Infinium Global Research’s recent report on the “Potassium Chloride Market (Application- Fertilizers, Pharmaceuticals, Industrial, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026” provide a comprehensive outline of the factors responsible for the growth of the market. According to the report, the global potassium chloride market was worth USD 27.7 billion in 2019 and is anticipated to grow up to USD 39.4 Billion in 2026 with a CAGR of 5.3% over the forecast period of 2020-2026.

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Growing Demand for Fertilizers in the Agriculture Industry

Potassium chloride is used for a wide variety of applications including fertilizer, industrial applications, pharmaceuticals, and animal feed. The growing demand for fertilizers in the agriculture industry is one of the major factors driving the demand for potassium chloride. Potassium is one of the vital elements for the growth of food crops and in the agriculture industry it is generally used as potash fertilizers. In pharmaceuticals, it is mainly used to treat hypokalemia and as an electrolyte replenishing agent. Potassium helps in the proper functioning of the heart, muscles, and nerves.

Moreover, the increased consumption of food grains due to the rise in population, particularly in Asia-Pacific economies such as India and China is attributed to the high demand for potassium chloride. Furthermore, potassium chloride is being increasingly used in wastewater treatment. This, in turn, is anticipated to boost the market further.

The COVID-19 pandemic has completely halted the potassium chloride business stand still for almost 50 days. The COVID-19 pandemic affected the global potassium chloride market by hindering production and demand, disrupting the supply chain, and by its impact on firms and the financial markets. The COVID-19 pandemic has severely affected the sale of end-user industries. Several end-users have stopped their production or closed their production unit. This has reduced the demand for potassium chloride from the end-users.

Furthermore, the lower production and shortage of potassium chloride in the market are estimated to hamper market growth in the short term. On the other hand, the key players in the potassium chloride market are changing their employment practices to comply with the social distancing norms enforced across numerous regions of the world to mitigate the risk of infection. Sophisticated technologies and manufacturing procedures are anticipated to play a crucial role in influencing the competitiveness of the market players.

Importance of Potassium Chloride for the Growth of Crop Plants to Augment the Growth of Potassium Chloride Market

Based on application, the global potassium chloride market is categorized into fertilizers, pharmaceuticals, industrial, and others. Among these categories the fertilizer segment held the largest market share for the potassium chloride market, owing to the higher utilization in the production of chemical fertilizers. According to USGS, in 2018, the fertilizer industry accounted for a share of around 85% of the total potash sales in the US. The rise in the use of fertilizers to increase crop yield is expected to propel the growth of the global potassium chloride market during the forecast period. Further, the new potassium capacity projects in Belarus, Russia, and Canada will drive market growth for potassium chloride.

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The Potassium Chloride Market is Anticipated to Witness Several Mergers and Acquisitions to Satisfy the Growing Demand for Endoscopic Procedures

The global potassium chloride market is fragmented with the existence of large and small vendors. The players operate in a highly competitive market environment. The leading players in the global potassium chloride market are PotashCorp, Uralkali, Mosaic, Agrium, and Sinofert Holdings. The dominant players have a vast geographic presence with huge production facilities. With the increase in innovation and technology, the market is expected to have more intense competition in the future. Moreover, the rising demand for potassium chloride across various applications such as the fertilizer industry and pharmaceutical applications is re-intensifying competition. It is pushing the vendors to reduce the prices of their products.

Furthermore, several players are entering into strategic partnerships, mergers, and acquisitions. For instance, in May 2020, Sinochem Macao and APC Jordan collaborated to supply potash from Jordan to China. This collaboration is expected to offer new market opportunities for growth in the Asia Pacific region. Similarly, Sinochem and Sinofert signed a five-year Memorandum of Understanding, which allows Sinochem to be the exclusive agency for distributing OCP’s phosphate rock and diammonium phosphate.

Infinium Global Research’s recent report on the global potassium chloride market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the leading players that have contributed greatly to the growth of the market and also estimates the impact of product innovations, similar to that of the aforementioned product on the global market.

The Asia Pacific to Dominate the Global Potassium Chloride Market

The report provides market segmentation by region including North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The Asia Pacific held the largest share in the global potassium chloride market. The highest revenue generated by the region attributes to a large consumer base. Moreover, a number of multinational companies are establishing their production facilities in the emerging markets of the Asia Pacific region. The resources in the countries such as India, Thailand, Vietnam, Indonesia, and others are cheaper compared to developed countries. This is attracting multinational companies to set up their production facilities in these countries.

Furthermore, the Asia Pacific region is expected to grow at the fastest rate in the global potassium chloride market owing to improving economic conditions and a rise in investment by the global market players. Moreover, a number of government initiatives to support industrialization are expected to boost the demand for potassium chloride in the Asia Pacific.

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