Potassium Chloride Market Growth Forecast at 3.3% CAGR, Hitting USD 18.1 Billion by 2033
Potassium Chloride Market Growth Forecast at 3.3% CAGR, Hitting USD 18.1 Billion by 2033
Blog Article
The global potassium chloride market is worth USD 13.08 Billion as of now and expected to reach USD 18.10 Billion by the year 2033 at a CAGR of 3.3% between 2023 and 2033. Potassium chloride, also known as potassium salt or sylvite, comes across as a metal halide containing potassium and chlorine.
Apart from being odorless and colorless, it is easily soluble in water and does have salt-like taste. The end-user applications include medicines, fertilizers, food processing, and likewise. The other area of application includes ‘de-icing’, which is safer for animals and plants.
Potassium chloride is the basic raw material used in the form of feedstock for several potassium compounds in soldering, welding, and casting. It’s another application is that of a coagulant in treatment of drinking water for removing impurities.
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It finds its presence as softener in textile industry as well. In the kitchens, it could be used as a substitute to salt. Plus, rising demand for fertilizers is expected to take the potassium chloride market by storm in the near future.
Potassium chloride is used as source of the potassium ions that are necessary for several physiological processes like maintenance of balance between electrolytes and fluids and transmission of nerve impulses.
Eletrolyte replacement solutions could be used for treating conditions such as dehydration, thereby replenishing levels of potassium in body. It’s used to administer high blood pressure medications where it’s used in conjunction with the other drugs for treating hypertension.
Coming to heart-related medications, it’s used for regulating heart rhythm and preventing complications. It’s also used in muscle relaxants to relieve muscle cramps and spasms. The extended uses include that in intravenous solutions, capsules, oral tablets, and extended-release formulations.
As a fertilizer, potassium chloride helps in regulating plant CO2 intake, photosynthesis, water retention, enhancing resistance to diseases and pests and water uptake through roots. It also needs to be noted that agricultural-grade potassium chloride’s purity does lay between 95% to 99%.
At the same time, the fact that potassium chloride does involve extracting minerals from salt mines could not be ignored. This could result in environmental degradation and restrain the potassium chloride market in the long run.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Potassium Chloride Market’. It has its team of analysts and consultants to execute using a bottom-up approach along its macros and micros.
“With healthcare, glass, metal, and petroleum sectors asking for potassium chloride, the global potassium chloride market is expected to grow inadvertently in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from the Potassium Chloride Market
- North America holds the largest market share on the back of the US witnessing an excessive demand for potassium chloride in the pharmaceuticals vertical.
- Europe, the Asia-Pacific, and MEA are expected to follow suit on the similar lines in the potassium chloride market going forward.
Competitive Analysis
- Chemtrade, in November 2021, did announce that it completed sales of its specialty chemical business with Vertellus for close to US$ 155 Million, wherein the former did sell its KCl (potassium chloride), caustic pellets, and vaccine adjuvants business to the latter.
- Veolia Water Technology, in July 2020, did announce that company would be expanding its Jordan potash fertilizer plant crystallization capacity. Veolia does supply processing facility for extracting premium potash fertilizer from brines of Dead Sea.
- Verkhnekamsk, in December 2020, finished with skip graft sinking at Talitsky Mine construction site.
Key Companies Profiled
- Nutrien Ltd.
- The Mosiac Company
- K+S KALI GmbH
- Israel Chemicals Ltd
- EuroChem
- Uralkali
- JSC Belaruskali
- SQM S.A.
- Intrepid Potash, Inc.
- Arab Potash Company
What does the Report state?
- The research study is based on grade (agricultural grade and chemical/industrial grade), by crop (oilseeds, cereals, sugar and fiber, and fruits & vegetables), and by application (de-icer, agriculture, water softeners, and industrial).
- Being colorless (or occasionally white), potassium chloride proves to be an ideal choice for agriculture. This factor is expected to take the potassium chloride market by storm in the years to come.