Global Potassium Chloride Market to Exhibit 7.8% CAGR between 2014 and 2020
Zion Market Research has published a new report titled “Potassium Chloride Market for Fertilizers, Pharmaceuticals, Industrial and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast 2014 – 2020.” According to the report, global demand for potassium chloride market was valued at USD around 19.5 billion in 2014 and is expected to generate revenue of USD 33.0 billon by end of 2020, growing at a CAGR of 7.8% between 2015 and 2020. In terms of volume, the global potassium chloride market stood at 55 million tons in 2014.
Potassium chloride (KCl), composed of chlorine and potassium, is an odorless metal halide salt with a colorless crystal-like appearance. It is also known as potash muriate. It is metal halide salt composed of potassium and chloride. It is a naturally occurring mineral which is formed from the evaporation of ancient sea beds. The compound is also known as Muriate of Potash (MOP), which is generally used in association with its use as a fertilizer. It is a white or colorless solid that has a powdery, crystalline appearance. It is soluble in water and very a little soluble in ethanol.
Potassium chloride is used in medicine, scientific applications, food processing, photography, consumer food products and industrial. Potassium is an important nutrient for plants and it is existence a good source of potassium, is mostly used as a fertilizer. It is used as a melting agent and has a fertilizing value after the ice melts. It is also used in water softeners to replace calcium in water. Rising health concerns associated with use of chemical fertilizers and ever fluctuating raw materials prices are expected to present major challenge to the industry participants.
Fertilizers, pharmaceuticals, industrial and others (Feed, food products, etc.) are the key application industries for potassium chloride. Potassium chloride market is mainly driven by rising demand for potash fertilizers. It is expected to be the fastest growing application segment during the forecast period. Highest demand for potassium chloride is from the fertilizer industry and it accounted for very large share of the total volume consumed in 2014. Industrial application segment was the second leading application market with over 5% share of the total volume consumed in 2014. However, fertilizers are expected to be the fastest growing application market for potassium chloride in the years to come.
Potassium chloride market is growing across the different regions like North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Potassium chloride market was led by strong demand from Asia Pacific and Latin America. Strong demand for potash fertilizers in China, India and Brazil has been resulted into growth of the potassium chloride market in the region. Asia Pacific accounted for over 40% share of the total market in 2014. It is also expected to exhibit fastest CAGR over the forecast period.
The prominent manufactures profiled within the report include Agrium Inc., Arab Potash Company, PotashCorp, The Mosaic Company, JSC Belaruskali, and Uralkali among others.
Potassium Chloride Market: Application Analysis
- Others (Animal feed, food products, etc.)
Potassium Chloride Market: Regional Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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