Fertilizers are used to maintain soil fertility and enhance crop yield. In addition to phosphorus and nitrogen, potassium is an important element responsible for plant growth. Lack of potassium lowers resistance of plants against several diseases and draught, bringing down the overall quality of the crops. These factors have led to an increase in the demand for potash fertilizers globally. Furthermore, there are three major grades of potash fertilizers available, which includes potassium chloride, potassium sulfate, and potassium nitrate among others.
Key factors increasing the demand for potash fertilizers include rising demand for increased crop productivity on limited landscape and the growing acceptance of potash fertilizers, owing to its high nutrient content. Potash fertilizers help to improve the flavor and color of fruits, and also has the ability to increase their size. Low chloride content in potassium chloride fertilizers helps in improving the yield by providing disease resistance to crops. Furthermore, the potassium sulfate fertilizers provide both sulfur and potassium in soluble form, and is the most preferred grade of potash fertilizers, where the irrigation water have high chloride content. Wide availability of various grades of potash fertilizers is another major factor that is boosting growth of the market.
Potash Fertilizers Market Taxonomy
Based on product type, potash fertilizers market is segmented into:
Based on the form, potash fertilizers market is segmented into:
Based on the crop type, potash fertilizers market is segmented into:
Based on product type, in 2017, potassium chloride segment dominated the market and is also projected to witness fastest growth during the forecast period. This is majorly attributed, owing to its high nutrient content and its wide application in horticultural, plantation, and field crops. Furthermore, low price of potassium chloride fertilizer when compared to sulfate of potash is another factor supporting growth of this segment.
Potash Fertilizers Market Outlook
Major players operating in the potash fertilizers market include Israel Chemicals Ltd., Agrium Inc., EuroChem Group A.G., Uralkali PJSC, The Mosaic Company, Yara International A.S.A., Migao Corporation Chemicals, SQM S.A., Sesoda Corporation, Brazil Potash Corporation, and K+S KALI GmbH. In 2015, the Migao Corporation Chemicals had launched a new compound fertilizer facility in Southern China. The compound fertilizer is a combination of potassium sulfate, potassium nitrate, and other crop nutrients.
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