Potassium chloride (KCl), composed of potassium and chlorine, is a metal halide salt. Potassium chloride is widely used in fertilizer, scientific application, and in food processing.
A major factor driving growth of the global potassium chloride market is increasing demand for potassium chloride from fertilizer industry. In addition, increasing adoption from various industries such as food, and oil & gas is another factor fueling growth of the global market. Fluctuation in price of product is a major factor hampering growth of the global market. A recent trend observed in the global market is adoption of potassium chloride for bio-fertilizers, which is another factor expected to fuel growth of the global market over the forecast period.
The global market is segmented on the basis of application, and region. On the basis of application, the global market is segmented into fertilizer, pharmaceutical, industrial, and food. The fertilizers segment accounts for highest share in terms of revenue in the global market and is expected to witness significant growth over the forecast period.
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On the basis of region, the global potassium chloride market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is expected to witness highest growth in terms of revenue in the global market over the forecast period, owing to increasing demand for potassium chloride from agricultural and pharmaceutical industries. The market in North America accounts for significant share in terms of revenue in the global market. The market in Europe is estimated to witness moderate growth in terms of revenue in the global market over the forecast period.
Key players in the global potassium chloride market are Agrium Inc., The Mosaic Company, Nutrien Ltd., ARAB POTASH, JSC Belaruskali, ICL Fertilizers Ltd., K+S KALI GmbH, Uralkali, IMC GlobalInc., and SQM (Sociedad Química y Minerade Chile).