Potassium chloride is used in various applications such as fertilizers in agriculture, deicing, water softening, and industrial applications. It is an important source of potassium nutrient in plants and animals. Increasing food demand in tandem with the rising population is expected to drive the potassium chloride market. The need for better yield per unit area of cultivation land, owing to the shrinking size of cultivable land, is further anticipated to fuel the growth of the market, globally.
According to a latest report by FMI, the global potassium chloride market is expected to reach a valuation of US$ 16.5 Bn by 2030.
Manufacturers of potassium chloride are significantly dependent on the agriculture sector; around 9 out of 10 stakeholders invest in the agriculture industry. The impact of coronavirus (COVID-19) on the agriculture sector is complex and varied across different segments of the supply chains. This impact will echo across larger economies, and will persist in the coming months. Nationwide closures have disrupted the international flow of labor across the agricultural sector. All these factors are having a detrimental impact on the growth of the potassium chloride market.
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Key Takeaways of Potassium Chloride Market Study
- Growth of potassium chloride market is attributed to growth in the agriculture industry, as it is a primary consumer of potassium chloride. Further, development in new compositions of potassium fertilizers is projected to offer white spaces.
- Asia Pacific (APAC) holds leading share in the global potassium chloride market, and would maintain its hegemony through 2030, driven by China’s flourishing agricultural and industrial sectors.
- Chemical / industrial grade potassium chloride would gain traction in the coming years, backed by increasing demand from food and pharmaceutical industries.
- Granular and coarse fertilizers hold over 3/4 of total agricultural grade potassium chloride revenue. They are prevalent in formulated fertilizers such as bulk blended mixtures.
Potassium Chloride Market Landscape: Fairly Fragmented
The global potassium chloride market is fairly consolidated, owing to a small number of players holding large shares in the market. Top ten players account for over 95% of total revenue. Manufacturers in the potassium chloride market space are focusing on collaborations and mergers & acquisitions. Key players such as Nutrien Ltd., The Mosiac Company, K+S Kali GmbH, Israel Chemicals Ltd., Intrepid Potash, Inc., Uralkali, JSC Belaruskali, EuroChem, Arab Potash Company, and SQM S.A. are focusing on penetrating into local markets.
How is Precision Farming Affecting the Potassium Chloride Market?
The surging usage of organic potassium chloride by agro-producers and farmers backed by the rising adoption of latest technologies and the emergence of precision agriculture is expected to boost the market in the assessment period.
Various government initiatives adopted to encourage farmers to utilize innovative agricultural techniques and increasing labor cost because of the shortage of skilled labor are a couple of significant factors that are set to fuel the adoption of precision farming worldwide. The rising strain on the global food supply and the increasing farm mechanization in emerging economies are also estimated to augment the market.
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What Does the Future Hold?
The global potassium chloride market is expected to grow at a steady rate over the forecast period on account of the increasing demand for potassium fertilizers. Moreover, increasing use of potassium chloride in food & pharmaceuticals is expected to fuel the growth of the market. Adoption rate in water softeners and industrial applications would be greater as compared to other application areas.
Want to Know More?
Future Market Insights has published a market research report on the potassium chloride market that contains global industry analysis of 2015-2021 and opportunity assessment for 2022-2030. The report provides insightful analysis of the potassium chloride market through four different segments – grade, application, crop, and region. The potassium chloride market report also provides demand trends of different types across industry verticals, a comprehensive list of service providers in the market, and various projects around the world, along with a detailed overview of the parent market.
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