Potassium Nitrate Market Research, 2031
The global potassium nitrate market was valued at $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.
Potassium nitrate is an inorganic salt with a chemical formula of KNO3. Potassium nitrate, often known as niter or saltpetre, is a white solid that is soluble in water and is created when potassium chloride and sodium nitrate solutions fractionally crystallize. In South Africa, Brazil, and India, it occurs naturally as niter in rocks. The potassium nitrate compound breaks down into oxygen and nitrite when heated. In addition to being used to make fertilizers and nitric acid in laboratories, potassium nitrate is also utilized to make gunpowder. Applications of KNO₃ to the soil are made before the growing season or as a supplement during the growing season. A diluted solution is sprayed onto plant foliage to promote physiological functions or address nutrient imbalances. Some crops benefit from foliar K application during fruit development because this growth stage frequently coincides with high K demands at a time when root activity and nutrient uptake are reducing. It is also commonly used for greenhouse plant production and hydroponic culture.
The increasing product demand from the food and pharmaceutical industry is driving the demand for potassium nitrate. Medical potassium supplements work as a medication to reduce blood pressure. It is also a well-known product for soothing sore teeth, and as a result, it is frequently included as a component in high-end toothpaste, designed to soothe sensitive teeth. Potassium nitrate is also used in the food industry to preserve foods against microorganisms and keep the desired color of hard cheeses and meats. Hence, increasing demand from these industries is expected to drive the demand for potassium nitrate.
In addition, the rising need for energy is expected to increase the need for coal and other minerals, which might lead to more opportunities for the potassium nitrate market during the forecast period. The COVID-19 pandemic, which has had a severe impact on the global economy, is expected to provide new obstacles to the expansion of the potassium nitrate market.
However, inhalation of potassium nitrate can cause coughing and sneezing, headache, dizziness, and fatigue. This limits its adoption in various applications and is anticipated to hamper market growth. Moreover, it is predicted that the rise in mining applications for drilling and blasting is expected to further restrain the market growth for potassium nitrate. Inhaling potassium nitrate, on the other hand, can have a number of negative health effects, which is further anticipated to restrain the market growth during the forecast period.
The 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.
In potassium nitrate market, the potassium chloride segment accounted for the largest share i.e., 57.91 % due to the increasing demand from the agriculture industry. The ammonium Nitrate segment is the fastest growing segment, growing around 4.4% CAGR over the forecasted period, this is due to the increased use of fertilizer application in the agriculture sector.
The agriculture segment accounted for the largest share i.e., 34.50 % due to increased demand for potassium nitrate as fertilizer. The pharmaceutical segment is the fastest growing segment, growing around 5.2% CAGR over the forecasted period. This is due to increased demand for pharmaceutical products.
Asia-Pacific contributed the 43.58 % market share in 2021 and is projected to grow at a CAGR of 4.9% during the forecast period. Owing to the increased demand from agriculture and pharmaceutical industries.
IMPACT OF COVID-19 ON THE GLOBAL POTASSIUM NITRATE MARKET
- 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 the potassium nitrate market.
- 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 the agricultural business will lower the use of potassium as a fertilizer, thereby influencing the global potassium nitrate market.
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.
Potassium Nitrate Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 2.4 billion |
 Growth Rate | CAGR of 4% |
 Forecast period | 2021 - 2031 |
 Report Pages | 225 |
 By Raw Material |
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 By End-Use Industry |
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 By Region |
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 Key Market Players | URALCHEM JSC, SNDB, Kemapco Arab Fertilizers & Chemicals Industries LTD, Haifa Negev technologies Ltd, okchem.com, Jagannath Chemicals, Yogi Chemical Industries, BGP Group of companies, Migao Corporation, Positive Chemicals Private Limited, SQM S.A, Ravi Chem Industries, Arihant Chemicals, AG Chemi Group s.r.o, Sam Industries Limited |
Analyst Review
According to the perspective of the CXOs of leading companies, the agricultural sector's usage of potassium nitrate has increased as a result of government subsidies for selling fertilizers to farmers in developing countries. In addition, the rising demand for specialty fertilizers contributes to the expansion of the industry. Due to its extensive use in the food & beverage, pharmaceutical, and agricultural industries, the potassium nitrate market is experiencing a rapid expansion. Primarily, potassium nitrate is used to preserve foods such as meat. Some government prohibitions, such as the prohibition of fireworks and limitations on bombs and grenades, limit the potassium nitrate industry.
Increased demand from the agricultural industry is the main factor driving the demand for the potassium nitrate market.
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.
Agricultural is the leading end-use industry in the Potassium Nitrate Market.
Asia-Pacific is the largest regional market for Potassium Nitrate.
AG Chemi Group s.r.o., Arihant Chemicals, and BGP Group of companies are some of the top companies to hold the market share in Potassium Nitrate.
The 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.
The COVID-19 pandemic had a negative impact on the potassium nitrate market owing to decreased demand from the agricultural industry.
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