Potassium Nitrate Market: Highlights
- Potassium nitrate (KNO3) is a crystalline salt that is found in white to gray color. It is naturally found in the pure form. It can also be prepared commercially by mixing sodium nitrate and potassium chloride. Potassium nitrate is a strong oxidizing agent that assists in accelerating the burning of combustible substances. As a result, it is widely used in agriculture, fireworks, rocket propellants, gunpowder, and medicines.
- Potassium nitrate is extensively used in the food industry to preserve food items such as beef, ham, and salami. It is also used in the agriculture sector to produce fertilizers.
- Governments of developing countries are offering subsidies for the sale of fertilizers. This is driving the consumption of potassium nitrate. Additionally, potassium nitrate is resistant to fungal diseases, improves drought tolerance, maintains balance between proteins and carbohydrates, and increases food formation in plants and root growth. Demand for specialty fertilizers has been rising in the agriculture segment. This, in turn, is boosting the market. Increase in concerns regarding the depletion of exhaustible resources has compelled many organizations to resort to sustainable resources such as CSPs. This is also propelling the potassium nitrate market.
Key Drivers of Market
- Rise in usage of fungicide in the agriculture industry is expected to drive the demand for potassium nitrate during the forecast period. Fungal infection is one of the major concerns for farmers. It adversely affects the quality and productivity of the produce. Fungal infections are one of the leading causes of crop loss worldwide. Fungal diseases of vegetable plants are especially unfavorable for the vegetable gardeners and farmers. Hence, vegetable gardeners and farmers use fungicide treatments, which are essential and more efficient in preventing the spread of fungal infections.
- Potassium nitrate is a frequently used fungicide. It is extensively used on cereal crops, vegetables, and fruits. Application of potassium nitrate at appropriate concentrations can be effective in controlling common diseases in mass-produced fruits and vegetables. This can help reduce wastage and improve the overall farm productivity. Thus, rise in usage of potassium nitrate as fungicide for horticultural applications is likely to boost the market during the forecast period.
Potassium Nitrate Market: End-use Segment
- Based on end-use, the global potassium nitrate market can be segmented into agriculture, pharmaceutical, food, explosives, and others
- The agriculture segment is projected to account for significant share of the global potassium nitrate market during the forecast period. Global initiatives to improve agricultural production and rise in awareness about organic farming are anticipated to positively impact the potassium nitrate market during the forecast period.
- Expanding at a healthy growth rate, pharmaceutical, food, and explosives segments are estimated to create significant incremental opportunities during the forecast period
- In terms of demand, the others segment is anticipated to expand at a moderate to high pace in the near future
Potassium Nitrate Market: Covid-19 Impact
- The COVID-19 pandemic has had a negative impact on the global economy. It has adversely affected various industrial sectors by hampering the supply chain. Purchase and consumption behavior have changed significantly across various sectors with months of consumer lockdown and closure of international supply chains and retail businesses. This has adversely impacted the global potassium nitrate market.
- The combination of extended lockdowns in developed market economies and domestic social distancing has deepened the adverse impact on emerging market economies. The agricultural industry was also impacted by the extended lockdown. Import/export of major fertilizers has impacted the agricultural industry to some extent, thus affecting the potassium nitrate market globally.
Asia Pacific to be Key Region of Global Potassium Nitrate Market
- In terms of region, the global potassium nitrate market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In North America, the U.S. aims to promote investments in its end-use industries. This is estimated to boost the potassium nitrate market in the country.
- In terms of demand, Asia Pacific held major share of the market in 2019, followed by North America and Europe. Asia Pacific is a highly promising region of the global market. This trend is estimated to continue in the next few years. Asia, the largest consumer of fertilizers in the world, relies on imports of all three primary nutrients. For instance, in India, raw materials and intermediates are largely imported to produce nitrogenous and phosphatic fertilizers to meet domestic requirements. Globally, the largest exporter of fertilizers is Russia. On the other hand, the world’s largest importer of fertilizers is the U.S. It is followed by Brazil, India, and China. These countries are contributing significantly to the growth of the potassium nitrate market.
- The market in Latin America and Middle East & Africa is estimated to expand at a moderate pace during the forecast period. End-use industries in Mexico have been expanding steadily. The market in the UAE also exhibits significant growth. This is projected to drive the demand for potassium nitrate in Latin America and Middle East & Africa during the forecast period.
Global Potassium Nitrate Market: Research Scope
Key Manufacturers in Market
The global potassium nitrate market was highly fragmented in 2019. Key manufacturers operating in the global potassium nitrate market include:
- Haifa Chemicals Ltd.
- Migao Corporation
- Arab Potash Company
Global Potassium Nitrate Market, by End-use
Global Potassium Nitrate Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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