The compounds that contain potassium are referred to as potash. Potassium chloride (KCl), potassium nitrate (KNO3), and potassium sulfate (K2SO4) are some of the examples of potash. It contains potassium in water-soluble form. The extraction of potassium carbonate was done by leaching wood ashes and then evaporating the solution in large pots. The name potash was derived from this method of extraction. The separation of salt and other minerals from potash rocks results in availability of potash.
The global potash market size is expected to be valued at US$ 19 million, exhibiting a CAGR of over 4.5% over the forecast period (2019-2027). Increasing demand for fertilizers is one of the major factors driving growth of the global potash market. The demand for food is increasing globally due to increasing population and rapid urbanization. Therefore, for agricultural activities, farmers use potash-based fertilizers for healthy growth of plants. This results in increasing demand for potash, thereby driving the potash market growth. Moreover, increasing shrinking of arable land is resulting in rising demand for agricultural fertilizers to enhance the productivity and yield per hectare. This will create growth opportunities for the potash market.
Moreover, potash find applications in animal feed-stocks and industrial processes. It is used as animal feed for animal growth and milk production. Also, manufacturing of ceramics, soaps, and glass uses potash.
On the basis of region, the global potash market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Asia Pacific holds dominant position in the global potash market, followed by Latin America. Increasing population is one of the major factors that drive growth of the potash market in Asia Pacific region. Increased per capita food consumption and high food inflation due to low crop production are expected to increase demand for potash fertilizers, thereby fueling potash market growth in the region. In Latin America, Brazil is the largest consumer of potash fertilizers.
One of the key trends of potash market include increasing adoption of potash in hydroponics farming. This technique of farming is highly efficient when compared to traditional farming, which requires more amount of space, water, and pesticides.
Some of the major players operating in the global potash market include Passport Potash, OAO Uralkali, IC Potash Corp, Agrium, Intrepid Potash, ICL, JSC BELARUSKALI, Nutrien, The Mosaic Company, Vale, PotashCorp, Qinghai Salt Lake, and Belaruskali among others.
Potash Market Key Developments: