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The Persulfates Market size is projected to grow at a CAGR of 3.5% during the forecast period 2022-2027 and reach US$750.6 million by 2027. A substance with the peroxide group is known as Persulfate. Persulfates, such as sodium persulfate and potassium persulfate, have several advantageous qualities, including current density, low temperature, strong oxidants and moderate shelf life when used in an acidic solution. The flourishing electrical & electronics and wastewater treatment industries are the prominent factors propelling the persulfates market growth. As of October 2022, several wastewater treatment projects across the world are under construction phase, including Aglipay Sewage Treatment Plant in Mandaluyong, Philippines (the completion year 2024), Veolia Water Technologies new wastewater treatment plant in Genoa, Italy (the completion year 2023) and others.
Persulfates Market: The Sodium Segment Leads the Market
On the basis of the type, the Persulfates Market can be segmented into ammonium, sodium and potassium. The sodium type is evaluated to be the leading segment in the persulfates market in 2021. During the forecast period 2021-2027, the sodium segment is expected to grow at a CAGR of 3.7%. The sodium persulfate can decompose slowly at room temperature, after heating or quickly in ethanol to release oxygen and produce sodium pyrosulfate. As a result, it is frequently used in polymers as an oxidizing agent in a variety of end-use industries. Due to this reason, the market for persulfates is growing more quickly and driving the growth of the Persulfates market during the projected forecast period of 2022-2027.
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Persulfates Market: Asia-Pacific Holds the Largest Market Share
On the basis of geography, the Persulfates Market is segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most dominant region in the market. In 2021, the Asia-Pacific region held around 35.5% share of the total revenue earned by the market globally. The expansion of manufacturing sectors, including electrical & electronics, polymers and other fields, has been a major driver of sectoral growth in the economies of the Asia-Pacific region. According to Japan Electronics and Information Technology Industries Association (JEITA), in 2021, the total electronics production in Japan was US$99,772.18 million. In 2022, it is expected that production would increase by 2% over 2021. Therefore, the increasing electrical & electronics production in Asia-Pacific is fueling the demand for Persulfates. This, in turn, is propelling the growth of the Persulfates.
The Major Players in this Market
The major companies in the Persulfates market include Mitsubishi Gas Chemical Company, Ak-Kim Kimya, Adeka Corporation, Fujian Zhanhua Chemicals, Evonik Industries AG, United Initiators, Peroxy Chem, Stars Chemical, Ak-kim Kimya and Lanxess.
The key focus of the companies has shifted towards acquisition. For instance, in February 2020, PeroxyChem, a manufacturer of persulfates in the United States, was purchased by German chemical manufacturing company Evonik Industries AG for US$640 million.