Potassium Chloride Market by Application and Geography - Forecast and Analysis 2020-2024

“The Potassium Chloride Market study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analyzing the growth of 11 million MT and CAGR of 3% by segment Application and Geography during the forecast period 2019 to 2024” 

Furthermore, this report extensively covers the smart home appliances market segmentation by application (fertilizer, industrial, pharmaceutical, and others) and geography (APAC, North America, South America, Europe, and MEA). The market report also offers information on several market vendors, including Arab Potash Co., CF Industries Holdings Inc., Intrepid Potash Inc., Israel Chemicals Ltd., JSC Uralkali, Nutrien Ltd., Sinofert Holding Ltd., Sociedad Quimica y Minera de Chile SA, The Mosaic Co., and Yara International ASA

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Parent Market Analysis

Technavio categorizes the Potassium Chloride Market as a part of the Materials industry within the Chemicals industry. Our Technavio research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the forecast year. 

Potassium Chloride Market: Key Drivers, Trends, and Challenges

Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the potassium chloride industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge. 

Key Potassium Chloride Market Driver

One of the key factors driving growth in the market is the increasing demand for potassium chloride from the fertilizer industry. The global population is on the rise, and it is expected to reach 9.7 billion by 2050. The land available for cultivation has decreased tremendously over the past years, and now, in 2018, the arable land available to produce crops decreased by 46% compared with 1961. There has been an increase in global per capita income, which has led to a rise in the demand for foods and beverages. This growing need for nourishment has led to a surge in the use of potassium chloride as a fertilizer to increase the productivity of crops. There is a growth in the per capita income in developing countries like China, India, and Brazil, which will increase the use of fertilizers in the crops for better quality and quantity. In 2018, the revenue generated from the fertilizer industry was around USD 180- USD 190 billion. On average, the fertilizer industry is anticipated to invest in 150 new production units during the forecast period and will contribute more than USD 120 billion in the expansion process. High demand for food products has resulted in the extended use of fertilizers and new methods for the enhanced productivity of crops on the existing arable lands. Thus, the rise in the use of fertilizers will, in turn, increase the use of potassium chloride in the fertilizer segment during the forecast period. 

Key Potassium Chloride Market Challenge

The fluctuating raw material prices will be a major challenge for the market during the forecast period. Some of the factors that led to the decline in prices are weak demand for imports, excess supply, and high stocks. In July 2020, potassium chloride prices decreased by 23.73% from August 2019 due to the low crop prices, low profitability, and weak currency exchange rates of importing countries. The demand for potash became weak because farmers have the option to defer the use of potassium chloride without having much quality and yield loss. However, Russia and Canada have new greenfield projects, which are expected to increase the supply of fertilizers in the coming years. The fluctuating prices of potash in the fertilizer industry have undesirable impacts on the global market as more than 80% of the total revenue of potassium chloride comes from the fertilizer industry. In addition, a continuous supply of raw materials could also be affected by adverse weather conditions, national emergencies, natural disasters, supply shortages, and other events. Thus, price fluctuations and the non-availability of raw materials are expected to interrupt the operations of the vendors in the market during the forecast period. 

Potassium Chloride Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Who are the Major Potassium Chloride Market Vendors?

Arab Potash Co. - The company produces three types of fertilizer grades, including granular, fine, and standard. Through the unified segment, the company offers and produces potash and salt. Through the KEMAPCO segment, the company offers and produces potassium nitrate and dicalcium phosphate through Arab Fertilizers and Chemical Industries.

The report analyzes the market’s competitive landscape and offers information on several market vendors, including: 

 

• Arab Potash Co.
• CF Industries Holdings Inc.
• Intrepid Potash Inc.
• Israel Chemicals Ltd.
• JSC Uralkali
• Nutrien Ltd.
• Sinofert Holding Ltd.
• Sociedad Quimica y Minera de Chile SA
• The Mosaic Co.
• Yara International ASA

 

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Which are the Key Regions for Potassium Chloride Market?

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49% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for potassium chloride in APAC. Market growth in this region will be faster than the growth of the market in the North American regions.

APAC was the largest region in terms of consumption of potassium chloride in 2019. The rise in the population and the growth in the per capita income of individuals have increased the consumption of food products in this region. Countries such as India and China need to increase the yield to meet the growing demand for food. The growing number of agricultural activities in APAC, such as India and China, is the main factor driving the demand for potassium chloride. China, India, Indonesia, and Pakistan exhibit a high demand for potash fertilizers. Potassium-based fertilizers are widely used to produce cereals, pulses, fruits and vegetables. In 2018, China was the largest consumer of potash fertilizers in the world. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Potassium Chloride Market?

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The market share growth by the fertilizer segment will be significant during the forecast period. The growth of the global market is mainly due to the fertilizer industry. In 2019, around 85% of potassium chloride was used in the production of chemical fertilizers. On average, the fertilizer industry is anticipated to invest in 150 new production units during the forecast period and will contribute more than USD 120 billion in the expansion process. The new potassium capacity projects in Belarus, Russia, and Canada will drive the market growth for potassium chloride. The rise in the use of fertilizers to increase crop yield is expected to prope

This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.

Potassium Chloride Market Scope
Report Coverage	Details
Page number	120
Base year	2019
Forecast period	2020-2024
Growth momentum & CAGR	Accelerate at a CAGR of 3%
Market growth 2020-2024	11 mn MT
Market structure	Fragmented
YoY growth (%)	2.30
Regional analysis	APAC, North America, South America, Europe, and MEA
Performing market contribution	APAC at 49%
Key consumer countries	China, US, India, Brazil, and Canada
Competitive landscape	Leading companies, competitive strategies, consumer engagement scope
Companies profiled	Arab Potash Co., CF Industries Holdings Inc., Intrepid Potash Inc., Israel Chemicals Ltd., JSC Uralkali, Nutrien Ltd., Sinofert Holding Ltd., Sociedad Quimica y Minera de Chile SA, The Mosaic Co., and Yara International ASA
Market Dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period,
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Potassium Chloride Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive market growth during the next five years
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the potassium chloride industry across APAC, North America, South America, Europe, and MEA
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of market vendors

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