Potash Market Outlook – 2028
Potash is a rich salt that comes under potassium family and formed by evaporated sea beds millions of years ago from underground deposits. Potassium is one the major nutrient for plant after phosphorus & nitrogen and gives a better result in farming after using potash fertilizers and no other substitute can offer potassium-like benefit. The compound “potassium chloride” is a dominating product of potash across the global market. Potash has major application in pharmaceutical, agriculture, & construction industries and widely used in brewing beer, paints, and acts as a catalyst for synthetic rubber. From early 14th century, potash became an international trade commodity.
COVID-19 scenario analysis:
The outbreak of the COVID-19 pandemic has severely affected the global potash market.
- Potash has main applications in daily use items such as detergents and soaps. In lockdown, all basic entities were allowed. There was sluggish growth in the potash market.
- Moreover, all manufacturing industries were highly impacted by the COVID-19 due to less workforce. Potash fertilizers manufacturers are the major buyers of potash and the fertilizer industry also suffered for few months due to less workforce. However, there was sluggish depreciation in the potash market for few months.
- The glass industry use potash as a flux and it gives excellent clarity to glass. Though, glass industry is the major buyer of potash but due to COVID-19, manufacturing plants were halted. Resulting in huge decline in the potash market.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The major factor responsible for the growth of potash market is the rapid increase in advancement of technology in agriculture, manufacturing, and construction industry. The major markets for potash are fertilizer, animal feed product industry, soap, detergent, water softener, deicer (snow and ice melting), and glass manufacturing industries. Fertilizer industry is the major buyer of potash products such as potassium carbonate, potassium chloride, and potassium sulfate, which are the major fertilizers used nowadays. Plants require majorly three nutrients, potassium, nitrogen, and phosphorus; and potash is a major supplier of potassium. Another use of potash in agriculture sector is animal feed; potash is added to grass to increase the nutrients and boost milk production. Cosmetics and personal care product industry is also the major buyer of potash and works as the main driver for potash market. Moreover, construction industry is the major buyer of potash to use it for clearing the snow over roads in hilly areas. Potash also has wide application in crackers and fireworks. However, government regulation on fireworks and crackers might act as a restraining factor for the potash market.
In terms of market share, the Asia-Pacific region dominates the potash market due to high population, land fertility, increased demand for food grains, and effective use of land through fertilizer. The market in North America is also expected to grow at a significant pace due to the presence of massive industries in the emerging economies of the region.
Key benefits of the report:
- This study presents the analytical depiction of the global potash market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global potash market share.
- The current market is quantitatively analyzed to highlight the global potash market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global potash market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the potash market research report:
- Which are the leading market players active in the potash market?
- What the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Potash Market Report Highlights
By End Use Industry
Key Market Players
Compass Minerals Intl Ltd., Eurochem, JSC Belaruskali, Intrepid Potash Inc,, Rio Tinto Ltd., Uralkali, BHP Billiton Ltd., K+S Aktiengesellschaft, ICL, Red Metal Ltd, Nutrien (NTR), Mosaic Company (MOS), Encanto Potash Corp. (EPC)