Potassium
Chloride is used extensively in the agriculture sector as potash
fertilizer and it is also used in the food processing industry,
pharmaceuticals and chemicals. Potassium chloride is a mineral which
is naturally formed by the dehydration of sea beds. The compound of
potassium chloride is made up of potassium and chlorine and it is
also called “Muriate of Potash”, having a colorless crystalline
appearance. Potassium chloride is essentially a metal halide salt
which is odorless and is available in different colors like white,
pink and red. Soluble potash, also known as white potash is
incorporated in liquid starter fertilizers.
The
demand for potash is due to its extensive use in the agriculture
industry which is driven by rising demand for food grains as a
consequence of increasing population all across the globe. Potassium
chloride is of great use in food processing, pharmaceuticals and
chemical industries and is also used as an electrolyte replenisher
and in hypokalemia treatment. Due to rising demand for biofertilizers
in agriculture, potash is being used extensively as potash mobilizing
biofertilizers for better and healthy plant growth. And potassium is
a necessary nutrient for plant growth.
Trends
and Demand Drivers in the Global Potassium Chloride Market
The
significant factor that drives the potassium chloride market is the
fertilizer industry. Due to surging demand for phosphate and
potassium in developing economies of the Asia Pacific, the global
fertilizer industry has been experiencing positive growth. However,
farmers are facing high degree of uncertainty due to unsteady prices
of raw materials and crops which are a result of fluctuating prices
of potassium chloride. This is a major hindrance in the growth of the
potassium chloride market. A new potential opportunity that exists in
this market is the growing demand for biofertilizers.
In
the year 2012, the potassium chloride market was worth $18.71 billion
due to highest demand for potassium chloride from the fertilizer
industry. Even in the forthcoming years, the rapidly growing
application segment will be the fertilizer industry. Due to rising
population growth worldwide, there is a surge in the demand for food
grains which fuels the demand for fertilizers, thereby giving a boost
to the global potassium chloride market.
Potassium
chloride is extensively used even in the industrial applications
segment in certain water treatment processes to ensure consumption of
clean and safe water.
The
high demand for potassium chloride from the Asia Pacific economies
can be owed to factors like modernization of agriculture processes
and better agriculture productivity regulated and supervised by
regulatory organizations. It is thus inferred that the Asia Pacific
region will most probably experience highest growth rate of 5.2% CAGR
between 2013 and 2019. Two significant factors that have contributed
to the growth of this market in emerging economies like India and
China are increased minimum prices for key goods and raise in farmer
subsidies.
Key
Players in the Global Potassium Chloride Market
Due
to advanced and better farming technologies, North America has the
highest share in the global potassium chloride market. The potassium
chloride market is highly fragmented because it is characterized by
the presence of many medium and large manufacturers at the regional
and the global levels.
According
to the findings of the International Fertilizer Industry Association
(IFA), between 2013 and 2017, manufacturers have planned about thirty
potash expansion projects worldwide.
Some
of the prominent players in the global chloride market include
Sinofert Holdings, Israel Chemicals Ltd., Potash Corporation of
Saskatchewan Inc., Sociedad Química y Minerade Chile (SQM), Agrium
Inc., Joint Stock Company (JSC) Belaruskali, K+S Aktiengesellschaft,
Arab Potash Company (APC), Israel Chemicals Ltd. and The Mosaic
Company.
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