Global Potassium Nitrate Market 2019-2023
About this market
The demand for blasting and drilling chemicals in the mining industry is growing with a significant increase in the production and demand for coal. Potassium nitrate is commonly used as a precursor in explosive applications. Therefore, the potassium nitrate market for blasting and drilling is directly associated with mining activities. Thus, the growing demand for energy will increase demand for coal and other minerals, which is likely to support the growth of global potassium nitrate market. Technavio ‘s analysts predict the market to grow at a CAGR of more than 4 % by 2023.
Increasing popularity of potassium and nitrogen fertilizers
The demand for fertilizer additives has increased with the use of additives that enhance the quality of crops and aid faster growth. Among the fertilizer additives, potassium nitrate has gained immense popularity, which is boosting the growth of the global potassium nitrate market. Further, nitrogen fertilizers are added to simulate the growth of plants, backed by photosynthesis.
Growing adoption of organic farming
Organic farming involves the cultivation of crop and livestock without the use of traditional pesticides, fertilizers, antibiotics, and genetic engineering. Organic farming was developed to enhance sustainability and protect the environment. Therefore, the increasing adoption of organic farming will negatively impact the potassium nitrate market.
For the detailed list of factors that will drive and challenge the growth of the potassium nitrate market during 2019-2023, view our report.
The potassium nitrate market appears to be moderately fragmented with the presence of a considerable number of companies. The increasing popularity of potassium and nitrogen fertilizers along with the rising blasting and drilling applications in the mining industry are factors impacting the growth of the potassium nitrate market. Some of the top companies in the market include GFS Chemicals, Haifa Group, Migao, SQM, and Yara International.
‘With the presence of a considerable number of companies, this market appears to be moderately fragmented and the competitive environment is getting intense with all companies striving to improve their market position. Companies in the potassium nitrate market are focusing on utilizing the growing demand for potassium nitrate for drilling and blasting applications in the mining industry.’
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