According to a new report, published by KBV research, The Global Potassium Nitrate Market size is expected to reach $2.2 billion by 2030, rising at a market growth of 3.9% CAGR during the forecast period. In the year 2022, the market attained a volume of 3,979.21 kilo tonnes, experiencing a growth of 1.0% (2019-2022).
The increasing demand for specialty crops, including fruits, vegetables, herbs, and ornamentals, is fueling the expansion of potassium nitrate usage in specialty crop production systems. Potassium nitrate's water-soluble formulation, high purity, and absence of chloride make it well-suited for hydroponic, fertigation, and greenhouse cultivation methods. Growers of specialty crops value potassium nitrate for its ability to deliver precise nutrient levels and promote superior crop quality, flavor, and marketability.
The Potassium Chloride segment is leading the Global Potassium Nitrate Market by Raw Material in 2022; thereby, achieving a market value of $1.2 Million by 2030. Potassium chloride serves as a primary source of potassium for potassium nitrate production. Owing to its widespread availability and relatively lower cost than other potassium sources, such as potassium sulfate, potassium chloride became increasingly favored by manufacturers seeking cost-effective raw materials for potassium nitrate synthesis. Hence, the segment will expand rapidly in the coming years.
The Pharmaceutical segment is experiencing a CAGR of 4.6% during (2023 - 2030). With a growing emphasis on oral health and hygiene, a rising demand for pharmaceutical products that address dental sensitivities and other oral health issues is rising. Potassium nitrate-based medications offer a non-invasive and effective approach to managing tooth sensitivity, making them increasingly popular among consumers. Therefore, these factors can help in the growth of the segment.
Full Report: https://www.kbvresearch.com/potassium-nitrate-market/
The Asia Pacific region dominated the Global Potassium Nitrate Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $964.4 Million by 2030. The North America region is anticipating a CAGR of 3.5% during (2023 - 2030). Additionally, The Europe region would exhibit a CAGR of 3.7% during (2023 - 2030).
By Raw Material (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End-Use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography
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