This market research report presents the segmentation of the global potassium nitrate market by end user (agriculture, general industries, pharmaceutical industry, and food industry), by raw material (potassium chloride, sodium nitrate, and ammonium nitrate), and by geography (APAC, EMEA, North America, and ROW). The key vendors analyzed in this market analysis report are Arab Fertilizers and Chemicals, Haifa, Migao, SQM, Uralchem, AND Yara Chemicals.
Technavio’s market research analysts estimate the global potassium nitrate market to grow at a CAGR of 4% between 2015 and 2019. The growing demand for nitrogen-based fertilizers, especially from the Asian region is driving the growth of this market. APAC accounts for 48% of the global market, owing to increase in food demand, which is driving the intensity of fertilizer usage in the region.
The new market research report from Technavio provides a breakdown and analysis of the potassium nitrate segments by technology.
“Of late, various countries are scaling up their investments in potash mining and potash-based fertilizer manufacturing plants. Countries like Germany, Jordan, China, and Chile are expanding their existing facilities and are focusing on the developments of new facilities. Also, the Asian governments are expected to give a major investment boost to the state-owned fertilizer companies and enable them to shop abroad for reserves,” says Debasish Nayak, Lead Analyst, Chemicals & Materials, Technavio Research.
The agricultural segment accounted for 64% of the total demand during 2014 and is expected to grow at a rate of 3% during the forecast period. Potassium is the most widely used fertilizer nutrient and helps in improving water retention, nutrient value, color, texture, yield, and disease resistance of crops. Potassium nitrate is used as an important component of N-K water-soluble fertilizer with 13.7% of nitrate nitrogen and 46% of potassium oxide.
The leading vendors in the global potassium nitrate market include Arab Fertilizers and Chemicals, Haifa, Migao, SQM, Uralchem, AND Yara Chemicals. The market is dominated by chemical majors from North America and Latin America such as SQM, Haifa, and Uralchem. The market in certain geographies is dominated by state-owned players who enjoy preferential treatment and cheap access to the feedstock. Around 70% of the total shipments going into the export market are controlled by BPC and Canpotex.
A more detailed analysis is available in the Technavio report, Global Potassium Nitrate Market 2015-2019.
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