronics industry's growth in the Asia-Pacific. For instance, according to Japan Electronics and Information Technology Industries Association (JEITA), in 2020, the total electronics production in Japan was ¥9,964,769 million (US$93,389.82 million) and in 2021, it was ¥10,954,346 million (US$99,772.18 million), an increase of 9.9%. Therefore, the growth of the electronics industry in Asia-Pacific is accelerating the demand for persulfates.
Persulfates Market Drivers
Surging Wastewater Treatment Projects
Persulfates are utilized in the water treatment industry for the treatment of a wide variety of impurities, such as halogenated olefins, perfluorinated chemicals, phenols, pharmaceuticals, inorganics and more. The surge in wastewater treatment projects at the global level is fueling the growth of the water treatment industry. For instance, the construction of the Philippines Aglipay Sewage Treatment Plant in Mandaluyong began in 2020. It will meet stringent national standards that go beyond EU requirements in terms of reducing negative effects on Manila Bay and the Pasig River, as well as its environmental footprint. The project is currently under development, with a completion date of early 2024. Furthermore, the construction work for the future development wastewater treatment project the "New Upper Thompson Sanitation District Wastewater Treatment Facility" will begin in the U.S by 2023. Such projects are fueling the demand for persulfates, thereby, driving market growth.
Surging polymers Production
Potassium Persulfate is employed as a polymerization initiator in the manufacturing of various polymers such as vinyl, neoprene and more. The factors such as surging demand from the packaging industry enhance the demand from the transport industry to ensure superior durability & flexibility and to others. These factors are accelerating the polymers industry's growth. According to the Chemicals and Petrochemicals Manufacturers' Association (CPMA), in 2020, the production of polymers in India was 12.35 million tons and in 2021, it was 13.54, an increase of 9.63%. Thus, the surging production of polymers is fueling the demand for persulfates, which, in turn, is accelerating market growth.
Persulfates Market Challenges
Health Concerns related to Persulfates
The use of Persulfates has several health hazards, due to which there are several restrictions imposed on the use of persulfates. For instance, the New Jersey Department of Health and Senior Services has listed sodium persulfates under the hazard substance list because they can cause irritation to the eyes, nose and skin and cause breathing problems. Moreover, raw materials such as persulfuric acid which is used in the manufacturing of persulfates have adverse health impacts. Therefore, the above-mentioned health concerns associated with the use of persulfates may restrict the growth of the persulfates industry during the projected forecast period of 2022 to 2027.
Persulfates Industry Outlook
Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the Persulfates Market. The top 10 companies in the Persulfates market are:
- Mitsubishi Gas Chemical Company
- Ak-Kim Kimya
- Adeka Corporation
- Fujian Zhanhua Chemicals
- Evonik Industries AG
- United Initiators
- Peroxy Chem
- Stars Chemical
- Ak-kim Kimya
- In August 2021, Everstone Capital, a Singapore-based company, announced the purchase of a majority stake in Calibre, a manufacturer of persulfates. This partnership seeks to transform Calibre from a family-owned company into a global player with the assistance of the significant and strategic resources of Everstone.
- In February 2020, Evonik Industries AG, a chemical manufacturing company based in Germany, acquired PeroxyChem, a U.S. manufacturer of persulfates for US$640 million. This acquisition focused on the expansion of Evonik Industries AG in the U.S. market.
- In October 2019, United Initiator, a global manufacturer of persulfates, opened its sodium persulfate in Huaibei, China. This new plant has a manufacturing capacity of 10,000 tons per annum.
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