SEATTLE, April 03, 2020 (GLOBE NEWSWIRE) -- The global potash fertilizers market was valued at US$ 21.64 Bn in 2018 and is estimated to exhibit a CAGR of 4.4% over the forecast period (2019-2027).
Potassium is one of the primary nutrients required for the growth of crops. Potash fertilizers help the crops to adapt to various weather conditions, increases minerals absorbing capacity, and also strengthens the tree stalks. Potash fertilizers also offers protection from microbial infections as well as other pests that hamper the growth of crops. Along with nitrogen and phosphorous, potash is also an important plant nutrient in the fertilizer industry. Moreover, increasing demand for food grains along with fruits and vegetables is expected to drive growth of potash fertilizers market, worldwide. For instance, according to Food and Agriculture Organization (FAO), world cereals production stood at around 2,653 million tons in 2018 and the organization forecasts growth at around 2.3% during the 2019-2020 due to rising global demand for cereals, which is a major source of protein.
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Climatic changes, geopolitical factors, and socioeconomic factors have affected agricultural production and access to food resources. For instance, according to the FAO, 815 million people were found chronically undernourished around the world in 2017. To overcome this crisis, essential nutrient fertilizers such as potash fertilizers have played an important to increase the agricultural yield and have played an instrumental role in mitigating the global food crisis scenario.
The increasing use of chlorine-free potash fertilizer such as sulphate of potash (SOP) in fertigation systems is expected to drive growth for potash fertilizers market. Potassium sulphate does not contain nitrogen, heavy metals, chlorine or sodium, and therefore it can be applied by drip irrigation, which aids in improving tolerance in plants against cold weather. Benefits of potassium sulphate fertilizer such as draught resistance, low salt index, sustainability for chloride, and saline soil sensitive crops, makes it highly important fertilizer among all other fertilizers. For instance, according to the United States Geological Survey, in 2016, the fertilizer industry in the U.S. used about 85% of the U.S. potash sales, and the rest is used by the chemical industry. About 60% of the potash produced include potassium sulphate (SOP) and Muriate of Potash (MOP), required by certain soils and crops
Key Market Takeaways:
- The global potash fertilizers market is expected to exhibit a CAGR of 4.4% during the forecast period (2019 – 2027). Factors such as rising usage of potash fertilizers in agricultural crops such as food grains, cereals, fruits, and vegetables is expected to drive the global potash fertilizers market growth.
- Asia Pacific held the largest market share in the global potash fertilizers market in 2018. China market was the dominant in the potash fertilizers market with the largest market share in the Asia Pacific region. Major players in this region are adopting new processes to enhance their market presence, which is expected to drive the overall growth of potassium sulphate market in the region. For instance, in 2016, SDIC Luobupo Potash Co. Ltd., one of largest producers of potassium sulfate fertilizer, aimed to extract the brine of Lop Nur lake and produce potassium sulphate fertilizer. The brine deposits of the lake accounted for 30% of China’s proven potassium salt reserves.
Major players operating in the global potash fertilizers market include—
Israel Chemicals Ltd., EuroChem Group A.G., Agrium Inc., Uralkali PJSC, Yara International A.S.A., Migao Corporation, Sesoda Corporation, SQM S.A., Brazil Potash Corporation, and K+S KALI GmbH.
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Market Segmentation:
- Global Potash Fertilizers Market, By Product Type:
- Potassium Chloride
- Potassium Nitrate
- Sulphate of Potash
- Global Potash Fertilizers Market, By Composition:
- Organic
- Inorganic
- Global Potash Fertilizers Market, By Form:
- Solid
- Liquid Soluble Powder
- Global Potash Fertilizers Market, By Crop Type:
- Oil Seeds & Pulses
- Soybean
- Canola
- Sunflower
- Others (Peas and Palm Oil)
- Fruits & Vegetables
- Apples
- Tomatoes
- Citrus
- Others (Brassica and Berry)
- Cereals & Grains
- Rice
- Corn
- Wheat
- Barley
- Others (Sugarcane, Sugar beet, etc.)
- Oil Seeds & Pulses
- Global Potash Fertilizers Market, By Region:
-
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Italy
- France
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East
- GCC
- Israel
- Rest of Middle East
- Africa
- North Africa
- Central Africa
- South Africa
- North America