Potassium Sulfite Market: Highlights
- Potassium sulfite is an inorganic compound with the formula K2SO3. It is used as a reducing agent in photography. It serves as an important component of the developer solution for photograph negatives. Potassium sulfite is employed in the chemical industry as a reducing agent. Many different processes can be optimized with accurate dosage and application in line with demand. Potassium sulfite can be easily stored in the solid state. It is soluble in water. Potassium carbonate is mixed with sulfur dioxide for the production of potassium sulfite. It is a potassium salt with sulfurous acid.
- Potassium sulfite reacts in the air to potassium sulfate. Potassium sulfite is formed by the reaction of potassium hydroxide with sulfur dioxide. Potassium sulfite is usually used as 45% solution in the chemical industry.
Key Drivers of Potassium Sulfite Market
- Increase in demand for potassium sulfate in the pharmaceutical industry is expected to drive the potassium sulfate market during the forecast period. Pharmaceutical industry has been expanding significantly across the world. According to India Brand Equity Foundation (IBEF), the country’s domestic pharmaceutical market turnover reached US$ 20.03 Bn in 2019 from US$ 18.12 Bn in 2018, indicating a rise of 9.8%. The Government of India is taking initiatives to promote the pharmaceutical sector in the country. For instance, it plans to set up a nearly US$ 1.3 Bn fund to provide boost to companies to manufacture pharmaceutical ingredients domestically by 2023.
Request a sample to get extensive insights into the Potassium Sulfite Market
Potassium Sulfite Market: Application Segment
- Based on application, the global potassium sulfite market can be segmented into chemical reagents, pharmaceutical intermediates, food additives, and others
- The chemical reagents segment is projected to account for significant share of the global potassium sulfite market during the forecast period
- Expanding at a healthy growth rate, pharmaceutical intermediates and food additives segments are expected to create significant incremental opportunities during the forecast period
- In terms of demand, the others segments is anticipated to expand at a moderate to high pace in the near future
Potassium Sulfite Market: Covid-19 Impact
- The COVID-19 pandemic has had a negative impact on the global economy. It has adversely affected various industrial sectors by hampering the supply chain. Purchase and consumption behavior has changed significantly across various sectors with months of consumer lockdown and closure of international supply chains and retail businesses. This has adversely impacted the global potassium sulfite market.
- The combination of extended lockdowns in developed market economies and domestic social distancing has deepened the adverse impact on emerging market economies. Longer lockdowns led to severe impact on household income, corporations' liquidity, and bank asset quality.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Asia Pacific to be Key Region of Global Potassium Sulfite Market
- In terms of region, the global potassium sulfite market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In North America, the U.S. aims to promote investments in its end-use industries. This is estimated to boost the potassium sulfite market in the country.
- In terms of demand, Asia Pacific held major share of the market in 2019, followed by North America and Europe. Asia Pacific is a highly promising region of the market. This trend is expected to continue in the next few years. Constant rise in production and export of potassium sulfite in Asia Pacific is driving the demand for potassium sulfite in the region.
- The potassium sulfite market in Latin America and Middle East & Africa is estimated to expand at a moderate pace during the forecast period. End-use industries in Mexico have been expanding steadily. The UAE is also exhibiting significant growth in its end-use industry. These factors are projected to drive the demand for potassium sulfite in Latin America and Middle East & Africa, respectively, during the forecast period.
Global Potassium Sulfite Market: Research Scope
Key Manufacturers Operating in Market
The global potassium sulfite market was highly fragmented in 2019. Key manufacturers operating in the global market include:
- BASF SE
- TIB Chemicals AG
- CWK Chemiewerk Bad Köstritz GmbH
- Esseco UK
- Hydrite Chemical Co.
Global Potassium Sulfite Market, by Type
- Purity 90%
- Purity 98%
- Purity 99%
Global Potassium Sulfite Market, by End-use
- Chemical Reagents
- Pharmaceutical Intermediates
- Food Additives
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.