Potassium chloride is utilized in several applications for instance fertilizers in water softening, deicing, agriculture, and industrial applications. It is an imperative potassium nutrient source in animals and plants. Boosting food requirement together with the increasing populace is likely to fuel the potassium chloride market. The requirement for better output per unit area of cultivation land, due to the shrinking size of cultivable land, is moreover projected to boost the development of the market, worldwide.
As per the latest study by FMI, the worldwide potassium chloride market is likely to touch an estimation of US$ 16.5 Billion through 2030.
Makers of potassium chloride considerably rely on the agriculture industry; approximately 9 out of 10 stakeholders put resources in the agriculture sector. The COVID-19 impact on the agriculture industry is varied and complex all over several categories of the supply chains. This influence would echo all over larger economies and would persist in the approaching months. Countrywide closures have cut off the external flow of labor across the agricultural industry. All these aspects are having a damaging influence on the market development for potassium chloride.
“Expansion in food needs has been stronger in contrast to populace development, because of the altering eating habits of individuals. This, consecutively, has been quickening the need for pesticides and fertilizers. These pesticides and fertilizers are utilized to enhance production, the fertility of the soil, and enhance crop yield. Thus, the market demand is anticipated to expand together with the development of the agriculture sector.”
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Key Takeaways of Market Research
- Market development of potassium chloride is projected to expand in the agriculture sector, as it is a chief potassium chloride consumer. Moreover, expansion in new compositions of potassium fertilizers is predictable to provide white spaces.
- Asia Pacific (APAC) accounts for a foremost share in the worldwide market and will keep up its hegemony by 2030, fueled by China’s flourishing industrial and agricultural industry.
- Industrial/chemical-grade potassium chloride will gain traction in the approaching years, supported by growing need from pharmaceutical and food industries.
- Coarse and granular fertilizers account for more than three-fourth of overall agricultural grade market revenue. They are widespread in formulated fertilizers, for instance, bulk blended mixtures.
The COVID-19 pandemic is ensuing in general disruption to Asia’s agricultural industry, with wheat and rice at the vanguard of the impact. The chief impact of the pandemic on the agricultural industry in Asia is that of workforce dislocation, especially for migrant workers. The supply chain in Asia is yet in the pre-transformation time, and the agricultural sector is heavily reliant on the workforce for food transportation, harvesting, and planting. Restrictions on export-import exercises have unfavorably affected the profit margins of several fragments of the supply chain. All these aspects are projecting a negative shadow on the market.
Topmost participants are continually enhancing their production capabilities by enhancing and expanding present manufacturing facilities, together with investments in the R&D industry to have product differentiation. Additionally, a long-term supply contract with prominent end-users additionally stays a foremost strategy in the worldwide potassium chloride market.
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