According to the latest report by IMARC Group, titled “Potassium Nitrate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global potassium nitrate market was worth US$ 1.61 Billion in 2020. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 1.95 Billion by 2026, registering a GAGR of 3.2% during the forecast period (2021-2026).
- 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 Haifa Chemicals Ltd., Migao Corporation, SQM S.A., Uralchem Group, Yara International ASA, and Arab Potash Company.
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