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Global Potassium Nitrate Market to Reach US$ 2.3 Billion by 2032, Impelled by Diverse Applications

February 15, 2019 | Chemical & Materials

According to the latest report by IMARC Group, titled “Potassium Nitrate Market Report by Raw Material (Potassium Chloride, Ammonium Nitrate, Sodium Nitrate), End-Use (Agriculture Industry, General Industries, Pharmaceutical Industry, Food Industry, and Others), and Region 2024-2032,” the global potassium nitrate market was worth US$ 1.8 Billion in 2023. Potassium nitrate (KNO3) is a crystalline ionic salt that is white to gray in color. Also known as niter or saltpeter, potassium nitrate is naturally found in its pure form and can be commercially prepared by combining sodium nitrate and potassium chloride. It is non-combustible, slightly soluble in nature and a strong oxidizing agent. Due to this, it can be utilized as an oxidizing agent that explodes on reaction with organic compounds. As a result, potassium nitrate is used across the pharmaceutical, agriculture, and food industries. It also finds extensive application in the manufacturing of industrial explosives, gunpowder, fireworks, and rocket propellent.

Global Potassium Nitrate Market Trends:

Potassium nitrate is widely used as a fertilizer additive in the agriculture sector. It increases stress resistance, improves pasture quality and boosts the growth of plants. As governments of several developing countries are providing subsidies to farmers for buying fertilizers, it has increased the consumption of potassium nitrate across these regions. Potassium nitrate is also utilized to prepare corned beef and preserve meat items, such as beef, ham and salami. Furthermore, the rising concerns regarding the depletion of exhaustible resources have resulted in the use of sustainable resources for energy production, like concentrated solar power (CSP) plants. Since potassium nitrate acts as a vital thermal energy storage medium in these plants, their growing adoption is providing a positive impact on the market growth. Looking forward, the market value is expected to reach US$ 2.3 Billion by 2032, registering a CAGR of 2.6% during the forecast period (2024-2032).

Market Summary:

  • Based on the raw material, the market has been segmented into potassium chloride, ammonium nitrate and sodium nitrate. Amongst these, potassium chloride represents the most popular raw material.
  • On the basis of the end use, the agriculture industry is the leading segment, accounting for the majority of the overall market share. Other major end use segments are pharmaceutical, food and general industries.
  • On the geographical front, Asia Pacific exhibits a clear dominance in the market. Other major regions are North America, Europe, Latin America, and Middle East and Africa.
  • The competitive landscape of the market has been examined, with some of the key players being Arab Potash Company, Haifa Negev technologies Ltd., SQM S.A., Uralchem Group and Yara International ASA.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Raw Material, End-Use, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Arab Potash Company, Haifa Negev technologies Ltd., SQM S.A., Uralchem Group and Yara International ASA
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Potassium Nitrate Market to Reach US$ 2.3 Billion by 2032, Impelled by Diverse Applications
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