Potassium Chloride Market Analysis :
Potassium chloride is a metal halide salt extracted from minerals consisting of sylvite, carnallite, and potash or produced by means of treating potassium hydroxide or other potassium bases with hydrochloric acid. The potassium chloride market is anticipated to witness significant growth due to rapid development of the fertilizer industry. Potassium is the third major plant and crop nutrient after nitrogen and phosphorus. It is soluble in glycerol, alkalis, and to a degree in alcohol, but is insoluble in ether. Growth of the potassium chloride market is driven by surge in demand for potash fertilizers due to its properties, which help the development in flavors, coloration, and texture to plants used as food. It is utilized in numerous applications such as medical experiments, medicine, photography, food processing, commercial, and consumer food products.
COVID-19 impact analysis
The coronavirus has a widespread effect on the industrial sector and food & beverages industry. The global lockdown has forced the government to shut down major industries to stop the virus spread. The stay home policy implemented by the government has made consumers to increase the consumption of home food. This is anticipated to further reduce the demand for packaged food & beverages. In addition, the supply chain disruptions is expected to create difficulties for the manufacturers. These factors are expected to reduce the demand for potassium chloride, globally, thereby hampering the growth of the market.
Market scenario analysis
Rise in adoption of potassium chloride in fertilizers is a primary factor driving the growth of the global potassium chloride market. Similarly, surge in demand of natural food items has fostered the consumption of potash fertilizers, which, in turn, is flourishing the potassium chloride market growth. Furthermore, rise in demand for potassium chloride from the oil & gas industry is another aspect predicted to drive growth of the market during the forecast period. A major element hampering growth of the global potassium chloride market is fluctuating cost of potassium chloride. In addition, alarming increase in health issues by the use of chemical fertilizers hampers the potassium chloride market growth.
One of the modern trends to gain traction in the global potassium chloride market is the usage of potassium chloride in hydroponics. This method can be used to lessen the difficulty of the arable land regarding cultivation of the vegetation using minerals. Furthermore, the technique calls for lesser amount of insecticides, water, and less space than conventional farming. Moreover, potassium chloride is extensively utilized in bioresearch and as an enhancement for potassium in hydroponic solutions.
Other trend observed within the global potassium chloride market is use of potassium chloride for feedstock raw materials, which is anticipated to propel growth of the global market.
Region wise, the global potassium chloride market is analyzed across North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The Asia-Pacific market is expected to witness highest growth in terms of sales. The trend of cultivating eco-friendly resources for numerous industries such as pharmaceuticals, chemicals, and power is projected to provide a prodigious opportunity for the market to expand. North America will witness growth in this near future, owing to the superior farming technology adopted by farmers in the region. Europe may account for a mild share in terms of sales within the global market, and is expected to witness moderate growth during the forecast period.
Key benefits of the report:
- This study presents the analytical depiction of the global potassium chloride industry 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 potassium chloride market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global potassium chloride market research report:
- Which are the leading market players active in the global potassium chloride market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Potassium Chloride Market Report Highlights
Key Market Players
ICL Fertilizers Ltd., SQM (Sociedad Química y Minerade Chile), K+S KALI GmbH, The Mosaic Company, ARAB POTASH, Sinofert Holdings, Uralkali, Potash Corporation of Saskatchewan Inc., IMC Global Inc., Nutrient Ltd., Agrium Inc., JSC Belaruskali