Potassium Nitrate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
Potassium nitrate (KNO3) is a white to grey ionic salt which is found in nature as saltpetre or nitre. This crystalline solid is non-combustible and slightly soluble in water, however, its solubility increases with temperature. Potassium nitrate is a strong oxidizing agent which can explode on reaction with other organic compounds. Owing to its beneficial properties, potassium nitrate is used as a constituent of fertilizers, fireworks, rocket propellants, gunpowder and medicines. It is also used in toothpastes as it provides protection against teeth sensitivity. 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$ 1.51 Billion in 2018.
The potassium nitrate market has witnessed a steady growth owing to several favourable factors. Potassium nitrate has been used to preserve food items, such as beef, salami, ham, etc., since the medieval ages. Nowadays, it is extensively used in the food industry for curing meat which represents the major demand-driver for the market growth. Moreover, potassium nitrate is used in the production of fertilizers. As governments of developing nations are offering subsidies for the sales of fertilizers among the farmers, the consumption of potassium nitrate has witnessed a surge in the agriculture segment. In addition to this, a growing demand for speciality fertilizers is further stimulating the market growth. Looking forward, the market value is projected to reach US$ 1.83 Billion by 2024, growing at a CAGR of 3.26% during 2019-2024.
Based on the raw material, the market has been segmented as potassium chloride, ammonium nitrate and sodium nitrate. Currently, potassium chloride dominates the market, holding the largest share.
On the basis of end-use, agriculture represents the largest segment. Some of the other end-use segments are pharmaceutical industry, food industry and general industries.
Region-wise, the market has been segregated into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the leading market, accounting for the majority of the total global market.
The competitive landscape of the market has also been examined with some of the key players being Haifa Chemicals Ltd., Migao Corporation, SQM, URALCHEM, Yara and Arab Potash Company.
This report provides a deep insight into the global potassium nitrate market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the potassium nitrate market in any manner.
Key Questions Answered in This Report:
How has the global potassium nitrate market performed so far and how will it perform in the coming years?
What are the key regions in the global potassium nitrate market?
Which are the major raw materials in the global potassium nitrate market?
What are the key end-use segments in the global potassium nitrate market?
What are the various stages in the value chain of the global potassium nitrate industry?
What are the key driving factors and challenges in the global potassium nitrate industry?
What are the import and export trends in the global potassium nitrate market?
What is the structure of the global potassium nitrate market and who are the key players?
What is the degree of competition in the global potassium nitrate market?
How is potassium nitrate manufactured?
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