Potassium Nitrate Price Trend

Potassium Nitrate Prices December 2023

The Netherlands saw notable fluctuations in potassium nitrate prices in the last quarter of 2023. The market's upward trajectory was influenced by the fertilizer industry's growing demand. Positive consumer optimism and the strengthening of the euro relative to the US dollar also helped to justify the price increase. The price of potassium nitrate hit 900 USD/MT at the end of December.

The last quarter of 2023 saw considerable fluctuations in the price of potassium nitrate on the Chinese market, with a final price of 745 USD/MT. Lower pricing were the consequence of the Chinese yuan's depreciation versus the US dollar and the fertilizer industry's lack of demand. The manufacturing and energy sectors' worries brought on by an increase in international conflicts also added to the unfavorable price trend.

During Q4FY2023, the potassium nitrate market in Jordan showed a declining trend. This resulted from things like the USD depreciating and upstream prices relaxing. Furthermore, Jordan's large domestic stockpile played a role in the decline in potassium nitrate prices. At the end of Q4, prices had reached an overall total of 800 USD/MT.

Potassium Nitrate Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Potassium Nitrate Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of potassium nitrate pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of potassium nitrate at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of potassium nitrate price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing potassium nitrate price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Potassium Nitrate Market Analysis

The global potassium nitrate market size reached US$ 1.8 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 2.3 Billion, at a projected CAGR of 2.60% during 2023-2032.

• The market expansion is being supported by the growing demand for potassium nitrate in the agriculture sector. This crucial fertilizer promotes the development of plant tissues, facilitates photosynthesis, increases water efficiency, and strengthens the resilience of plants against pests and illnesses. Important chemicals like potassium nitrate are expected to be in high demand because of the agrochemical industry's predicted 3.3% annual growth rate between 2024 and 2032. Agrochemicals containing KNO3 are becoming more and more necessary as the global agricultural sector grows quickly. For example, this business generated an anticipated 220.7 billion euros in gross value added in Europe in 2022.
• Additionally, increased agricultural output is required due to the world's population growth, which is occurring at a significant rate. Because potassium nitrate is soluble and readily absorbed by plants, it increases agricultural yields. In order to support attempts to attain food security, it also offers the capacity to boost crop size, quality, and general health. The State of Food Security and Nutrition in the World report for 2023 states that between 691 and 783 million people experienced hunger in 2022, a 122 million increase from 2019. The study also showed that 900 million people have severe food insecurity and 2.4 billion people had moderate to severe food insecurity. Over 3.1 billion people cannot afford a healthy diet, and nearly 600 million people are projected to be chronically undernourished by 2030.
• The market is expanding due to the use of cutting-edge farming methods including hydroponics, precision farming, and controlled environment agriculture (CEA), which call for particular kinds of fertilizers. Potassium nitrate is prized for its balanced delivery and outstanding solubility. Additionally, it is anticipated that the precision agriculture market would grow at a 9.9% annual pace and reach a total value of USD 20.2 billion by 2032. Similarly, the hydroponics market is expected to expand at a rate of 10.1% year and reach 32.5 billion by 2032.
• The market expansion is being supported by the growing horticulture, which uses potassium nitrate to cultivate fruits, vegetables, flowers, and ornamental plants. It improves the appearance and flavor of the produce in addition to promoting plant growth. At an estimated growth rate of 8%, the greenhouse horticulture sector is predicted to reach US$ 63.3 billion by 2032. Additionally, India produced about 341.63 million tons of horticulture overall in 2021–2022, an increase of 2.10% from 2020–21.
• Potassium nitrate is also employed in industrial applications, such as manufacturing of glass. It is also used in the pyrotechnics industry for the manufacturing of fireworks. According to the American Pyrotechnics Association, the fireworks industry’s revenue grew from $407 million in 2000 to $2.3 billion in 2022. Also, in 2022, Americans purchased 461.7 million pounds of fireworks.

Potassium Nitrate News

The report covers the latest developments, updates, and trends impacting the global potassium nitrate market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in potassium nitrate production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the potassium nitrate price trend.

Latest developments in the potassium nitrate industry:

• In March 2024, EuroChem started work on its new production facility with a capacity of 70,000 tonnes per year. In this project, the company has made a total investment of 7.4 billion rubles (US$81 million). The new facility is expected to start production of water soluble fertilizers, such as potassium nitrate (NOP) in the third quarter of 2024.

Product Description

Potassium nitrate (KNO3) is a white to dirty gray, white crystalline salt made up of potassium and nitrate ions. It is an odorless, noncombustible solid with a cooling, saline-pungent taste. Different physical properties of potassium nitrate include molecular weight (101.103 g/mol), boiling point (752 °F at 760 mmHg), melting point (633.2 °F), and density (2.109). It is insoluble in ethanol but offers good solubility in water and glycerol.

Potassium nitrate is found in an impure form, called saltpetre, as a white deposit on the surface of rocks. In the lab, it is manufactured by the direct reaction between potassium chloride and concentrated nitric acid. It can also be produced by the direct action of nitric acid on caustic soda or carbonate of potash.

It is used in fertilizers, pesticides, fireworks, explosives, fluxes, matches, rocket propellants, glass, food preservatives, cleaning products, medicines, and as an additive in toothpaste. Potassium nitrate also supports combustion in gas cartridges used as pyrotechnic fumigants in the burrows.

Regional Coverage

The report provides a detailed analysis of the potassium nitrate market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the potassium nitrate price trend.

Global Potassium Nitrate Price

The report offers a holistic view of the global potassium nitrate pricing trends in the form of potassium nitrate price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of potassium nitrate but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed potassium nitrate demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Potassium Nitrate Price

The European market for potassium nitrate was influenced by numerous factors in the final quarter of 2023. The prices surged due to increased demand for potassium nitrate-based fertilizers because of initiatives to improve agricultural productivity. Also, the ongoing climate concerns reduced product shipments through the Panama Canal, which further contributed to a bullish price trend.

This analysis can be extended to include detailed potassium nitrate price information for a comprehensive list of countries.

North America Potassium Nitrate Price

The analysis of potassium nitrate prices in North America delves into the regional industry dynamics, encompassing the impact of local production capacities and the trade flows between North America and other significant global markets.

Specific potassium nitrate historical data within the United States and Canada can also be provided.

Middle East and Africa Potassium Nitrate Price

The final quarter of 2023 for the potassium nitrate market in the Middle East and Africa (MEA) region was marked by several factors that impacted its price. First of all, there was the presence of surplus product supply in the region, which resulted in the price drop. Apart from this, the uncertainty around the energy and manufacturing industry due to the ongoing Israel-Hamas conflict created an atmosphere of caution, which further impacted the price of potassium nitrate.

In addition to region-wise data, information on potassium nitrate prices for countries can also be provided.

Asia Pacific Potassium Nitrate Price

The potassium nitrate market in the Asia Pacific region experienced a bearish trend during Q4 of 2023. This is attributed to limited demand from the fertilizer sector and weak consumer and investor confidence. Also, the ongoing maintenance shutdown of several upstream plants impacted the supply chain, further influencing the price of potassium nitrate in the region.

This potassium nitrate price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Potassium Nitrate Price

The analysis of potassium nitrate prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of potassium nitrate pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting potassium nitrate price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The potassium nitrate price charts ensure our clients remain at the forefront of the industry.