Applications in Agriculture to Accelerate Demand in Global Potash Ore Market
Description :
Potash Ore Market
Research Report: By Source (Potassium Chloride, Sodium Chloride), By
Application (Agriculture, Chemical, Metallurgical) & Forecast Till 2027
Keywords:
Potash Ore Market Industry , Potash Ore Market,
Global Potash Ore Market Industry , Potash Ore Market Industry
value, Potash Ore Industry segment
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Potash Ore Market Analysis Overview:
Potash ore is a raw material for the manufacture of potash and other
compound fertilizers. It is developed by chemical and mechanical methods, hot
leaching and flotation respectively. The global potash ore market report by
Market Research Future (MRFR) offers analysis on various business models by ore
extractors, key strategies, as well as drivers and challenges for the period of
2018 to 2023 (forecast period).
Market Scope:
The global potash ore market is primarily driven by the large need
for fertilizers and nutrients required to cultivate crops. Huge demand for food
globally is expected to be one of the biggest drivers of the market. The
concerns of soil fertility among farmers have led to a spurt in mining
activities for the commodity. This is evident with the number of acquisitions
and consolidations by companies to cash in on the booming element. Furthermore,
the development of suplhate of potash (SOP), a premium potassium fertilizer can
open up new opportunities for the market.
Relaxed regulations by countries for mining licenses can be
lucrative for potash ore producers looking for new opportunities. Rajasthan, a
state in India, has decided to open up its potash mines for reducing its
dependence on imports of the commodity.
Segmentation :
The global potash ore market is segmented by source and application.
On the basis of the source, the market is segregated into potassium
chloride, sodium chloride, and others. The potassium
chloride segment is expected to dominate the market owing to its use in the
production of fertilizers. Huge demand for food and the cultivation of fruits
and plants can fuel the segment growth till 2023. On the other hand, sodium
chloride is set to expand at a rapid pace due to its use in the making of
chemicals such as sodium chlorite, caustic soda, and others.
Applications include chemical, metallurgical, agriculture, and
others. The agriculture application can provide maximum dividends for the
market owing to applications of potash ore in the production of fertilizers.
Regional Analysis:
The potash ore market covers trends and opportunities across Asia
Pacific (APAC), North America, Europe, Latin America, and the Middle East &
Africa (MEA).
North America is projected to display a remarkable growth rate due
to the utilization of potash ore in agriculture, metallurgy, and chemical
sectors. The demand for organic food and in other end-use industries can act as
a catalyst for the market in the region. Canada, the U.S., and Mexico are major
contributors of the region.
APAC can grow at a rapid pace due to the rising investments by
end-use industries in the region. An increase in expendable income levels,
demand for organic food, and the large population are factors driving regional
market growth.
Europe is observed to experience a stellar growth rate due to the
demand for organically grown vegetables and fruits and the emergence of organic
food stores. Technological breakthroughs in fertilizer formulations can drive
the market growth. France, Germany, Italy, and the U.K. are the biggest
contributors of the regional potash ore market.
Latin America can report a steady growth rate during the forecast period
due to being home to the biggest potash ore producing countries such as Brazil
and Chile. Low mining production costs and demand for fertilizers highlight the
latent potential of the region for the global potash ore market.
Competitive Outlook:
Kore Potash Limited, Uralkali, JSC Belaruskali, Nutrien Ltd, Encanto
Potash Corp. (EPO), Intrepid Potash, Inc., K+S KALI GmbH, Mining Associates,
EuroChem, and ICL are key players of the global potash ore market. Importance
of potassium as a fertilizer and essential element in diets can lead to intense
competition among the players.
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