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Allied Market Research

Potassium Nitrate Market: Global Opportunity Analysis and Industry Forecast, 2021–2028

A11483
Pages: NA
Aug 2021 | 10 Views
 
Author(s) : Eswara Prasad
Tables: NA
Charts: NA
 

COVID-19

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Potassium Nitrate Market Outlook – 2028

Potassium nitrate is a crystalline salt, which is found naturally in the purest form, and can also be prepared artificially by fractional crystallisation of potassium chloride and sodium nitrate. Potassium nitrate turns into grey ironic salt from white, which is found in nature as nitre or saltpetre. It is a highly viscous crystalline solid with non-combustible and slightly soluble in water property. Its viscosity decreases with increase in temperature; however, solubility increases with increase in temperature. Potassium nitrate works as a strong oxidising agent, which accelerates power of combustible substance. It is mainly used in gun powder making, fireworks, rocket propellant, and in drug manufacturing.

Report Metric

Details

  Market size available for years

  2019–2028

  Base year considered

  2020

  Forecast period

  2021–2028

  Forecast units

  Value (USD)

  Segments covered

  Material, End-User Industry, and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East and Africa (Saudi Arabia, UAE, Kuwait, South Africa, and rest of MEA)

  Companies covered

Haifa Chemicals Ltd., Migao Corporation, SQM, URALCHEM, Yara Potassium nitrate, Arab Potash Company, Arkon Industries, SNDB, BGP Healthcare Pvt. Ltd., Anish Chemicals and Sigmaaldrich

 

COVID-19 scenario analysis:

  • The agriculture sector is the major buyer of potassium nitrate in the form of fertilizers, which were used normally in the lockdown as well. Hence, there was not much effect on the potassium nitrate market.
  • All manufacturing industries, as well as end-user industries that use potassium nitrate were either shut down or put in halt, which led to sluggish decline in the market growth during the pandemic.
  • Pharmaceutical sector is one of the sectors, which have had less impact during the lockdown, and is also a major buyer of potassium nitrate. Though the demand was slightly constant, the  potassium nitrate market was less impacted during the COVID-19 outbreak. 

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

The potassium nitrate market has an excellent growth due to major use in food & beverages, pharmaceuticals, and agriculture industries. Potassium nitrate is majorly used to preserve food items such as meat. In addition, it is used in production of fertilizers. Moreover, governments of developed countries offer subsidies on fertilizers, which stimulates the market growth and is represented as a major driver for the potassium nitrate market. In the defense sector, it is used as gunpowder in explosives such as grenades and bombs, hence is a major contributor toward the market growth. In pharmaceutical, many drugs are made with the use of potassium nitrate. Some government rules & regulations such as banning of fireworks and restriction on bombs and grenades act as restraint for the potassium nitrate market.

In terms of market share, Asia-Pacific accounts for the major fraction of the global potassium nitrate market as India has the largest fertilizer industry across the globe. Europe is also a major consumer of potassium nitrate, owing to the presence of the largest food & beverage industry in the region.

Key segments covered:

Segments

Subsegments

  Material

  • Potassium Chloride
  • Ammonium Nitrate
  • Sodium Nitrate

  End-User Industry

  • Agriculture
  • Pharmaceutical
  • Food & Beverage
  • Others

 

Key benefits of the report:

  • This study presents analytical depiction of the global potassium nitrate market along with current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global potassium nitrate market share.
  • The current market is quantitatively analysed from 2019 to 2028 to highlight the global potassium nitrate market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global potassium nitrate market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the potassium nitrate market research report:

  • Which are the leading market players active in the potassium nitrate market?
  • What would be the detailed impact of COVID-19 on the market?
  • What current trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the potassium nitrate market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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