Potassium Chloride Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019

Albany, NY -- (SBWire) -- 04/17/2015 --In the past few years, the market for potassium chloride has grown rapidly due to the high demand for potassium chloride from the fertilizer industry. The market is boosted by an increase in the demand for organic food, which is another contributing factor towards the growing consumption of potash fertilizers.

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The high demand for potassium chloride from the fertilizer industry has set the market on a growth trajectory at a CAGR of 10.8% in the forecast period 2013 to 2019. According to a recent study conducted by a leading market firm in the U.S., the global potassium chloride market for fertilizer, industrial, and pharmaceutical applications is expected to reach US$32.87 billion by the end of 2019, from US$21.67 billion in 2012.

Potash Fertilizer Consumption Growing in Asia Pacific

The demand for potassium chloride is significantly high from the fertilizer industry due to the growing demand for food grains and agricultural goods from developed and emerging economies. A boom in the fertilizer segment has brightened the outlook for potash companies in various regions of the world, especially in the developing markets of Latin America and Asia Pacific.

The agriculture industry in the Asia Pacific region in particular is governed by regulatory bodies that support the modernization of agricultural practices and equipment. In addition, emerging economies such as China and India have raised their minimum prices for agricultural commodities and farmer subsidies. Hence, Asia Pacific has a high growth potential in the potash fertilizer market. Owing to such growth factors, Asia Pacific is expected to be the largest consumer of potash fertilizers in the next four years. Potash fertilizer consumption in this region is set to rise at a CAGR of 5.2% in the forecast period 2013 to 2019.

Growing Global Demand for Food to Satisfy Growing Population to Drive Potash Fertilizer Market

The global outlook on the fertilizer market is showing a positive growth. Growth in this market is expected to continue at a rapid pace till 2019. The global demand for fertilizers is gradually rising due to the growing global population and consequently higher food consumption. As a result, the need for agricultural expansion is high around the world. Farmers all over the world are relying more on potash fertilizers in order to increase their agricultural production. Therefore, the potassium chloride market finds its use in the fertilizer market as well as in chemicals and other sectors that focus on developing advanced farming technologies.

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Innovation into Biofertilizers to Drive Potassium Chloride Market

In the recent years, the demand for bio-fuels has increased tremendously. The demand for bio-fuels is rising due to growing carbon emissions and concerns related to higher oil prices. Bio-fuels help increase the yield of crops and as a result, they are very commonly used in fertilizer production. The growing trend of bio-fuels or biofertilizers in the agriculture industry has created substantial opportunities for potassium chloride, which is used in potash mobilizing biofertilizers. This type of biofertilizers is used to enhance the growth of the plant. The growing use of potassium chloride in potash mobilizing biofertilizers is expected to create new opportunities in the global potassium chloride market.

Geographically, Brazil is the largest supplier of feedstock for biofuels. Growth in this region is anticipated to excite the demand for potash fertilizers from Latin America in the next few years.

Leading companies such as PotashCorp have made significant investments in the brownfield potash expansion projects, which are planned to be launched in the next two years. In addition, according to the statistics by the International Fertilizer Industry Association (IFA), nearly 30 global potash expansion projects have been planned by the manufacturers till date. These projects will be launched by 2017.

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