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The potassium nitrate market is estimated to grow at a CAGR of 3.76% and the size of the market is forecast to increase by 558.76 thousand tons between 2022 and 2027. The growth of the market depends on several factors, including the increase in demand for potassium nitrate-based fertilizers, application in the food processing industry, and growing use of potassium nitrate for mining purposes
This report extensively covers market segmentation by end-user (agriculture, general industries, pharmaceutical, and food and beverages), type (potassium chloride, sodium nitrate, and ammonium nitrate), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increase in demand for potassium nitrate-based fertilizers is notably driving market growth. Due to the growth of the world population, there is a need to improve agricultural productivity to meet the demands of the growing population. Although the world's population has increased, the area of agricultural land has not increased to meet the demand. To address this challenge, there is an even greater focus on increasing agricultural productivity on a limited land area, which favors the use of fertilizers in crop production.
Potassium nitrate-based fertilizers enhance resistance to fungal diseases, improve drought tolerance, enhance photosynthesis, maintain a balance between proteins and carbohydrates, increase food formation in plants, and increase root growth. Additionally, potassium nitrate has gained high adoption among end-users due to its cost-effectiveness. Therefore, the increase in demand for potassium nitrate-based fertilizers is expected to drive the growth of the global potassium nitrate during the forecast period.
The global initiatives to improve agricultural productivity is a primary trend in the market. With the increasing population around the world, there is a pressing need to keep up with the demands of the people. Therefore, numerous initiatives are being taken by several governments as well as private organizations to improve agricultural output.
For instance, in June 2019, the African Development Bank Group launched a project in Tunisia to reduce food imports and improve agricultural output using drone technology. This project was initiated in collaboration with the Busan Metropolitan City in Korea and was supported by the Korea-Africa Cooperation fund (KOAFEC). Such initiatives are expected to increase agricultural productivity in Africa during the forecast period.
The risk of health hazards due to potassium nitrate is the major challenge impeding the market growth. Potassium nitrate is known for its wide range of benefits and applications. However, exposure to potassium nitrate may lead to severe indications, which can even be life-threatening. Human exposure to potassium nitrate can cause muscle weakness, digestive problems, increased urination, leg discomfort, anxiety, and numbness around the mouth, feet, and hands.
In addition, direct contact of the compound with the eyes and skin may cause burning or irritation, while prolonged contact with the eyes may cause inflammatory conditions such as transient conjunctival redness. High levels of potassium nitrate in the blood may reduce its oxygen transportation capability, in addition to causing headaches, fatigue, and dizziness. Thus, the adverse health risk of exposure to potassium nitrate is expected to hinder the growth of the global potassium nitrate market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Potassium Nitrate Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Wentong Potassium Salt Group Co. Ltd. - The company offers potassium nitrate such as industrial grade potassium nitrate. Through a unified product segment, the company offers products such as potassium nitrate, potassium chloride, and high-grade water-soluble compound fertilizer.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Based on type, the market is segmented into potassium chloride, sodium nitrate, and ammonium nitrate. The market share growth of the potassium chloride segment will be significant during the forecast period. Potassium nitrate is a soluble source of two major essential nutrients that are required for plant growth. The essential nutrients required for better crop yield are phosphate, potassium, and nitrogen. Potassium nitrate is especially used as a fertilizer in conditions where a highly soluble, chloride-free nutrient source is required. Potassium nitrate-based fertilizers are generally added to the soil before the growing season or during the growing season as a supplement.
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With the growing population, food consumption is also increasing, which is leading to the demand for better agricultural productivity using potassium nitrate. Moreover, there is an increased demand for poultry and cattle due to the high consumption of meat and other animal-derived products. This is leading to an increased application of potassium nitrate-based fertilizers for the production of grain and fodder.
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APAC is estimated to account for 52% of the global market share growth during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In 2022, APAC witnessed high consumption and production of potassium nitrate products. The region is expected to register the highest CAGR during the forecast period. China and India are among the key contributing countries in the region. Large areas of farmland and soil fertility, combined with the growing demand for food grains from the rising population, make agriculture one of the largest and most lucrative sectors for potassium nitrate applications in APAC. Increasing investments by these agriculture-based economies are expected to substantially increase the demand for potassium nitrate-based fertilizers during the forecast period.
The COVID-19 pandemic in 2020 and 2021 had an adverse impact on several countries in the region, such as India, Japan, Australia, and Malaysia. However, a rise in product demand from the food and pharmaceutical industry has driven the regional potassium nitrate market in 2022 and is expected to continue during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Potassium Nitrate Market Scope |
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Report Coverage |
Details |
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Page number |
163 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.76% |
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Market growth 2023-2027 |
558.76 thousand t |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
2.9 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 52% |
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Key countries |
US, Canada, China, India, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AG Chemi Group s.r.o., Akshay Group of Companies, Anish Chemicals, Arihant Chemical, BGP Group of Companies, Jagannath Chemicals, Jost Chemical Co., Nitroparis S.L., Otsuka Chemical Co. Ltd., Otto Chemie Pvt. Ltd., Penta s.r.o, Ravi Chem Industries, SNDB, Spectrum Laboratory Products, Sociedad Quimica y Minera de Chile SA, Vizag Chemical International, VWR International LLC, Wentong Potassium Salt Group Co. Ltd., Yara International ASA., and Yogi Dye Chem Industries |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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