LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global potassium chloride market is projected to grow to 81.5 million metric tons by 2021, at a CAGR of close to 4% over the forecast period.
This research report titled ‘Global Potassium Chloride Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up-to-date analysis and forecasts for various market segments and all geographical regions.
|Potassium chloride is a metal halide salt containing potassium and chlorine ions. It is crystalline in structure and highly soluble in water. The global potassium chloride market is witnessing steady growth, with one of the key drivers being the increasing demand for the potassium salt from the fertilizer industry.|
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Based on application, the report categorizes the global potassium chloride market into the following segments:
- Fertilizer applications
- Industrial applications
- Pharmaceutical applications
- Other applications
The top three revenue-generating application segments in the global potassium chloride market are discussed below:
“The fertilizer application segment of the potassium chloride market dominates the market, generating over 84% of the overall revenue. The new potassium capacity projects in Belarus, Russia, and Canada will drive the market growth for potassium chloride over the forecast period,” says Mahitha Mallishetty, a lead analyst at Technavio for specialty chemicals research.
The global growth of the potassium chloride market is mainly driven by the extremely high demand from the fertilizer industry. There is a high requirement of plant nutrients to increase total crop yield, which will swiftly drive the growth of the market segment.
The rise in demand for potassium chloride from the petroleum, metals, glass, and chemical industries is expected to grow during the forecast period. Potassium chloride is the main raw material for the vast number of potassium compounds used in these industries. Potassium chloride is used in welding, metal casting, and soldering in the metal industry and for the fracking process in the petroleum industry. It is also used as a clay and shale stabilizer and to prevent the clay from swelling and migrating. Such varied applications will ensure a steady demand for the global potassium chloride market from this segment over the forecast period.
“Potassium is one of the key minerals required to ensure the proper functioning of heart, muscles, and nerves. Potassium chloride and its derivatives are mainly used to treat hypokalemia and in maintaining potassium levels in the body,” says Mahitha.
The global potassium chloride market for pharmaceutical applications is expected to grow at a mellow CAGR of over 3% during the forecast period, driven by the rise in the number of patients with potassium deficiency. Therefore, increasing consumption of potassium pills is expected to augment the demand for potassium chloride in various tablet and drugs over the forecast period.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Sinofert Holdings
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