North America Sees Increase in Need for Potassium Chloride as Fertilizer Usage Rises
- 22-Mar-2023 3:22 PM
- Journalist: Stella Fernandes
North America: The global market for Potassium Chloride is expanding at a healthy 3.6% CAGR and is estimated to be worth US$ 16.5 Bn by 2030. Potassium Chloride is a versatile chemical compound with a wide range of uses, including as a fertilizer in farming, de-icing agents on roads, water softener in households, and in various industrial operations.
With an increasing population and the accompanying rise in food demand, this market is expected to experience significant growth. Additionally, the need to increase yield per unit of cultivable land due to a shrinking size of available land will continue driving the growth of the Potassium Chloride market.
The worldwide Potassium Chloride market is projected to attain a valuation of US$ 16.5 Bn by the year 2030.
The agriculture sector is a major driver of the Potassium Chloride market, with nine out of ten stakeholders heavily investing in it. The coronavirus (COVID-19) pandemic has taken an immense toll on the agriculture industry, reverberating through all facets of its intricate supply chains.
National lockdowns have put a halt to the international labor flow within the agricultural sector, further complicating matters. These factors have cast a pall over the growth prospects for Potassium Chloride manufacturers and are likely to remain a challenge for some time.
The market for Potassium Chloride is growing, driven by growth in the agriculture industry. Potassium Chloride is a key consumer of this fertiliser, and the ongoing development of new variants is helping to open new opportunities within the market.
The Asia Pacific region holds a leading share of the global Potassium Chloride market and is projected to hold onto its position as the dominate player through 2030, driven largely by the flourishing agricultural and industrial sectors in China. The demand for chemical / industrial grade Potassium Chloride is expected to grow substantially in the coming years, fueled by increased usage from both food and pharmaceutical industries.
A new report shows that granular and course fertilizers are dominating the market when it comes to agricultural grade Potassium Chloride revenue. These fertilizers make up more than 3/4 of total revenue and can be found in formulated fertilizers like bulk blended mixtures.
The global Potassium Chloride market is extremely consolidated, with only a few large players dominating the market and accounting for over 95% of total revenue. Companies in this industry are focusing heavily on collaborations and mergers & acquisitions in order to gain a foothold in the market. 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 industries are set to enter into markets.