Global Potassium Derivatives Market: Key Highlights
- The global potassium derivatives market was valued at ~US$ 12 Bn in 2018 and is anticipated to expand at a CAGR of ~4% from 2019 to 2027.
- The demand for potassium derivatives such as potassium chloride has increased over the last few years. This trend is expected to continue throughout the forecast period.
- Muriate of potash (MOP) is commonly called potassium chloride (KCL). Potassium chloride is largely used as a fertilizer; it is the third-largest crop nutrient group, next to nitrogen and phosphorous.
- Potassium chloride, a potassium derivative, is essential to ensure the quality and yield of the crop, due to the continued growth of the global population. Thus, expansion in agriculture and need for better quality of agricultural commodities are driving the demand for fertilizers. This, in turn, is boosting the global potassium derivatives market.
Key Drivers of Potassium Derivatives Market
- Potassium derivatives are primarily employed in the manufacture of agricultural products such as fertilizers. Potassium derivatives are also employed in a wide range of non-agricultural applications, such as the manufacture of soaps, detergents, and pharmaceutical products.
- There has been exponential rise in the population in developing countries such as China, India, and Brazil. Significant growth in disposable income has led to improvements in lifestyle of the people. This, in turn, is anticipated to boost the demand for personal care and household care products such as soaps & toiletries and detergents & cleaners. Therefore, increase in the consumption of potassium derivatives in non-agricultural applications such as the manufacture of soaps & detergents and pharmaceutical products is projected to drive the potassium derivatives market during the forecast period
Investments in Research & Development to Offer Lucrative Opportunities
- Investments in research & development for product development are estimated to create lucrative opportunities for the manufacturers of potassium derivatives.
- Potassium derivatives are used in applications such as cleaning agents in wineries. Potassium derivatives are employed to clean the biofilms of bacteria and yeast inside tanks. This is estimated to fuel the demand for the feedstock of potassium derivatives, i.e. potassium hydroxide.
Increase in Popularity of Bio-based Agrochemicals to Hamper Potassium Derivatives Market
- Bio-based agrochemicals contain natural materials as active ingredients. These materials are less toxic to the environment. Thus, bio-pesticides are non-toxic and eco-friendly. They play an essential role in the development of sustainable agricultural products.
- Various countries across the globe are encouraging the use of bio-based agrochemicals through subsidies and awareness programs regarding the usage of bio-based agro-products. Thus, bio-based agrochemicals are anticipated to gradually replace synthetic agrochemicals. Bio-based agrochemicals can be potential substitutes for potassium-containing fertilizers in the near future. Increase in the demand for bio-based agrochemicals is anticipated to restrain the growth of the global potassium derivatives market.
Asia Pacific Dominates Global Potassium Derivatives Market
- Asia Pacific is expected to be a highly attractive region of the global potassium derivatives market during the forecast period. China is the major consumer of fertilizers. The market share of Asia Pacific in terms of consumption of nitrogen stood at 60% in 2018, with China representing approximately half of the said consumption. Farmers use potassium derivatives on soil surfaces prior to tillage and planting.
Potassium Chloride Held Major Share of Potassium Derivatives Market in 2018
- The potassium chloride segment accounted for a prominent share of the global potassium derivatives market in 2018. Potassium chloride is primarily employed in agriculture. Potassium chloride, a potassium derivative, is often spread onto the soil surface prior to tillage and planting in order to increase the potassium content of the soil.
- The potassium hydroxide segment is anticipated to expand at a rapid pace during the forecast period. Potassium hydroxide is primarily used in the manufacture of other potassium salts such as potassium carbonate.
Pellets/Granules a Popular Form in Potassium Derivatives Market
- The pellets/granules segment occupied a major share of the global potassium derivatives market in 2018. Potassium chloride is widely used in the granular form. The liquid form potassium chloride fertilizers is applied with irrigation water or for direct application. Potassium chloride fertilizers are usually produced in the granular form.
- Glass manufacturers use granular potassium carbonate as flux. This helps lower the temperature at which a mixture melts. Potassium carbonate imparts excellent clarity to glass; hence, it is extensively employed in eyeglasses, glassware, televisions, and computer monitors.
Varying Market Share of Individual Potassium Derivatives
- Prominent players operating in the global potassium chloride market include Israel Chemicals, Nutrein, K+S Group, Uralkali, Arab Potash, K+S Group, and JSC Chemicals.
- The top seven players hold ~50% share of the global potassium hydroxide market, a potassium derivative. These players include Unit Co Ltd, Occidental Chemical Corporation, Superior Plus Corp, Erco Worldwide INC, and Ashta Chemicals.
- Key players operating in the global potassium sulfate market include SDIC, K+S KALI, Tessenderlo, Qing Shang Chemical, and Great Salt Lake Mineral
- In 2018, TOAGOSEI CO., LTD. upgraded its electrolysis equipment at the production facility of caustic potash at Tokyo, Japan. This facility upgrade is anticipated to help the company ensure a stable supply of caustic potash, and thus, enhance the competitiveness of its caustic potash offerings.
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