According to Technavio’s latest market research study, the global potassium nitrate market is expected to grow at a CAGR of more than 4% during the forecast period, 2017-2021.
This report by Technavio provides an in-depth analysis of the global potassium nitrate market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the end-user type
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The top three revenue contributing end-user segments are discussed below
Global potassium nitrate market for agriculture: Potassium is the most widely used fertilizer nutrient as it helps in improving the yield, color, texture, nutrient value, and disease resistance of the crops. It also improves the water retention capacity of the soil. Potassium finds a huge application base in several crops such as rice, wheat, soybean, palm, cotton, grains, corn, sugar, fruits, and vegetables. Technavio’s market research analysts estimate the global potassium nitrate market for agriculture to account for a volume of 2,179 kilotons by 2021.
“In 2016, the consumption of potassium nitrate was highest in the cereals segment, with a total share of 56%, followed by fruits and vegetables with a share of 23%. Oilseeds and pastures and hay held a minimal combined share of 21%. The trend is anticipated to continue throughout the forecast period,” says Ajay Adikari, a lead analyst at Technavio for research on specialty chemicals.
Global potassium nitrate market for general industries: General industries comprise of industry segments such as fireworks, chemical manufacture, metal treatment, and solar power generation. Many chemicals are manufactured with the help of potassium nitrate at a commercial level, for example, nitric acid. Potassium nitrate along with sodium nitrate provides a vital medium for storage of thermal energy in solar power plants. As solar energy is renewable, it is gaining popularity as an alternative source of energy. The increasing focus on the production of solar energy is likely to propel the demand for potassium nitrate in the global market in the coming years.
Global potassium nitrate market for pharmaceutical industries: Potassium nitrate finds application in several pharmaceutical applications. It is widely used in the treatment of sore teeth, prevent symptoms of pyelitis, cystitis, and urethritis, as well as combating high blood pressure. The developments in the pharmaceutical sector are expected drive growth of this market over the next four years.
The top vendors operating in the global potassium nitrate market are:
- Haifa Chemicals
- Migao
- SQM
- URALCHEM
- Yara
Other prominent vendors in the market include Barium and Chemicals, ICL, GFS Chemicals, Potash Corp, and Qinghai Salt Lake.
A more detailed analysis is available in the Technavio report titled, ‘Global Potassium Nitrate Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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