LONDON, Dec. 22, 2015 /PRNewswire/ -- Outlook of the potassium nitrate market
Technavio's market research analyst estimates the potassium nitrate market to witness a steady growth at a CAGR of around 4%, in terms of volume, during the forecast period. The growing demand for nitrogen-based fertilizers, especially from the Asian region is driving the growth of this market. Countries such as China, India, Indonesia, Malaysia, and Vietnam, which accounts for nearly 40% of the world's population, are largest markets for these fertilizers.
The loss of soil fertility and the arable land cover is expected to pose challenges for the growth of the market during the forecast period. Over a period, the chemical components in the fertilizers and pesticides break down and contaminate the soil. This reduces the fertility of the soil. For instance, in China and India, the excessive usage of fertilizer is resulting in deterioration of soil health, resulting in a fall in arable land.
Segmentation by end user and analysis of - agriculture, pharmaceuticals, food industry
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 report offers an analysis of each of the following segments and discusses its impact on the overall market growth -
- Agriculture
- General industries
- Pharmaceutical industry
- Food industry
Segmentation by raw material and analysis of - potassium chloride, sodium nitrate, ammonium nitrate
Production using potassium chloride accounted for nearly 48% of the overall market during 2014. Potassium nitrate is produced with the help of a double decomposition reaction of sodium nitrate and potassium chloride.
The report offers an analysis of each of the following segments and discusses its impact on the overall market growth -
- Potassium chloride
- Sodium nitrate
- Ammonium nitrate
Geographical segmentation and analysis of the potassium nitrate market
- APAC
- EMEA
- North America
- ROW
APAC accounted for around 48% of the global market share during 2014 and is expected to reach a market value of USD 722 million by the end of the forecast period. China and India are the market leaders in this region. An increasing population and the resultant food demand are driving the intensity of fertilizer usage in the region, thereby driving the market growth of potassium nitrate.
Competitive landscape and key vendors – Haifa, Migao, SQM, Uralchem, Yara Chemicals
The potassium nitrate 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.
The leading vendors in the market are –
- Arab Fertilizers and Chemicals
- Haifa
- Migao
- SQM
- Uralchem
- Yara Chemicals
Other prominent vendors in the market include Agrium, Barium and Chemicals, ICL, K+S AG, GFS Chemicals, Potash Corp, and Qinghai Salt Lake.
Key questions answered in the report include
- What will the market size and the growth rate be in 2019?
- What are the key factors driving the potassium nitrate market?
- What are the key market trends impacting the growth of the potassium nitrate market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in the potassium nitrate market?
- Trending factors influencing the market shares of the APAC, EMEA, North America, and ROW?
- What are the key outcomes of the five forces analysis of the potassium nitrate market?
Technavio also offers customization on reports based on specific client requirement.
Related reports
- Global Potash Market 2015-2019
- Global Nitrogenous Fertilizer Market 2015-2019
- Agrochemicals Market in Brazil 2015-2019
- Nitrogenous Fertilizers Market in Brazil 2015-2019
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