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Outlook of the potassium nitrate market

Technavios 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 worlds 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

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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

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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.