Selbyville, Delaware , March 06, 2024 (GLOBE NEWSWIRE) -- Potash Market size is poised to be worth more than USD 90 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The ongoing shift towards precision agriculture and the higher adoption of advanced farming techniques is set to propel the industry growth. With modern farming practices emphasizing optimal soil nutrition and balanced crop development, the demand for potash is surging for enhancing plant growth and ensuring crop resilience. Moreover, the rising investments in agricultural infrastructure and the growing focus on agricultural modernization and productivity enhancement is expected to augment the industry outlook. For instance, in September 2022, India's fertilizer firms, Coromandel International, Chambal Fertilizers, and Indian Potash Limited, inked an MoU with Canpotex, Canada, marking an important initiative toward securing long-term fertilizer supplies for the farming community.
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Potassium sulphate to gain significant traction
Potash market from the potassium sulphate product segment is anticipated to record 4.2% CAGR from 2023-2032. The growth is attributed to the rising suitability of potassium sulphate for chloride-sensitive crops and diverse soil types in various agricultural applications, including horticulture, cash crops, and high-value fruits and vegetables. Additionally, the increasing focus on sustainable farming practices coupled with the rising demand for nutrient-rich and high-quality agricultural produce will fuel the product adoption.
Rising demand in industrial applications
Potash market size from the industrial application segment is estimated to account for over USD 10.4 billion by 2032. The extensive usage of potash in various industrial processes, including chemical manufacturing, metal processing, and water treatment is likely to supplement the segment growth. Additionally, the growing utilization in the manufacturing of potassium-based chemicals and pharmaceuticals will further contribute to the rising product demand across industrial applications.
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Asia Pacific to emerge as a lucrative market destination
Asia Pacific potash market size is set to record 5.4% CAGR from 2023-2032 driven by the booming agricultural sector and the increasing demand for high-quality crops. With the presence of vast population and the greater need to ensure food security, the adoption of potash-based fertilizers is surging in the region. For instance, in March 2023, due to the disruptions in the global fertilizer supply chain resulting from the Ukraine war, Thailand, a significant food and agricultural goods producer announced plans to restart a potash mining project to reduce fertilizer costs. Moreover, the presence of emerging economies and continuous investments in agricultural infrastructure will accelerate the regional industry growth.
Potash Market participants
Some major companies engaged in the potash industry include Compass Minerals Intl. Ltd., JSC Belaruskali, Rio Tinto Ltd., Uralkali, Mosaic Company, and BHP. The expanding world population and the higher availability of arable land declines is driving the need for potash to produce fertilizers, further offering with new development prospects to these industry participants. For instance, in October 2023, BHP Group Ltd., an Australian mining conglomerate, announced plans to invest $6.4 billion in the second phase of its Jansen potash project east of Saskatoon.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
