Global Potassium Chloride Market Will Cross Around USD 33.0 Billion in 2020
Zion Research has published a new report titled “Potassium Chloride Market for Fertilizers, Pharmaceuticals, Industrial and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast 2014 – 2020.” According to the report, global demand for potassium chloride market was valued at USD around 19.5 billion in 2014 and is expected to generate revenue of USD 33.0 billon by end of 2020, growing at a CAGR of 7.8% between 2015 and 2020. In terms of volume, the global potassium chloride market stood at 55 million tons in 2014.
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Potassium chloride is also known as potash muriate. It is metal halide salt composed of potassium and chloride. It is a white or colorless solid that has a powdery, crystalline appearance. It is soluble in water and very a little soluble in ethanol. Potassium chloride (KCl) is used in medicine, scientific applications, food processing, photography, consumer food products and industrial. It is sometimes used in water as a completion fluid in petroleum and natural gas operations, as well as existence another to sodium chloride in household water softener units. Potassium, being one of the three major nutrients essential for the growth of crops, is generally used in the global agriculture industry as potash fertilizer.
Potassium chloride used as a melting agent and has a fertilizing value after the ice melts. It is also used in treating hypokalemia and as an electrolyte replenisher with the growing trend of bio-fertilizers in the agriculture industry. Potassium chloride market is mainly driven by growing demand for potash fertilizers. It is expected to be the fastest growing application segment in the next few years. Increasing demand for organic food has contributed towards the growing consumption of potash fertilizers. Rising health concerns associated with use of chemical fertilizers and ever fluctuating raw materials prices are expected to present major challenge to the industry participants.
Fertilizers, pharmaceuticals, industrial, others (animal feed, food products, etc.) are the key application markets for the potassium chloride. Fertilizers accounted for very large chunk of the global potassium chloride market in 2014. Global potassium chloride market is mainly driven by growing demand for potash fertilizers across the world. Rapidly growing population has been resulted into growing demand for food. Decreasing arable land and need to increase crop yield has triggered the use of fertilizers across the world. This is expected to boost demand for potash fertilizers and potassium chloride in turn. Industrial application was the second largest application market for potassium chloride and accounted for over 5% share of total market in 2014.
North America, Europe, Asia Pacific, Latin America and Middle East & Africa are the key regional markets for potassium chloride. Asia-Pacific is leading regional market for potassium chloride owing to strong demand for potash fertilizers. Asia Pacific and Latin America are the fastest growing regional markets for agrochemicals such as potash fertilizers. Strong growth of agricultural sector in emerging economies such as China, India and Brazil are driving the demand for potassium chloride in these regions. North America and Europe are other leading regional markets for the potassium chloride. Asia Pacific accounted for over 40% share of the global potassium chloride volume consumed in 2014. It is also expected to be one of the fastest growing markets during the forecast period.
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Some of the key industry participants in residential security market include Agrium Inc., Arab Potash Company, PotashCorp, The Mosaic Company, Israel Chemicals Ltd. (ICL), JSC Belaruskali, and Uralkali among others.
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