Potash Market Size Projected to Surge USD 73.02 Billion Growth by 2032, Exhibit a CAGR of 5.11%
The use of potash as fertilizer in agriculture is responsible for this market expansion. The largest potash producers are Canada, Russia and Belarus. Rio Tinto Ltd., Nutrien, Mosaic Company, Uralkali, Eurochem, JSC Belaruskali, BHP Billiton Ltd. are some of the key companies operating in this industry.
Newark, Jan. 10, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global Potash market is expected to grow from USD 44.65 Billion in 2022 to USD 73.02 Billion by 2032, at a CAGR of 5.11% during the forecast period 2023-2032.
This market growth is attributed to potash use in agriculture as fertilizer. Potash is broadly used as a fertilizer for crop production. Based on many studies, around 90% to 95% of the potash is used as fertilizer for agriculture. Also, it has been observed that the Muriate of Potash (MoP) is the most common type of potash, broadly used for improving plant health and maintaining soil fertility.
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Competitive Strategy
To enhance their market position in the global Potash market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In August 2021: EuroChem Group AG, a leading fertilizer company in the world, signed an agreement to acquire the Serra do Salitre phosphate project in Brazil. The project also consists of a Phosphoric acid plant, Sulphuric acid plant and storage facility for granulated fertilizers like urea, muriate of Potash, etc. All these factors help Potash gain market share.
Market Growth & Trends
Potash is potassium chloride, muriate of potash or potassium carbonate. Potassium helps in protecting the plant in cold and dry weather. It also strengthens the root system and prevents it from wilt. Covid-19 has severely impacted the market as it impacted the main consumers of potash, which are China, Europe and the US. It also impacted producers of potash worldwide. Moreover, the potash market was also impacted by the Russia and Ukraine war. For instance, the majority of the potash in Brazil is sourced from the mines of Canada, which is the largest producer and Russia. Based on one of the articles, in 2023, Russia and Belarus accounted for around 41% of the global potash market. Hence, the disruptions have led the importer countries to look for other suppliers. It has significantly increased the price of potash in the global market. Based on the world’s leading miner, the potash demand will increase to more than 100 million tons by 2040. It is attributed to the surge in the global population and, hence, the pressure to improve farming yields as there is limited land supply. The largest potash producers are Canada, Russia and Belarus. It is also mined in the US, Brazil and Chile. Also, it has been observed that the potash market is very much concentrated, with the top four producers accounting for more than 60% of the global production. By 2050, it is estimated that more than two-thirds of the people will be living in urban areas. It would affect agriculture, food and nutrition due to growing urbanization, and hence, there will be a growing demand for fertilizer to increase vegetation production. The total fertilizer consumption was estimated to grow from around 177 million metric tons in 2011-2012 to around 191.8 million tons in 2022-2023. All these factors will eventually drive the potash market in the forecasting market.
Key Findings
• In 2022, the Pottasium Chloride segment dominated the market with the largest market share of 90.11% and market revenue of USD 40.23 Billion.
The product segment is divided into Pottasium Chloride, Pottasium Sulphate, Pottasium Nitrate and others. In 2022, the Pottasium Chloride segment dominated the market with the largest market share of 90.11% and market revenue of USD 40.23 Billion. It is broadly used for large amounts of commercial crops like maize, cereals, rice and soybean.
• In 2022, the agriculture segment dominated the market with the largest market share of 92.50% and market revenue of USD 41.30 Billion.
The application segment is divided into agriculture and non-agriculture. In 2022, the agriculture segment dominated the market with the largest market share of 92.50% and market revenue of USD 41.30 Billion. This market share is attributed to the growing demand for agricultural nutrients and the surge in the global population.
Regional Segment Analysis of the Potash Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region occurred as the largest market for the global Potash industry, with a market share of 32.13% and a market value of around USD 14.35 Billion in 2022. Canada is the world's largest potash producer, holding more than 30% of the world's production. The country has several large potash mines. In Canada, the potash market is highly concentrated, with the four leading producers accounting for more than 90% of the production. The Asia Pacific region holds the second-highest market share and fastest growth rate. China is the fourth largest prouder of potash globally and accounts for around 10% of the world's production.
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Key players operating in the global Potash market are:
• Rio Tinto Ltd.
• Nutrien
• Mosaic Company
• Uralkali
• Eurochem
• JSC Belaruskali
• BHP Billiton Ltd.
• K+S Aktiengesellschaft
• Encanto Potash Corp. (EPC)
• Intrepid Potash Inc,
• Compass Minerals Intl. Ltd.
• Red Metal Ltd.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Potash market based on below mentioned segments:
Global Potash Market by Product:
• Pottasium Chloride
• Pottasium Sulphate
• Pottasium Nitrate
• Others
Global Potash Market by Application:
• Agriculture
• Non-Agriculture
About the report:
The global Potash market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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