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.
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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.
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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
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