|Potassium Chloride Market|
According to a new report published by Transparency Market Research "Potassium Chloride Market for Fertilizers, Pharmaceuticals, Industrial and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019" the global demand for potassium chloride was valued at USD 21.67 billion in 2012 and is expected to reach USD 32.87 billion in 2019, growing at a CAGR of 10.8% from 2013 to 2019. In terms of volume, the global demand for potassium chloride was 51,000.0 kilo tons in 2012.
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Growth of the fertilizer industry is expected to be one of the major factors driving the demand for potassium chloride over the next few years. In addition, increasing demand for organic food has contributed towards the growing consumption of potash fertilizers, thereby boosting the potassium chloride market over the next few years. However, significant price fluctuations of potassium chloride are expected to make a severe impact on the growth of the market over the forecast period. Increasing use of potassium chloride as potash mobilizing biofertilizers is expected to provide new opportunities for the growth of the market.
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Demand for potassium chloride was the highest from the fertilizer application segment in 2012. Various potash fertilizers are used in the industry which constitutes the largest global industrial use of potassium chloride. Moreover, the market for KCl in fertilizers is expected to witness the fastest growth over the forecast period, rising at a CAGR of 5.1% from 2013 to 2019. Application of KCl for industrial purposes is expected to witness noticeable growth where majority of industrial grade potash is produced in Germany and North America with U.S. being the largest consumer in certain water treatment applications.
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Asia Pacific was the largest market for potassium chloride and was valued at USD 9.56 billion in 2012 on account of highly prevalent agricultural activities. In addition, this region is expected to witness the fastest growth rate owing to improved agricultural productivity governed by regulatory bodies by modernizing practices and equipments. Regions present in rest of the world (RoW) were the second largest consumer for potassium chloride. The market for KCl in emerging economies such as Brazil is rapidly growing as it is a major supplier of feedstock for biofuels, which in turn is anticipated to stimulate the demand for potash fertilizers in Latin America.