Potassium Chloride Market Size, Share, Demand & Trends by 2030
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. 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.
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.
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.
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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.
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.
Potassium Chloride Market by Category
By Grade:
- Agricultural
Grade
- Chemical
/ Industrial Grade
By Application:
- Agriculture
- Deicers
- Water
Softeners
- Industrial
- Others
By Crop:
- Cereals
- Oilseeds
- Fiber
/ Sugar and R&T
- Fruits
& Vegetables
- Others
(Grass & Residuals)
Report: https://www.futuremarketinsights.com/reports/potassium-chloride-market
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