Potassium Nitrate Market by End-users and Geography - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR41574
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The potassium nitrate market size has the potential to grow by 643.95 thousand tons during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by end-users (agriculture, general industries, pharmaceutical, and food and beverage) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Anish Chemicals, Arab Potash Co., Arihant Bio Fertichem Pvt. Ltd., Haifa Group., Jiangxi Longwell Industrial Co. Ltd., Migao Corp., Ram Shree Chemicals, SQM SA, Wentong Potassium Salt Group Co. Ltd., and Yara International ASA.

Market Overview

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Market Competitive Analysis

The market is fragmented. The key vendors in the market are focusing on various strategies to increase their market presence. Migao Corp., Ram Shree Chemicals, SQM SA, Wentong Potassium Salt Group Co. Ltd., and Yara International ASA are some of the major market participants. Although the increasing demand for potassium nitrate-based fertilizers will offer immense growth opportunities, the threat of alternatives to potassium nitrate-based fertilizers will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this potassium nitrate market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this potassium nitrate market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Anish Chemicals
  • Arab Potash Co.
  • Arihant Bio Fertichem Pvt. Ltd.
  • Haifa Group.
  • Jiangxi Longwell Industrial Co. Ltd.
  • Migao Corp.
  • Ram Shree Chemicals
  • SQM SA
  • Wentong Potassium Salt Group Co. Ltd.
  • Yara International ASA

Potassium Nitrate Market: Segmentation by Region

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APAC accounted for the largest potassium nitrate market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rising demand for specialty chemicals from the electrical and electronics industry will significantly influence potassium nitrate market growth in this region.

57% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for potassium nitrate in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Potassium Nitrate Market: Segmentation by End-users

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The agriculture industry was the largest end-user of the global potassium nitrate market. Market growth in this segment will be faster than the growth of the market in the general industries segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the potassium nitrate market size.

Potassium Nitrate Market: Key Drivers and Trends

The rise in global population had led to the need to improve agricultural productivity to meet the growing demand. There is also an increased focus on enhancing agricultural productivity in the limited land area. This will increase the use of fertilizers in crop production. Various agricultural chemicals such as pesticides and fertilizers are increasingly used to improve crop yield, soil fertility, pest management, and crop safety. Potassium nitrate-based fertilizers and agricultural chemicals are gaining importance as they enhance plant growth and the quality of crops. These fertilizers are a good source of potassium and nitrogen, which are important for the healthy growth of plants. Moreover, they 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. The increasing demand for potassium nitrate-based fertilizers is expected to drive the growth of the global potassium nitrate market during the forecast period.

Potassium nitrate is frequently used as a precursor in explosive applications. The exposure of potassium nitrate to oxidizing agents and organic chemicals results in an explosion. Due to this, potassium nitrate has been long used as a major constituent of black powder (gun powder) and is considered as one of the best propellants and an oxidizer. Drilling and blasting are essential practices in the mining process and are commonly used to break up benches of rock containing ore into smaller pieces. For instance, in the coal mining industry, high-quality explosives such as potassium nitrate are used to obtain coal from ground mines. With the increasing electricity needs, the demand for blasting and drilling chemicals in the coal mining industry is expected to increase, thereby diving the demand for potassium nitrate. The growing use of potassium nitrate for mining purposes, one of the key potassium nitrate market trends, will drive market growth at a CAGR of almost 5%.

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Potassium Nitrate Market: Key Highlights of the Report for the Forecast Period 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive potassium nitrate market growth during the next five years
  • Precise estimation of the potassium nitrate market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the potassium nitrate market industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of potassium nitrate market vendors

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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.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The potassium nitrate market growth will increase by $643.95 thousand tons during 2019-2024.
The potassium nitrate market is expected to grow at a CAGR of 4.76% during 2019-2024.
Technavio has segmented the potassium nitrate market by product (Agriculture, General industries, Pharmaceutical, and Food and beverages) ,application (Passenger cars and Commercial vehicles) , and geographic (APAC, North America, Europe, and South America).
Anish Chemicals, Arab Potash Co., Arihant Bio Fertichem Pvt. Ltd., Haifa Group., Jiangxi Longwell Industrial Co. Ltd., Migao Corp., Ram Shree Chemicals, SQM SA, Wentong Potassium Salt Group Co. Ltd., Yara International ASA are a few of the key vendors in the potassium nitrate market.
APAC will register the highest growth rate of 62.84% among the other regions. Therefore, the potassium nitrate market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the potassium nitrate market growth are:
  • Increase in demand for potassium nitrate-based fertilizers
  • Growing use of fungicides
The potassium nitrate market vendors should focus on grabbing business opportunities from the agriculture segment as it accounted for the largest market share in the base year.
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