Portland, OR, Oct. 20, 2022 (GLOBE NEWSWIRE) -- As per the report, the global potassium nitrate market accounted for $1.7 billion in 2021, and is expected to register $2.4 billion by 2031, growing at a CAGR of 4.0% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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| Report Coverage | Details |
| Forecast Period | 2021–2030 |
| Base Year | 2020 |
| Market Size in 2020 | $1.7 Billion |
| Market Size in 2030 | $2.4 Billion |
| CAGR | 4.0% |
| No. of Pages in Report | 225 |
| Segments Covered | Raw Material, End-Use Industry, and Geography. |
| Drivers | Rise in product demand for the food and pharmaceutical industry |
| Opportunities | Increase in need for energy |
| Restrains | Inhalation of potassium nitrate can cause coughing and sneezing, headache, dizziness, and fatigue |
| Rise in mining applications for drilling and blasting |
Covid-19 Scenario:
- During the first few months of the lockdown, the potassium nitrate market suffered due to the shutdown of foreign supply networks and retail firms. Moreover, the purchase and consumption patterns shifted considerably, which negatively affected the market.
- The prolonged lockdown disrupted the supply chain and led to domestic societal estrangement.
- The lockdown harmed the agricultural sector, which negatively impacted the demand for potassium as a fertilizer.
The global potassium nitrate market is segmented on the basis of raw material, end-use industry, and geography.
Based on raw material, the ammonium nitrate segment is projected to portray the highest CAGR of 4.4% during the forecast period. However, the potassium chloride segment held the lion’s share in 2021, accounting for nearly three-fifths of the market, and is expected to maintain its leadership position throughout the forecast period.
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Based on end-use industry, the pharmaceutical segment is estimated to manifest the highest CAGR of 5.2% during the forecast period. However, the agriculture segment dominated in 2021, contributing to more than one-third of the market, and is estimated to maintain its dominance by 2031.
The global potassium nitrate market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is estimated to register the highest CAGR of 4.9% during the forecast period. In addition, the region held the largest share in 2021, contributing to more than two-fifths of the market, and is projected to maintain its leadership position from 2021 to 2031.
The global potassium nitrate market report includes an in-depth analysis of the major market players such as Arihant Chemicals, AG Chemi Group s.r.o., Haifa Negev technologies LTD, BGP Group of companies, Kemapco Arab Fertilizers & Chemicals Industries LTD, Jagannath Chemicals, okchem.com, Positive Chemicals Private Limited, Migao Corporation, Sam Industries Limited, Ravi Chem Industries, SNDB, SQM S.A, URALCHEM JSC, and Yogi Chemical Industries.
The report analyzes these key players in the global potassium nitrate market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of every market player.
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