The rise in the use of potassium chlorate-based pesticides and the increasing demand for explosives in the defense industry are expected to drive the demand for potassium chlorate during the forecast period. Potassium chlorate-based explosives are more effective than traditional gunpowder. Potassium chlorate is extensively used in the manufacture of fireworks and matchsticks as well. It is used as an ingredient in smoke compositions such as smoke grenades. Other than explosives, potassium chlorate is used in laboratories and educational institutions to generate oxygen. It is also used as a pesticide in the agriculture industry to destroy pests. The increasing demand for potassium-based pesticides across the globe will drive the adoption of potassium chlorate during the forecast period.
As per Technavio, the growth of pulp and paper industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global potassium chlorate market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Potassium Chlorate Market: Growth of Pulp and Paper Industry
Despite growing environmental concerns, the global pulp and paper industry continues to generate strong demand for potassium chlorate due to its availability and cost-effectiveness. The pulp and paper industry uses potassium chlorate to produce chlorine oxide. Chlorine oxide is used to bleach wood pulp to manufacture high-quality and environmentally friendly white paper products. Several manufacturers in the paper industry are adopting eco-friendly technologies to enhance their production efficiency. The demand for potassium chlorate is prominent among the pulp and paper manufacturers in APAC, especially in Japan. The increasing global demand for wood pulp for the manufacture of paper and paperboard will also enhance the need for potassium chlorate, which will support the growth of the global potassium chlorate market during the forecast period.
“Apart from the growth of the pulp and paper industry, an increase in the number of sodium chlorate plants, and reduction in arable land are two major factors that are expected to boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Potassium Chlorate Market: Segmentation Analysis
This market research report segments the global potassium chlorate market by application (explosives and matchstick manufacturing and others) and geographical regions (North America, APAC, South America, Europe, and MEA).
The North American region led the market in 2018, followed by APAC, South America, Europe, and MEA, respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to high demand from developing countries such as China, India, and Malaysia.
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