Potassium Nitrate Market By Raw Material (Potassium Chloride, Ammonium Nitrate, Sodium Nitrate), By End-Use Industry (Agriculture, Pharmaceutical, Glass manufacturing, Food and Beverage, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The potassium nitrate market attained $1.7 billion in 2021 and is projected to reach $2.4 billion by 2031, growing at a CAGR of 4.0 % from 2022 to 2031.
The ionic salt potassium nitrate (KNO3) is grey to white in color. It is produced commercially by the reaction of sodium nitrate with potassium chloride. It is highly soluble in hot water but only moderately soluble in cold water. In addition, potassium nitrate provides a source of nitrogen and potassium, two vital elements for plant growth and nourishment. In addition, potassium nitrate features precise breakdown, exceptional mechanical resistance, a long shelf life, great chemical purity, and potency. These features increase its demand in numerous industries, including metal treatment, agriculture, healthcare, fireworks, and glass production. Potassium nitrate is an ingredient in rocket propellants, gunpowder, medications, fertilizers, and fireworks. In addition, it is utilized in toothpaste since it protects against tooth sensitivity. In addition, potassium nitrate is used to produce fertilizers.
The governments of developing nations provide subsidies for selling fertilizers. This is the primary driver of potassium nitrate intake. In addition, potassium nitrate is resistant to fungal infections, enhances drought tolerance, maintains a balance between proteins and carbs, and promotes food synthesis and root growth in plants. Agriculture has been experiencing a rise in demand for specialized fertilizers. In turn, this is increasing market activity. Increased concerns about the depletion of nonrenewable resources have prompted many organizations to turn to CSPs and other renewable sources. In addition, this drives the demand for potassium nitrate.
The rise in fungicide use in the agricultural sector is anticipated to be a major driver driving the growth of the potassium nitrate market during the forecast period. In addition, the increasing use of potassium nitrate as a fungicide in horticulture applications is predicted to fuel the potassium nitrate market expansion. Appropriate quantities of potassium nitrate can be used to effectively prevent prevalent illnesses in mass-produced fruits and vegetables. This can help reduce waste and increase farm output overall. Consequently, an increase in the use of potassium nitrate as a fungicide in horticulture applications is anticipated to drive market growth during the forecast period. In addition, the increase in mining applications for blasting and drilling is anticipated to mitigate the expansion of the potassium nitrate market. However, inhaling potassium nitrate might result in several health issues, which is expected to hinder the market growth of potassium nitrate during the forecast period. In addition, the rising demand for energy is expected to increase the demand for coal and other minerals, which will create further growth prospects for the potassium nitrate market over the next several years. However, the COVID-19 pandemic, which has badly impacted the global economy, may soon impede the growth of the potassium nitrate market.
The global potassium nitrate market is segmented into raw materials, end-use industry, and region. Depending on raw materials, the market is bifurcated into potassium chloride, ammonium nitrate, and sodium nitrate. On the basis of end-use industry, it is categorized into agriculture, pharmaceutical, glass manufacturing, food & beverage, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global potassium nitrate market include AG Chemi Group s.r.o., Arihant Chemicals, BGP Group of companies, Haifa Negev technologies Ltd, Jagannath Chemicals, Kemapco Arab Fertilizers & Chemicals Industries LTD, Migao Corporation, okchem.com, Positive Chemicals Private Limited, Ravi Chem Industries, Sam Industries Limited, SNDB, SQM S.A, URALCHEM JSC, and Yogi Chemical Industries.
Other players operating in the market are Yara, ANISH CHEMICALS, SNDB, RAM SHREE CHEMICALS, and A.G.I. Industries.
IMPACT OF COVID-19 ON THE GLOBAL POTASSIUM NITRATE MARKET
COVID-19 has spread across the globe and affected almost all aspects of life.
The global economy has been negatively affected by the COVID-19 pandemic. It has negatively impacted a number of industrial sectors by disrupting the supply chain.
As a result of months of consumer lockdown and the shutdown of foreign supply networks and retail firms, purchase and consumption patterns have shifted considerably across several sectors. This has negatively damaged the global market for potassium nitrate.
Extended lockdowns in developed market economies and domestic societal estrangement have intensified the negative effect on emerging market economies.
The prolonged shutdown also harmed the agricultural sector. Import/export of key fertilizers has had an impact on the agriculture business, and the negative effect on agricultural business will lower the use of potassium as a fertilizer, thereby influencing the global potassium nitrate market.
However, after the pandemic, as the demand will return to normal after the restrictions were lifted, market participants in this market have explored for measures to minimize the pandemic's impact on their business.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the potassium nitrate market analysis from 2021 to 2031 to identify the prevailing potassium nitrate market opportunities.
Market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
An in-depth analysis of the potassium nitrate market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global potassium nitrate market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Raw Material
Ammonium Nitrate
Potassium Chloride
Sodium Nitrate
By End-Use Industry
Agriculture
Pharmaceutical
Glass manufacturing
Food and Beverage
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Spain
Italy
Rest Of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest Of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest Of LAMEA
Key Market Players
AG Chemi Group s.r.o
Arihant Chemicals
BGP Group of companies
Haifa Negev technologies Ltd
Jagannath Chemicals
Kemapco Arab Fertilizers & Chemicals Industries LTD
Migao Corporation
okchem.com
Positive Chemicals Private Limited
Ravi Chem Industries
Sam Industries Limited
SNDB
SQM S.A
URALCHEM JSC
Yogi Chemical Industries
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