According to the latest report by IMARC Group, titled “Potassium Nitrate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global potassium nitrate market reached a value of US$ 1.5 Billion in 2018. Potassium nitrate (KNO3), also known as niter or saltpeter, refers to a crystalline salt which is white to dirty gray in color. Although it is naturally found in the pure form, potassium nitrate can also be prepared commercially by combining sodium nitrate and potassium chloride. It is a strong oxidizing agent which assists in accelerating the burning of combustible substances. Due to this property, it is widely used in the manufacturing of industrial explosives, gunpowder, fireworks and rocket propellants. Apart from this, potassium nitrate finds vast applications in the pharmaceutical, agriculture and food industries.
Potassium nitrate, when mixed with sodium nitrate, acts as a vital thermal energy storage medium in concentrated solar power (CSP) plants. Since nitrate salts have high latent heat capacities, their rechargeable batteries can store energy for rainy days, thereby improving the efficiency of these plants. Growing concerns regarding the depletion of exhaustible resources have led numerous organizations to resort to sustainable resources like CSPs which, in turn, is bolstering the market growth. Apart from this, potassium nitrate helps in improving pasture quality, increasing stress resistance and boosting the growth of plants, owing to which it has gained immense traction as a fertilizer additive in the agriculture sector. It is also used as a chloride-free N and K source for enhancing the quality of chloride-sensitive crops. Further, as potassium nitrate helps in inhibiting the growth of bacteria responsible for causing botulism, it is used in the production of brine, preparation of corned beef and preservation of meat products, such as salami, bacon, ham and sausages. By 2024, the market value is projected to reach US$ 1.8 Billion, at a CAGR of 3.4% during 2019-2024.
- Based on raw materials, the market has been classified into potassium chloride, ammonium nitrate and sodium nitrate. At present, potassium chloride accounts for the majority of the total market share.
- On the basis of end-uses, the agriculture industry dominates the market, holding the biggest share. Other end-use segments include pharmaceutical, food and general industries.
- Region-wise, the market has been categorized into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. At present, Asia Pacific represents the leading market, accounting for the majority of the global share.
- The competitive landscape of the market has also been analyzed with some of the key players being SQM, Yara, URALCHEM, Migao Corporation, Arab Potash Company and Haifa Chemicals Ltd.
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