According to the latest report by IMARC Group, titled “Potassium Nitrate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global potassium nitrate market size reached US$ 1.61 Billion in 2020. Looking forward, IMARC Group expects the market to reach a value of US$1.95 Billion by 2026.
Potassium nitrate (KNO3) is a crystalline ionic salt that is white to gray in color. Also known as niter or saltpeter, potassium nitrate is naturally found in its pure form and can be commercially prepared by combining sodium nitrate and potassium chloride. It is non-combustible, slightly soluble in nature and a strong oxidizing agent. Due to this, it can be utilized as an oxidizing agent that explodes on reaction with organic compounds. As a result, potassium nitrate is used across the pharmaceutical, agriculture, and food industries. It also finds extensive application in the manufacturing of industrial explosives, gunpowder, fireworks, and rocket propellent.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Potassium Nitrate Market Trends:
Potassium nitrate is widely used as a fertilizer additive in the agriculture sector. It increases stress resistance, improves pasture quality and boosts the growth of plants. As governments of several developing countries are providing subsidies to farmers for buying fertilizers, it has increased the consumption of potassium nitrate across these regions. Potassium nitrate is also utilized to prepare corned beef and preserve meat items, such as beef, ham and salami. Furthermore, the rising concerns regarding the depletion of exhaustible resources have resulted in the use of sustainable resources for energy production, like concentrated solar power (CSP) plants. Since potassium nitrate acts as a vital thermal energy storage medium in these plants, their growing adoption is providing a positive impact on the market growth.
Key Market Segmentation:
Breakup by Raw Material:
- Potassium Chloride
- Ammonium Nitrate
- Sodium Nitrate
Breakup by End-Use:
- Agriculture Industry
- General Industries
- Pharmaceutical Industry
- Food Industry
- Others
Breakup by Region:
- Asia Pacific
- Europe
- North America
- Middle East and Africa
- Latin America
Competitive Landscape:
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.
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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