LONDON--(BUSINESS WIRE)--The potassium chlorate market is expected to grow by USD 214.84 million during 2019-2023. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Request a free sample report
Increasing demand from end-user industries such as agriculture, explosives, laboratory, and disinfectants is expected to be a major factor driving the potassium chlorate market growth 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.
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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 research report also analyzes other significant trends and market drivers that will influence market growth over 2019-2023.
Potassium Chlorate Market: Growth of Pulp and Paper Industry
The global pulp and paper industry generates a 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 high among the pulp and paper manufacturers in APAC, especially in Japan. With the growth of the pulp and paper industry, the demand for wood pulp for the manufacture of paper and paperboard will also increase, thereby boosting the demand for potassium chlorate during the forecast period.
“Factors such as the increasing number of sodium chlorate plants, and the reduction in arable land will have a significant impact on the growth of the potassium chlorate market value during the forecast period,” says a senior analyst at Technavio.
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Potassium Chlorate Market: Segmentation Analysis
This market research report segments the potassium chlorate market by application (explosives and matchstick manufacturing and others) and geographic landscape (APAC, Europe, MEA, North America, and South America).
The North American region led the potassium chlorate market in 2019, followed by APAC, South America, Europe, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as high demand from developing countries such as China, India, and Malaysia.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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