According to latest assessment, the Potassium Humate market is anticipated to exhibit impressive growth between 8% and 10% during the tenure of 2021 to 2031. Potassium Humate is widely used as soil conditioner. Due to increased use of fertilizers and chemicals, soil fertility levels are decreasing, and thus to improve the soil quality various soil conditioners are used which is the key factor improving the sales during the forecast period.
What is Driving the Demand for Potassium Humate?
Potassium Humate is type of potassium salt derived from humic acid. It is commercially synthesized by extraction of brown coal (lignite). The extraction is carried out in alkaline medium created by adding Potassium hydroxide (KOH) to water.
Then potassium humate is extracted through the solution and after drying and converting it into granular form. In granular form it can added to fertilizers to reduce the harmful effects of fertilizer on soil. Due to increase in use of fertilizers across the globe expectations is of remarkable demand form fertilizer industry during the assessment period.
Moreover, the product can also find its applications in manufacturing of bio stimulants. Bio stimulants demand has been increased at rapid pace as awareness towards use of sustainable products and various advantages of organic products. This growth in demand of bio stimulants is expected to boost the sales during the forecast period.
To cater the increasing demand for food, products that are helpful in increasing per hectare production capacity of soil are expected to be in great demand through the forecast period, thus benefiting the market.
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Rising Population to Boost Potassium Humate Sales
According to data from the World Bank, the Global population has attained a number of 7,753 Mn in 2020, and growing at a CAGR of around 1%. This remarkable rise in population is expected to boost the demand for food products at an incredible rate.
This elevated demand for food products coupled with shrinkage of agricultural land area across the globe is creating the need for increasing per hectare production capacity of land. Hence the land under cultivation is treated with fertilizers and chemicals and to condition soil regenerate the fertility lost due to use of chemicals Soil Conditioner are used. Which is expected to fuel the sales of soil conditioner including potassium humate during the forecast period.
China & India Market Outlook for Potassium Humate
India is one of the fastest growing economy across the globe, however a large part of the Indian economy is still agriculture based. The country caters global demand for agricultural products and is counted as one of the leading countries in producing many agricultural products like cotton, jute, pulses, spices, wheat, sugarcane and various other agricultural based products. Owing to this factors India is expected to grow at rapid rate during the forecast period.
China is also a lucrative market for Potassium Humate. Such a vast population of the country creates huge demand for the food products in the country. Many manufacturers prioritize china for expansion owing to leniency in governmental regulations towards production and shifting consumer base towards eco-friendly and organic products.
Owing to such a strong presence of manufacturers in the country, the country is expected to be one of largest producer for potassium humate during the forecast period.
Latin America Demand Outlook for Potassium Humate
Latin America is one of largest consumer of soil conditioners. Countries like Brazil, Argentina, Chile and others are considered as agricultural hub in the world. Brazil is largest producer of soyabean and one of leader in terms of producing various agricultural products like sugarcane, coffee beans and various others. Awareness about the use soil conditioners among the population of the region makes region a lucrative market.
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Who are Key Manufacturers and Suppliers of Potassium Humate?
Some of leading manufacturers and suppliers include
- BASF AG
- Syngenta
- Solvay SA
- UPL India
- Clariant AG
- Bayer Crop Science
- Evonik Industries AG
- Eastman Chemical company
- Croda International PLC
- Rallis India limited
- Others
The market is highly fragmented numerous presence of regional as well as global players. Manufacturer are engaged in research and development activities in order to overcome various longstanding challenges in the market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments
By Product Form:
- Liquid
- Granular
- Powder
- Flakes
By Application:
- Fertilizer
- Soil Conditioners
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