Potassium Chloride Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2177
Potassium Chloride Market is expected to witness a surge in demand owning to a momentous growth of the fertilizer industry. In addition, rising demand of organic food items has foster the increasing consumption of potash fertilizers, in turn flourishing the potassium chloride market over the forecast period.
Potassium chloride, primarily composed of potassium and chlorine, is a naturally occurring and odorless metal salt along with colorless crystalline appearance. It is produced from the evaporation of prehistoric sea beds. Its compound is known as Muriate of Potash, which is usually applied in association with its use as a fertilizer. It is less soluble in ethanol and highly soluble in water.
It is used in various applications including scientific experiments, medicine, photography, food processing, industrial and consumer food products. Potassium is a vital nutrient for vegetations and its existences in good amount is widely used in fertilizers. However, price fluctuations and increasing health issues concerned with the use of chemical fertilizers is likely to present major impact to the industry participants.
Rise in product demand from metals, petroleum and glass industries is also anticipated to increase during the forecast period. Potassium chloride is the key raw material for numerous potassium compounds used in these industries. It is used in metal casting, soldering and welding in the metal industry and foe the fracking procedure in the petroleum industry. It is also used as a shale stabilizer and clay and further to avert clay from migrating and swelling. These wide range of applications will guarantee a stable demand for the potassium chloride market from these segments over the forecast period.
According to the US based, Food & Drug Administration, the product is usually recognized as safe for stated uses in foods as a flavoring agent, pH control agent, flavor enhancer, nutrient supplement and thickener or stabilizer. It is generally applied for two chief processes in food products. The first is to deliver potassium enrichment to foods items. The second is as a replacement for salt to reduce sodium content in the food items. Similar to salt or sodium chloride, it offers a salty flavor and can also perform other functions including protein modification, microbial management and flavor enhancement, that influences the texture, taste and shelf life of food items.
One of the most important drivers of the market’s growth is the demand for feedstock raw materials in biofuels. Biofuels are produced from oil palms vegetation and the farming of theses require substantial amount of fertilizers. The application of potassium chloride in these plants helps in healthy development of fruit’s growth.
In pharmaceuticals, the product is expected to be utilized extensively starting from R&D operations by various key industry players owing to rise in number of patients suffering from potassium deficiency. Consequently, rising the consumption of potassium pills is projected to enhance the demand for the product in several drugs and tablets.
Asia Pacific is the largest consumer of the product, followed by North America and Europe. High consumption in agricultural areas is a momentous driver for the market growth. The trend of cultivating environmental friendly sources for several industries including pharmaceuticals, chemicals and energy industry segments will offer a prodigious opportunity for the market to develop as need for better quality crop based raw materials is understood.
Global potassium chloride market is fragmented owning to the presence of various large and medium scale manufacturers on both global and regional levels. Some of the crucial players operating in the global potassium chloride market are Arab Potash, Israel Chemicals, Sinofert, Agrium and Uralkali. Other prominent players are Potash Corporation of Saskatchewan, Yara, JSC Belaruskali, Mosaic, CF Industries Holdings, Sociedad Química y Minerade Chile (SQM), PotashCorp, ICL, IMC Global, K+S KALI and Intrepid Potash.
In 2016, Canada based Potash Corporation of Saskatchewan, acquired Intrepid Potash to strengthen its plant roots and enhance drought resistance facilities of its plants.
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