Global Potassium Nitrate Market 2019-2023 | Increasing Popularity of Potassium and Nitrogen Fertilizers to Boost Demand | TechnavioThe Associated Press
LONDON--(BUSINESS WIRE)--Dec 6, 2018--The global potassium nitrate market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by .
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Technavio has released a new market research report on the global potassium nitrate market for the period 2019-2023. (Graphic: Business Wire)
The rising blasting and drilling applications in mining is one of the major trends being witnessed in the . With the significant increase in the production and demand for coal, the demand for drilling and blasting chemicals is expected to grow exponentially. Potassium nitrate is commonly used as a precursor in explosive applications. Consequently, the potassium nitrate market for blasting and drilling is directly associated with mining activities. Thus, the growing demand for energy will increase demand for coal and other minerals, which is likely to support the growth of global potassium nitrate market during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global potassium nitrate market is the increasing popularity of potassium and nitrogen fertilizers.
Global potassium nitrate market: Increasing popularity of potassium and nitrogen fertilizers
With the growing use of additives that improve the quality of crops and aid faster growth, the demand for fertilizer additives has significantly increased over the years. Among the fertilizer additives, nitrogen fertilizers and potassium nitrate have gained immense popularity, as they increase stress-resistance of plants, improves pasture quality, and faster growth of plants along with several other benefits. Therefore, the growing demand for potassium and nitrogen fertilizers will impact the growth of the market.
“Rapid industrialization in Brazil, Russia, India, China, and South Africa economies is creating significant demand for minerals and chemical products. Currently, investment and growth in developed countries are saturated; therefore, investors are targeting developing countries as manufacturing hubs and to cater to their market. Industrialization and urbanization will boost the demand for various chemical and minerals in developing countries, which is likely to support the growth of global potassium nitrate market,” says a senior analyst at Technavio for research on specialty chemicals.
Global potassium nitrate market: Segmentation analysis
This market research report segments the global potassium nitrate market by end-user (agriculture, general industries, pharmaceutical, and food and beverage), and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share of over 49%, followed by the Americas and EMEA respectively. The APAC region is expected to continue dominating the market during the forecast period with the highest incremental growth owing to the high demand for potassium nitrate as a fertilizer additive.
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INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS NATURAL RESOURCES MINING/MINERALS
SOURCE: Technavio Research
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PUB: 12/06/2018 09:46 AM/DISC: 12/06/2018 09:45 AM